Overview
- Speaking at NaBFID’s Infrastructure Conclave in Mumbai, the SEBI chairman said markets are better suited than banks or budgets to supply patient capital and share risks for long‑horizon projects.
- He called for accelerating monetisation across roads, railways, ports, airports, energy, petroleum and gas, and logistics, noting most state governments have yet to firm up plans.
- Pandey urged greater use of pensions and mutual funds and wider retail participation, highlighting SEBI measures such as broader strategic‑investor eligibility, REIT reclassification for mutual funds, small and medium REITs, and e‑voting with virtual unitholder access.
- InvITs and REITs have mobilised about Rs 1.5 lakh crore in the past five years, with roughly Rs 8.7 lakh crore in assets under management as of FY25; municipal bonds have raised Rs 3,134 crore across 21 issuances since 2017 and green bonds over Rs 7,500 crore across 24 issuances, which he said are still small versus needs.
- He flagged structural hurdles including a narrow investor base, thin secondary‑market liquidity, weak municipal balance sheets, and delayed clearances, with reports citing differing AIF aggregates (commitments reported at either Rs 14.2 lakh crore with Rs 5.7 lakh crore invested, or a total of Rs 5.7 lakh crore) that require clarity.