Lock-in requirements

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....rd year from the date of listing of units in the initial offer, shall be as under: (a) in a scheme of the SM REIT which has opted not to undertake leverage as per disclosures in the scheme offer document filed for initial offer, the investment manager shall hold at least five per cent. of the total outstanding units at all times; (b) in a scheme of the SM REIT which has opted to undertake leve....

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....least three per cent. of the total outstanding units in each scheme of the SM REIT, at all times, for a period of five years commencing from the sixth year of the date of listing of units in the initial offer till the end of tenth year from the date of listing of units issued in the initial offer. (4) The investment manager shall hold at least two per cent. of the total outstanding units in each ....