**Executive Summary**
NHAI has received in-principle approval from SEBI to register 'Raajmarg Infra Investment Trust' (RIIT) as an Infrastructure Investment Trust. RIIT aims to unlock the monetization potential of National Highway assets, targeting retail and domestic investors. To secure final registration, RIIT must meet specific conditions within the next six months.
**Key Points / Main Content**
* **SEBI Approval**:
* SEBI granted in-principle approval for RIIT registration as an Infrastructure Investment Trust under the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
* **Objectives of RIIT**:
* Aims to unlock monetization potential of National Highway assets.
* Targets retail and domestic investors.
* **Requirements for Final Registration**:
* RIIT must meet specific conditions within the next six months.
* Conditions include appointment of directors, submission of financial statements, and regulatory compliance.
* **NHAI's Incorporation of RIIMPL**:
* NHAI incorporated Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL) as the Investment Manager for RIIT.
* **RIIMPL's Structure**:
* Established as a collaborative venture with equity participation from leading banks and financial institutions.
* Participating institutions include State Bank of India, Punjab National Bank, NaBFID, Axis Bank, Bajaj Finserv Ventures Ltd., HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, and Yes Bank.
* **Previous Monetization Efforts**:
* NHAI monetized assets worth ₹48,995 crore through the Toll-Operate-Transfer (TOT) model.
* Raised around ₹43,638 crore across four rounds of Private InvITs.
* **Public InvIT Framework**:
* Aligned with SEBI's InvIT regulations to ensure transparency, strong investor protection mechanisms, and best-in-class reporting and compliance standards.
**Impact Analysis**
**NHAI**
* **Impact**: Strengthens NHAI's asset monetization program.
* **Action Required**: Oversee RIIT's compliance with SEBI regulations and fulfillment of conditions for final registration.
**Investors (Retail, Domestic, and International)**
* **Impact**: Provides a high-quality, long-term investment instrument in the National Highway sector.
* **Action Required**: Evaluate investment opportunities in RIIT based on transparency, investor protection mechanisms, and compliance standards.
**Banks and Financial Institutions**
* **Impact**: Equity participation in RIIMPL.
* **Action Required**: Fulfill commitments to RIIMPL and monitor its performance.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The regulator that granted in-principle approval for the registration of Raajmarg Infra Investment Trust.
Raajmarg Infra Investment Trust (RIIT): An Infrastructure Investment Trust aiming to monetize National Highway assets.
NHAI: The National Highways Authority of India, which will benefit from the asset monetization program.
SEBI (Infrastructure Investment Trusts) Regulations, 2014: The regulations under which Raajmarg Infra Investment Trust is being established.
Ministry of Road Transport & Highways
NHAI Receives SEBI’s In-Principle Approval of
Registration to Raajmarg Infra Investment Trust
as an InvIT
प्रव तथ: 05 DEC 2025 6:14PM by PIB Delhi
In a significant step toward strengthening NHAI’s asset monetization program, the Securities and
Exchange Board of India (SEBI) has granted in-principle approval of registration to ‘Raajmarg Infra
Investment Trust’ (RIIT) as an Infrastructure Investment Trust under the SEBI (Infrastructure Investment
Trusts) Regulations, 2014. The InvIT aims to unlock the monetization potential of the National Highway
assets while creating a high-quality, long-term investment instrument primarily targeting retail and
domestic investors.
As a part of the process to secure final registration, Raajmarg Infra Investment Trust will be required to
meet specific conditions over the next six months which include appointment of directors, submission of
requisite financial statements, and compliance with other regulatory requirements.
Last month, NHAI incorporated Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL) as the
Investment Manager for the Raajmarg Infra Investment Trust (RIIT). RIIMPL has been established as 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, and Yes Bank.
In recent years, NHAI has successfully monetized assets worth ₹48,995 crore through the Toll-Operate-
Transfer (TOT) model and raised around ₹43,638 crore across four rounds of Private InvITs, attracting
major domestic and international investors.
Fully aligned with SEBI’s InvIT regulations, the Public InvIT framework will ensure transparency, strong
investor protection mechanisms, best-in-class reporting and compliance standards. Together, these
measures will significantly enhance public participation in the development of world-class National
Highway infrastructure across the country.
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