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RBI sets up panel on mortgage securitization

The Reserve Bank of India has set up a committee to review the mortgage securitization and suggest ways to develop market further. The committee will be headed by Harsh Vardhan, senior advisor, Bain & Co. The committee will be required to submit its report by the end of August 2019. Among other things, the committee will examine the existing structure for mortgage-backed securitization transactions in India, including legal, tax, valuation and accounting-related issues. It has also been asked to suggest necessary modifications to address the requirements of originators and investors. Besides, it is also required to recommend measures for facilitating secondary market trading in mortgage securitization instruments, such as broadening investor base, and strengthening market infrastructure. The other members of the committee are Sanjay Gupta, MD, PNB Housing Finance, Pranjul Bhandari, chief India economist, HSBC, Naresh Thakkar, MD & group CEO Icra, Bindu Ananth, chair & trustee, Dvara Trust and Chandan Sinha, additional director, CAFRAL.

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