New dawn for India's securitisation market
India's structured finance business ground to a halt earlier this year after the introduction of the country's first securitisation guidelines. But with the changes now digested, new issuers are coming to market, says Sarfraz Thind
In February India's banking regulator, the Reserve Bank of India, passed the final draft of its new securitisation law. Following three years of exponential growth, market participants had been awaiting the guidelines, which they viewed as the 'rubber stamp' on future growth.
Yet far from boosting volumes, the new rules halted activity altogether. Securitisation issuance, which had jumped from Rs20 billion ($450 million) in 2002 to over Rs250 billion in 2005, according to figures published by
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