SEBI Gives In-Principle Approval to NHAI’s Raajmarg InvIT, Boosting Highway Asset Monetisation Push

The National Highways Authority of India (NHAI) has received a major boost in its asset monetisation programme with the Securities and Exchange Board of India (SEBI) granting in-principle approval for the registration of the Raajmarg Infra Investment Trust (RIIT) as an Infrastructure Investment Trust (InvIT). The approval marks a key step in NHAI’s strategy to widen investor participation and unlock greater value from national highway assets.

According to the Ministry of Road Transport and Highways (MoRTH), the Raajmarg InvIT has been conceived as a high-quality, long-term investment platform aimed particularly at domestic and retail investors—segments that have so far had limited access to infrastructure-backed instruments. The trust will now move towards securing final registration from SEBI. Over the next six months, RIIT must fulfil several regulatory requirements, including appointing its board of directors, filing necessary financial statements, and meeting other statutory compliances.

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To support the trust’s operations, NHAI last month set up Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL) as the Investment Manager. The entity brings together equity participation from several of India’s leading banks and financial institutions such as the State Bank of India, Punjab National Bank, NaBFID, Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, Yes Bank, and Bajaj Finserv Ventures. This broad-based financial backing underscores the growing confidence in India’s infrastructure investment ecosystem.

NHAI has significantly expanded its monetisation efforts in recent years. The authority has already raised ₹48,995 crore through the Toll-Operate-Transfer (TOT) model while generating another ₹43,638 crore across four rounds of Private InvITs, drawing interest from both domestic institutional players and global investors.

With SEBI’s regulatory framework ensuring stronger disclosures, enhanced investor protection and higher compliance standards, the proposed Public InvIT is expected to further democratise infrastructure investment. Officials believe it will deepen public participation, accelerate capital mobilisation and support the development of world-class national highways across India.

NHAI views the Raajmarg InvIT as a long-term pillar in its funding strategy, aimed at sustaining the momentum of India’s rapidly expanding road infrastructure network.