Sebi gives its go-ahead to road ministry’s proposed public InvIT

The Securities and Exchange Board of India (SEBI) has given its go ahead to the National Highways Authority of India (NHAI) sponsored Raajmarg Infra Investment Trust (RIIT), an Infrastructure Investment Trust (InvIT).

The public InvIT aims to unlock monetization potential of the National Highway assets while creating a high-quality, long-term investment instrument primarily targeting retail and domestic investors, NHAI said on Thursday.

The first issuance of InvIT units for retail and public investors is expected to be launched in February 2026.


Over the next three-five years, around 1,500 km of completed and operational national highways will be introduced into the public InvIT, opening substantial investment avenues for the public.

A public InvIT is an investment vehicle that enables retail investors to directly invest in and earn income from a pool of operational infrastructure projects.

Units of public InvITs are listed and traded on stock exchanges such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), similar to mutual funds or equities.

NHAI has so far monetized assets worth Rs 48,995 crore through the Toll-Operate-Transfer (TOT) model and raised around Rs 43,638 crore across four rounds of private InvITs, attracting major domestic and international investors.

NHAI has already incorporated Raajmarg Infra Investment Managers (RIIMPL) as the investment manager for the Raajmarg Infra Investment Trust (RIIT). It is a collaborative venture with equity participation from leading banks and financial institutions, including the 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.

NRVVMK Rajendra Kumar, member (finance), NHAI, has been appointed as the managing Director and CEO (additional charge) of the Investment Manager company.

“The SEBI approval for RIIT represents a significant milestone in expanding public participation in India’s National Highway infrastructure growth,” NHAI chairman Santosh Kumar Yadav said.

“This development represents an important step towards achieving NHAI’s asset monetization objectives while further strengthening the country’s National Highway network,” he said.

RIIT will deepen public participation and play a pivotal role in accelerating the development of a robust National Highway network across the country by enabling domestic retail investors to participate in national infrastructure development, the ministry said.