Research, commentary, and regulatory analysis.
Our publication covers India’s securitisation, private credit, and cross-border structured finance markets. Monthly analysis, quarterly deep dives, and regulatory updates as they land.
MSME Pool Securitisation in India: Market Evolution and the Risks That Define It
India's MSME ABS market has grown from under ₹8,000 crore to above ₹22,000 crore in issuance volume over five years, but the credit risks embedded in MSME pools are structurally different from residential mortgage or vehicle loan securitisation. Getting the analytics wrong — at the pool or tranche level — is more consequential here than in almost any other asset class.
MFI Securitisation After the 2024 Stress: What Investors Now Require and What It Means for Originators
The 2024 MFI credit stress was the most severe episode in the sector since the 2010 AP crisis. Trigger breaches, CE erosion, and rating downgrades across MFI pools have permanently changed the terms on which investors will participate in this market. Originators returning to securitisation now face a structurally different investor requirement set.
The IBC at Eight: What the Resolution Data Tells Distressed Debt Investors
Eight years of Insolvency and Bankruptcy Code data provide a detailed empirical record of resolution rates, timelines, and recovery values across sectors. For investors entering the distressed debt market now, reading that record accurately is more important than the headline narrative of 'improved credit culture' that typically accompanies discussions of IBC.
Co-Lending in India: The Regulatory Framework, Analytics Reality, and What Banks and Fintechs Get Wrong
The RBI's co-lending framework was designed to channel bank capital into priority-sector lending through fintech distribution networks. Five years on, the gap between what the framework requires and how most bank-fintech co-lending programmes actually operate is wide enough to create capital, compliance, and data integrity risks that neither partner has fully resolved.
Significant Risk Transfer: How Indian Banks Are Using SRT to Manage Capital
Significant Risk Transfer transactions are quietly becoming a capital management tool for Indian banks. This note explains the mechanics, the regulatory constraints, and what makes an SRT work — or fail.
Mezzanine Debt in Indian Private Credit: Structuring, Pricing, and Risk
Mezzanine debt occupies the space between senior secured lending and equity. In India's private credit market, it is poorly understood, inconsistently priced, and structurally varied in ways that matter significantly for both fund managers and issuers.
Cross-Border Capital Into Indian Credit: Structures That Work
Offshore capital wants access to Indian structured credit. The regulatory and structural pathways are available — but each carries constraints that determine whether a transaction is viable. This note maps the routes.
Why India Needs Independent Structured Credit Specialists
India's structured credit market has scaled past USD 85 billion without building the specialist advisory infrastructure this depth now demands. This piece lays out the gap and what fills it.
The RBI 2021 Securitisation Framework: What Actually Changed and Why It Matters
The RBI's 2021 Master Directions on Securitisation and Transfer of Loan Exposures reshaped India's structured credit market. Three years on, the gaps between what the framework says and how it is applied in practice are still causing transaction rework.
Ind AS 109 in Practice: The Implementation Gaps That Cost Credit Funds
Ind AS 109 has been mandatory for NBFCs and large credit funds for several years. The gaps in how it is actually implemented — not the standard itself, but the practice — are still causing significant audit friction and mis-stated NAVs.
PTC vs Direct Assignment: A Structural Comparison
Pass-Through Certificates and Direct Assignments are the two dominant onshore securitisation structures in India. This note compares them on legal form, regulatory treatment, risk transfer, and when each is the right tool.
Trade Receivables Securitisation in India: TReDS and Beyond
India's trade receivables market is larger than its securitisation infrastructure suggests. TReDS handles the short-tenor, platform-based segment. What sits beyond TReDS — bilateral structures, ABS on MSME receivables, supply chain finance securitisations — is less understood and more complex.
Valuing Private Credit in an AIF: A Practitioner's Guide
Valuing a private credit instrument in a Category II AIF portfolio requires more than applying a discount rate to contractual cashflows. This guide walks through the framework we use in practice.
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