India Securitization Summit 2012

The 3rd India Securitization Summit was conducted by NISM at the Hotel Grand Hyatt, Mumbai on Wednesday, October 17, 2012. Mr. U. K. Sinha, Chairman – SEBI and NISM, inaugurated the event. In his address, while providing an overview of the securitization issuances across the world he emphasized that protection of investors’ interest is paramount. Guidelines and regulations pertaining to securitization, particularly minimum holding period, minimum retention standards, disclosures, due diligence review processes, are all crucial aspects of investors’ protection. He also mentioned that the removal of the uncertainty of taxation on issuer-SPV is needed to facilitate an environment for securitization. Mr. Sinha also released a Draft Report on Covered Bonds prepared by National Housing Bank (NHB), in the presence of Mr. R V Verma, Chairman-NHB. He complimented the authors of the report. Following the inaugural address, three panel discussions were held on ‘Taxation of Issuer Special Purpose Vehicles (SPVs)’, ‘Guidelines on Securitization’ and ‘Market making’. The panelists were able to provide different perspectives i.e. the stock exchange perspective, market participants’ perspective as well as international practice perspective, on the debated issues. There was a lively interaction with the high-quality audience. Apart from the faculties and students of NISM, over 135 professionals from banks, NBFCs, rating agencies, law firms, corporations, financial institutions, finance professionals, debenture trustees etc. attended the event. The Event Partners were BSE, India Ratings (Fitch Group), I-Peritus, L&T Finance and National Housing Bank.