Section 16 in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
16. Listing and trading of units.
(1)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:Provided that this sub-regulation shall not apply if the initial offer does not satisfy the minimum subscription amount or the minimum number of subscribers under regulation 14.(2)The listing of the units shall be in accordance with the listing agreement entered into between the InvIT and the designated stock exchanges.(2A)[ In the event of non-receipt of listing permission from the stock exchange(s) or withdrawal of Observation Letter issued by the Board, wherever applicable, the units shall not be eligible for listing and the InvIT shall be liable to refund the subscription monies, if any, to the respective allottees immediately alongwith interest at the rate of fifteen per cent. per annum from the date of allotment.] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).](3)The units of the InvIT listed in the designated stock exchanges shall be traded, cleared and settled in accordance with the bye-laws of designated stock exchanges and such conditions as may be specified by the Board.(4)The InvIT shall redeem units only by way of a buyback or at the time of delisting of units.(5)The units shall remain listed on the designated Stock Exchanges unless delisted under regulation 17.(6)The minimum public holding for the units of the [***] [Omitted 'publicly offered' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] InvIT after listing shall be [in accordance with sub-regulation (1A) of regulation 14] [Substituted 'twenty five per cent. of the total number of outstanding units, at all times' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).], failing which action may be taken as may be specified by the Board and by the designated stock exchanges including delisting of units under regulation 17.(7)The minimum number of unit holders in an InvIT other than the sponsor(s) [, its related parties and its associates] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).],-(a)in case of privately placed InvIT, shall be five, each holding not more than twenty five per cent. of the units of the InvIT;(b)forming part of public shall be twenty, each holding not more than twenty five per cent. of the units of the InvIT,at all times post listing of the units, failing which action may be taken as may be specified by the Board and by the designated stock exchanges including delisting of units under regulation 17.(8)With respect to listing of privately placed units,-(a)its units shall be mandatorily listed on the designated stock exchange(s) within thirty working days from the date of [allotment] [Substituted 'final closing' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).];(b)trading lot for the purpose of trading of units on the designated stock exchange shall be rupees one crore.[Notwithstanding the above, if an InvIT invests not less than eighty per cent of the value of the InvIT assets, [in completed and revenue generation assets] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] the trading lot for the purpose of trading of units on the designated stock exchange of such InvIT shall be rupees two crore;](9)With respect to listing of publicly offered units,-(a)its units shall be mandatorily listed on the designated stock exchange(s) within twelve working days from the date of closure of the initial offer:Provided that this sub-regulation shall not apply if the initial [public] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] offer does not satisfy the minimum subscription amount or the minimum number of subscribers as specified in regulation 14;(b)trading lot for the purpose of trading of units on the designated stock exchange shall [consist of 100 units] [Substituted 'be five lakh rupees' by Notification No. SEBI/LAD-NRO/GN/2019/10, dated 22.4.2019.].(10)Any person other than the sponsor(s) holding units of the InvIT prior to initial offer shall hold the units for a period of not less than one year from the date of listing of the units.(11)The Board and designated stock exchanges may specify any other requirements pertaining to listing and trading of units of the InvIT by issuance of guidelines or circulars.
