The overwhelming response to the NHAI tax-free bond issue — subscription received thus far for Rs 25,000 vis-à-vis the issue size of Rs 5,000 with a green shoe option to accept another Rs 5,000 crore — holds out several lessons, especially to policymakers. The equity cult has proved to be evanescent, and by and large a mirage, with the share market proving to be the happy hunting ground only for the well-heeled, and those with their ears to the ground, namely, insiders and their hangers-on and to a lesser extent, institutional investors.