NHAI gets SEBI’s in-principle approval to register RIIT as InvIT

Markets regulator Sebi has given in-principle approval for registration of ‘Rajmarg Infra Investment Trust’ (RIIT) as an Infrastructure Investment Trust (InvIT) and will seek final approval after fulfilling certain requirements during the next six months, an official statement said on Friday.

As part of the process to secure final registration, RIIT will need to fulfill certain conditions over the next six months. These conditions include the appointment of directors, submission of required financial statements and compliance with other regulatory requirements.

InvIT aims to unlock the monetization potential of national highway assets by creating a high-quality, long-term investment vehicle targeting mainly retail and domestic investors, the statement said.

Under SEBI Regulations, 2014

Last month, NHAI approved Rajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL) as Investment Manager for RIIT.

RIIMPL has been established as a joint 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.

Fully aligned with SEBI’s InvIT Rules, the statement said, the public InvIT framework will ensure transparency, robust investor protection mechanisms, best-in-class reporting and compliance standards.