What guidelines have been issued by SEBI for public issue of units of InvITS ? Describe them.

The following are the guidelines issued by SEBI for public issue of units of InvITs: The Investment Manager, on behalf of the InvIT, shall appoint one or more merchant bankers (at least one lead merchant banker) and other intermediaries in consultation with the lead merchant banker. After receiving comments from the public and observations from SEBI, the draft offer document shall be filed with SEBI and the designated stock exchanges. In an issue made through the book-building process or otherwise, the allocation in the public issue shall be: (a) not more than 75% to Institutional Investors, (b) not less than 25% to other investors. The Investment Manager, on behalf of the InvIT, may allocate up to 60% of the portion available for allocation to Institutional Investors to anchor investors. The Investment Manager, on behalf of the InvIT, shall deposit with the stock exchange(s) an amount calculated at 0.5% of the units offered for subscription or ₹5 crore, whichever is lower, before the subscription opens. A public issue shall be kept open for at least three working days but not more than thirty days. If the InvIT desires to have the issue underwritten, it shall appoint underwriters in accordance with SEBI (Underwriters) Regulations, 1993. The Investment Manager, on behalf of the InvIT, may determine the price of units in consultation with the lead merchant banker or through the book-building process. In all issues, the InvIT shall accept bids including using Applications Supported by Blocked Amount (ASBA) facility, if opted. Upon receipt of the sum payable on application, the Investment Manager, on behalf of the InvIT, shall allot the units to the applicants. Records related to the allocation process shall be maintained by the lead book runner, book runner(s), and other intermediaries associated with the book-building process. The lead merchant banker shall submit the following post-issue reports to SEBI: (a) Initial post-issue report within three working days of closure, (b) Final post-issue report within fifteen days of finalization of allotment basis or refund in case of failure. The lead merchant banker shall submit a due diligence certificate along with the final post-issue report. Any public communication (advertisement, publicity material, research reports, etc.) concerned with the issue shall not contain any matter extraneous to the offer document. The post-issue lead merchant banker shall regularly monitor the redressal of investor grievances related to post-issue activities. The post-issue merchant banker shall ensure that advertisements detailing oversubscription, allotment basis, number, value, and percentage of applications, successful allottees, refund dispatch dates, certificate dispatch dates, and listing application filing dates are released within ten days from completion of activities on the InvIT's website, sponsor, investment manager, stock exchanges, and in all newspapers where pre-issue advertisements were released. The lead merchant bankers shall exercise due diligence and satisfy themselves about all aspects of the issue, including the veracity and adequacy of disclosures in the offer documents. The lead merchant banker shall ensure that information in the offer document and particulars from audited financial statements are not more than six months old from the issue opening date.