An Infrastructure Investment Trust (InvITs) is a Collective Investment Scheme similar to a mutual fund, which enables direct investment of money from individual and institutional investors in infrastructure projects to e

Listing of InvITs In accordance with the SEBI (Infrastructure Investment Trusts) Regulations, 2014, it shall be mandatory for units of all InvITs to be listed on a recognized stock exchange having nationwide trading terminals, whether publicly issued or privately placed. However, this shall not apply if the initial offer does not satisfy the minimum subscription amount or the minimum number of subscribers as prescribed under the SEBI (Infrastructure Investment Trusts) Regulations, 2014. Delisting of InvIT units SEBI (Infrastructure Investment Trusts) Regulations, 2014 stipulates that the investment manager shall apply for delisting of units of the InvIT to SEBI and the designated stock exchanges if: - the public holding falls below the specified limit under the SEBI (Infrastructure Investment Trusts) Regulations, 2014. the number of unit holders of the InvIT falls below the limit as prescribed in the SEBI (Infrastructure Investment Trusts) Regulations, 2014. if there are no projects or assets remaining under the InvIT for a period exceeding six months and InvIT does not purpose to invest in any project in future. The period may be extended by further 6 months, with the approval of unit holders. SEBI or the designated stock exchanges require such delisting for violation of the listing agreement or SEBI (Infrastructure Investment Trusts) Regulations, 2014 or the SEBI Act, 1992. the trustee and investment manager requests such delisting and such request has been approved by unit holders unit holders apply for such delisting in accordance with SEBI (Infrastructure Investment Trusts) Regulations, 2014. SEBI or the designated stock exchanges require such delisting in the interest of the unit holders. Provided that exit shall be provided to dissenting unitholders. If clause (a) or (b) is breached, the trustee may provide a period of six months to the investment manager to rectify the same, failing which it shall apply for such delisting. In case of PPP projects, such delisting shall be subject to relevant clauses in the concession agreement.