Regulation 11 of SEBI (Real Estate Investment Trust), Regulations, 2014 provides for rights and responsibilities of sponsor(s). Explain.

Regulation 11 of SEBI (Real Estate Investment Trusts) Regulations, 2014, provides for the rights and responsibilities of the sponsor(s) which are as follows: The sponsor(s) shall set up the Real Estate Investment Trusts (REIT) and appoint the Trustee of the REIT. The sponsor(s) shall transfer or undertake to transfer, subject to a binding agreement and adequate disclosures in the initial offer document, their entire shareholding or interest and rights in the holdco (holding company) and/or Special Purpose Vehicle (SPV) or entire ownership of the real estate assets to the REIT prior to allotment of units of the REIT to the applicants. However, this shall not apply to the extent of any mandatory holding of shares or interest and rights in the holdco and/or SPV by the sponsor(s) and sponsor group(s) as required under any Act or regulations or circulars or guidelines of government or regulatory authority as specified from time to time. With respect to holding of units in the REIT: The sponsor(s) shall collectively hold a minimum of twenty-five percent of the total units of the REIT after the initial offer on a post-issue basis. This minimum holding shall be held for a period of at least three years from the date of listing of such units. Further, any holding of the sponsor(s) exceeding this minimum shall be held for a period of at least one year from the date of listing of such units. The sponsor(s) together hold not less than fifteen percent of the outstanding units of the listed REIT at all times. Each of the sponsor individually shall hold not less than five percent of the outstanding units of the listed REIT at all times. If the sponsor(s) propose(s) to sell its units below the limit specified in (b) or (c) of Point no. 3 as mentioned above: Such units shall be sold only after a period of 3 years from the date of listing of the units. Prior to the sale of such units, the sponsor(s) shall arrange for another person(s) or entity(ies) to act as the re-designated sponsor(s) where the re-designated sponsor shall satisfy the eligibility norms for the sponsor as specified under the SEBI REIT Regulations. However, such units may also be sold to an existing sponsor. The proposed redesignated sponsor shall obtain approval from the unit holders or provide an option to exit to the unit holders in accordance with guidelines as may be specified. However, this clause shall not apply where the units are proposed to be sold to an existing sponsor or member of the sponsor group. If re-designated sponsor(s) proposes to sell its units to any other person, conditions specified in (a), (b) & (c) of point no. 4 as mentioned above, shall be complied with.