SEBI Clears NHAI’s Raajmarg Infra Investment Trust to Operate as Public InvIT

National Highways Authority of India (NHAI) has received approval from the Securities and Exchange Board of India (SEBI) for its sponsored Raajmarg Infra Investment Trust (RIIT) as a Public Infrastructure Investment Trust (InvIT). The approval was announced on December 24, 2025 and marks an important milestone in India’s asset monetization strategy.

What Is Raajmarg Infra Investment Trust (RIIT)?

Raajmarg Infra Investment Trust (RIIT) is an InvIT sponsored by NHAI, designed specifically to monetise National Highway assets.

After  SEBI’s approval, RIIT will function as a Public InvIT, allowing retail and domestic investors to directly participate in India’s highway growth story.

The key objectives of RIIT include,

• Monetisation of operational highway assets
• Creation of a high-quality, long-term investment product
• Broadening public participation in infrastructure development

Investment Manager: RIIMPL

To manage RIIT, NHAI had earlier incorporated Raajmarg Infra Investment Managers Private Limited (RIIMPL) as the Investment Manager.

RIIMPL is a collaborative venture with equity participation from leading banks and financial institutions, including,

• State Bank of India
• Punjab National Bank
• NaBFID
• Axis Bank
• Bajaj Finserv Ventures Ltd.
• HDFC Bank
• ICICI Bank
• IDBI Bank
• IndusInd Bank
• Yes Bank

Significance for Infrastructure and Investors

The launch of RIIT as a Public InvIT has multiple benefits,

For Infrastructure Development

• Frees up capital for new highway projects
• Strengthens the national highway network
• Supports faster infrastructure expansion

For Investors

• Enables retail investors to invest in highways
• Provides potential stable and long term returns
• Offers diversification beyond traditional financial assets

What Is an InvIT?

An Infrastructure Investment Trust (InvIT) is a trust based investment vehicle that allows infrastructure developers to monetize operational assets and raise funds from investors. In return investors receive regular income generated from assets such as highways, power lines, or pipelines.

InvITs play a key role in,

• Unlocking capital locked in infrastructure assets
• Attracting long-term investments
• Reducing financial pressure on public authorities

India introduced the InvIT framework to support large-scale infrastructure development in a sustainable way.

Key Takeaways

• NHAI received SEBI approval for Raajmarg Infra Investment Trust (RIIT)
• RIIT will operate as a Public Infrastructure Investment Trust
• Aim: monetise National Highway assets
• Enables retail and domestic investors to invest in highways
• Investment Manager: RIIMPL
• RIIMPL backed by major Indian banks and financial institutions
• Supports India’s asset monetisation and infrastructure growth strategy

Question

Q. What type of investment vehicle is RIIT classified as?

A) Mutual Fund
B) Public Infrastructure Investment Trust (InvIT)
C) Private Equity Fund
D) Real Estate Investment Trust (REIT)