@article {Kothari23, author = {Vinod Kothari and Abhirup Ghosh}, title = {Indian Securitization Market: A Primer }, volume = {23}, number = {1}, pages = {23--31}, year = {2017}, doi = {10.3905/jsf.2017.23.1.023}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Securitization started in India in the early 1990s and grew slowly but steadily, producing annual issuance volumes in the range of USD 3 billion to USD 6 billion in recent years. Regulatory and taxation issues have sometimes created obstacles to the market{\textquoteright}s growth, but the market now appears to have resolved those challenges. The market includes two forms of transaction structures: direct assignments and pass-through certificates. Direct assignments resemble whole loan trades in other jurisdictions, while pass-through certificates include the familiar feature of a special-purpose vehicle that holds a deal{\textquoteright}s assets and serves as the issuer of the deal{\textquoteright}s securities. Policies by the Reserve Bank of India require certain lenders to meet lending volume targets in designated {\textquotedblleft}priority sectors.{\textquotedblright} Those requirements have encouraged direct assignment transactions over the past several years, but now the market is likely to shift back to greater use of the pass-through structure.TOPICS: Fixed income and structured finance, emerging}, issn = {1551-9783}, URL = {https://jsf.pm-research.com/content/23/1/23}, eprint = {https://jsf.pm-research.com/content/23/1/23.full.pdf}, journal = {The Journal of Structured Finance} }