Sebi gives RIIT in-principle InvIT nod, allows 6 months for compliance

Markets regulator Sebi has granted in-principle approval to the registration of 'Raajmarg Infra Investment Trust' (RIIT) as an Infrastructure Investment Trust (InvIT) and will get the final nod after it meets specific requirements during the next six months, an official statement said on Friday.

 

As a part of the process to secure final registration, RIIT will be required to meet specific conditions over the next six months. These conditions include appointment of directors, submission of requisite financial statements, and compliance with other regulatory requirements, it added.

 

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

 

Last month, NHAI incorporated Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL) as the investment manager for 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.

 

Fully aligned with Sebi's InvIT regulations, the statement said, public InvIT framework will ensure transparency, strong investor protection mechanisms, best-in-class reporting and compliance standards.