SEBI Clears NHAI’s Raajmarg InvIT, Opening Highway Investments to Public

The Securities and Exchange Board of India (SEBI) has granted in-principle approval to register Raajmarg Infra Investment Trust (RIIT) as a Public InvIT, marking a key step for the National Highways Authority of India (NHAI). A public InvIT works similarly to a mutual fund, allowing individuals and institutions to invest in revenue-generating infrastructure assets such as toll roads. With this approval, NHAI can now begin preparing RIIT to eventually raise funds from the public.

Over the next six months, RIIT must complete regulatory requirements including appointing directors, submitting financial details, and meeting SEBI compliance standards. To manage the trust, NHAI has established Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL), which includes equity participation from major lenders such as SBI, HDFC Bank, ICICI Bank, NaBFID, PNB, Axis Bank and others, demonstrating strong market confidence in the model.

NHAI has been increasingly monetising highways to fund new road development, having raised ₹48,995 crore through Toll Operate Transfer and ₹43,638 crore via private InvITs. Moving to a Public InvIT will widen participation by enabling retail investors to earn steady returns backed by toll revenues. The shift also reduces reliance on government budgets and loans, creating a transparent market-driven structure for financing India’s infrastructure growth.

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