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National Conference on Securitization: The Emerging Funding Vehicle

Securitization involves the pooling of assets and the subsequent sale of the cash flows from these asset pools to investors. The securitization market is primarily intended to redistribute the credit risk away from the originators to a wide spectrum of investors who can bear the risk, thus aiding financial stability and to provide an additional source of funding. Structural benefits from securitization arise from the flexibility they provide in transforming cash flows and risks of the collateral pool into those of the securities issued on the pool. Securitization can improve balance sheet liquidity by converting long-term and illiquid receivables into funds that can be used for additional value-generating investments. Furthermore, securitization enables end investors to obtain a more efficient market portfolio and thereby diversify their idiosyncratic risks.

The recent crisis in the credit markets has called into question the desirability of certain aspects of securitization activity as well as of many elements of the 'originate to distribute' business model, because of their possible influence on originators' incentives and the potential misalignment of interests of the originators and investors. While the securitization framework in India has been reasonably prudent, certain imprudent practices have reportedly developed like origination of loans with the sole intention of immediate securitization and securitization of tranches of project loans even before the total disbursement is complete, thereby passing on the project implementation risk to investors.

RBI aims to reduce systemic risk through the requirement of a minimum holding period and a minimum retention amount for originators. The RBI has also made an attempt at doing away with the arbitrage opportunity between "assignments" - i.e. a direct sale of assets from one financial institution to another - and securitizations, and in this attempt has created new arbitrage opportunities, this time favouring securitizations.

Therefore, in order to discuss these aspects further with the objective of spreading better understanding of developing an orderly and healthy securitization market, to ensure greater alignment of the interests of the originators and the investors as also to encourage the development of the securitization activity in a manner consistent with the aforesaid objectives, several proposals for post-crisis reform.

Date: 5th September, 2012 (9:30 A.M.)
Venue: Hotel Le Meridien, New Delhi

Key Issues for Discussion:

  • Regulatory framework for Securitization
  • Role of Banks, ARCs and NBFCs in promoting Securitization in India
  • RMBS Sector in India - Experiences & Road Ahead
  • Securitization of Infrastructure Cash flows
  • Model listing Agreements for Securitized Debt instruments
  • Securitization of NPLs - International and Indian Experience
  • ARCs in India - Status, Issues and Road Ahead
  • Investors' Perspective - ABS and MBS.
  • Housing Finance Securitization - Indian Experience
  • Covered Bonds
  • Legal, Taxation & Accounting issues
  • Securitization in Micro Finance Sector
  • Internal and External risks in Securitization
  • Risk and Performance Evaluation of ABS and MBS
  • Evolving Principles of Securitization in India
  • Mechanisms of Securitization -SDS, Pay- Through Certificates & Pass Through Certificates
  • Reverse Mortgage Loans
  • Sustaining Investors' Confidence in Securitization
  • Stamp Duty

Invited Eminent Speakers from:

  • Ministry of Finance, GOI
  • Reserve Bank of India (RBI)
  • Securities Exchange Board of India (SEBI)
  • Insurance Regulatory Authority of India (IRDA)
  • Central Board of Direct Taxes (CBDT)
  • Pension Fund Regulatory Authority of India (PFRDA)
  • Indian Banks Association (IBAs)
  • National Institute of Securities Management (NISM)
  • NHB, SIDBI & NABARD
  • Banks, NBFCs and ARCs
  • Micro Finance Institutions (MFIs)
  • Credit Rating Agencies (CRAs)
  • Advisors and Fund Managers
  • Legal and Taxation Firms
  • Research Organizations

Participants Profile:

This Conference is specifically designed for both the stakeholders and Investors

  • Banks & Financial Institutions
  • Asset Management Companies
  • Stock Exchanges
  • Corporate & Commercial Investors
  • High Net worth Individuals
  • Asset Managers / Portfolio Managers
  • Lead Managers
  • CFO's, CEO's & CIO's
  • Compliance Officers
  • Investment Advisors & Dealers
  • Financial Institutions
  • Corporate Trustees
  • Government Officials and regulators
  • Fund Managers
  • Investment/Research Analysts
  • Financial Planners and Independent Consultants
  • Large and Medium Corporate Houses
  • Software Solution Companies
  • Insurance and other service providers
  • Foreign Institutional Investors
  • Tax and Accounting Executives
  • Prime Brokers
  • Credit Card Issuers
  • Equipment and Motor Vehicle Lessors
  • Mortgage Lenders
  • Corporate Treasurers
  • Pension Fund Managers
  • Corporate and Commercial Lawyers
  • Issuer and Indenture Trustees
  • Bank, Loan, Trust and Insurance Company Executives

Registration Fees:
Delegate Fee: Rs. 2000/- per delegate (inclusive of service tax @ 12.36%)

Online Registration:
http://www.assocham.org/events/evreg.php?id=755

Contact:
Mr. D.S. Rajora
Phone: +91-9818483881
Email: d.s.rajora@assocham.com

Mr. Ramesh Acharya
Phone: +91-9818289382
Email: ramesh.acharya@assocham.com

Mr. Ankit Krishna
Phone: +91-7838567953
Email: ankit.krishna@assocham.com

Mr. Ritesh Dhasmana
Phone: +91-9899743374
Email: ritesh.dhasmana@assocham.com

The Associated Chambers of Commerce and Industry of India
ASSOCHAM Corporate Office, 1, Community Centre Zamrudpur
Kailash Colony, New Delhi - 110 048
Phone: 46550555 (Hunting Line)
Fax: 46536481/46536482 46536497/46536498
Email: assocham@nic.in
Website: http://www.assocham.org/

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