SEBI Clears Raajmarg InvIT, Boosting NHAI’s Highway Asset Monetisation Drive

The proposed Public InvIT is designed to unlock the long-term monetisation potential of India’s expansive national highway network.

In a major development for India’s infrastructure financing landscape, the Securities and Exchange Board of India (SEBI) has granted in-principle approval for the registration of the Raajmarg Infra Investment Trust (RIIT) as an Infrastructure Investment Trust under the SEBI (InvIT) Regulations, 2014. The approval marks a pivotal step in strengthening the National Highways Authority of India’s (NHAI) asset monetisation programme while broadening investment avenues for domestic investors.

A New Investment Vehicle for India’s Highway Sector

The proposed Public InvIT is designed to unlock the long-term monetisation potential of India’s expansive national highway network. Once operational, RIIT will provide a stable, transparent and regulated investment platform that channels public and retail savings into infrastructure, reducing reliance on traditional government funding.

The trust will package operational highway stretches into financial assets, allowing investors to benefit from predictable toll-based revenue streams—an approach that has gained momentum globally in road infrastructure financing.

Conditions for Final Registration Over the Next Six Months

SEBI’s in-principle approval requires RIIT to fulfil several regulatory and organisational conditions before its final registration is granted. These include:

• Appointment of independent and professional directors

• Submission of audited financial statements

• Establishment of compliance, governance and risk-management systems

• Alignment with disclosure, reporting and investment norms under InvIT regulations

This structured timeline ensures that RIIT enters the market with strong governance and full regulatory compliance.

RIIMPL: A Collaborative Investment Manager Backed by Leading Institutions

To manage the InvIT, NHAI recently incorporated Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL)—a unique investment management entity formed with participation from top Indian financial institutions.

Equity partners include:

• State Bank of India

• Punjab National Bank

• NaBFID

• Axis Bank

• Bajaj Finserv Ventures Ltd.

• HDFC Bank

• ICICI Bank

• IDBI Bank

• IndusInd Bank

• Yes Bank

This consortium reflects deep institutional confidence in India’s National Highway sector and ensures that RIIT will benefit from strong financial oversight and expertise.

NHAI’s Monetisation Track Record Strengthens Confidence

NHAI has rapidly expanded its asset monetisation portfolio in recent years:

• ₹48,995 crore raised through Toll-Operate-Transfer (TOT) auctions

• ₹43,638 crore mobilised via four rounds of Private InvITs

• High participation from domestic pension funds, global infrastructure investors and long-term capital institutions

These achievements underscore the maturity of India’s road monetisation framework and the strong investor appetite for infrastructure-backed financial instruments.

Public InvIT: Enhancing Transparency & Investor Protection

The creation of RIIT under SEBI’s Public InvIT norms ensures:

• Robust disclosure standards

• Strong investor protection mechanisms

• Independent oversight and valuation processes

• Best-in-class governance and compliance systems

By opening highway monetisation to retail and domestic investors, the Public InvIT model democratizes participation in nation-building, while providing an attractive long-term investment product.

A Boost to India’s Infrastructure Development Vision

RIIT is expected to catalyse greater public investment in building world-class National Highway infrastructure, complementing the government’s long-term vision under Bharatmala Pariyojana and the National Infrastructure Pipeline. With enhanced transparency, diversified funding and strong institutional partnerships, the initiative represents a major milestone in India’s shift toward self-sustaining infrastructure financing.