High-precision optical angular reflectance measurements are reported for a specular anisotropic nanoporous (111) InP membrane prepared by doping-assisted wet-electrochemical etching. The membrane surface morphology was investigated using scanning electron microscope imaging and revealed a quasi-uniform and self-organized nanoporous network consisting of semiconductor 'islands' in the sub-wavelength regime. The optical response of the nanoporous InP surface was studied at 405 nm (740 THz; UV), 633 nm (474 THz; VIS) and 1064 nm (282 THz; NIR), and exhibited a retention of basic macro-dielectric properties. Refractive index determinations demonstrate an optical anisotropy for the membrane which is strongly dependent on the wavelength of incident light, and exhibits an interesting inversion (positive anisotropy to negative) between 405 and 633 nm. The inversion of optical anisotropy is attributed to a strongly reduced 'metallic' behaviour in the membrane when subject to above-bandgap illumination. For the simplest case of sub-bandgap incident irradiation, the optical properties of the nanoporous InP sample are analysed in terms of an effective refractive index neff and compared to effective media approximations.