HARSH VARDHAN COMMITTEE

About: 

• Official name: Committee on the Development of Housing Finance Securitisation Market.
  
  
• Composition: The six-member panel has been constituted under the chairmanship of Harsh Vardhan, Senior Advisor with Bain & Co.
  
  
• Timeline: The committee shall submit its report by the end of August 2019.
  
  
• Terms of reference:
  • To review the existing state of mortgage backed securitisation in India and suggest measures to deepen it.
    
    
  • To assess the role of various counterparties, including servicers, trustees, rating agencies, in the securitisation process and suggest steps to address the key risks.
    
    
  
  
  

Need of committee:

• The mortgage securitisation market in India is primarily dominated by direct assignments among a limited set of market participants on account of various structural factors impacting both the demand and the supply side, as well as certain prudential, legal, tax and accounting issues.
  
  
• Thus, a careful design of a robust and transparent securitisation framework assumes paramount significance.