The Hindu Business Line : Securitisation of debt market stressed

"Sebi should be the regulator for corporate debt market," said Mr R.H. Patil, Chairman, The Clearing Corporation of India Ltd, at the CII Capital Markets Summit for financing infrastructure through capital markets.

Mr Joseph Massey, Joint Managing Director, Multi Commodity Exchange of India, said it was essential to bring all investors on a single platform with a single regulator. There is need for securitisation for the progress of the debt market, said Mr Patil.

"To create a vibrant debt market we need more number of players like pension funds, insurance companies. Also, foreign investors in the corporate debt market are a must and norms should be liberalised," said Mr Rajiv Lall, Managing Director and CEO, Infrastructure Development Finance Company. Mr Massey called for phased lifting of the existing cap on foreign investment in corporate bonds.

Corporate Debt

Mr Lall also advocated securitisation and suggested the creation of India Infrastructure Finance Co Ltd to take on the risks of long-term debt. Proper infrastructure, which involves buyers, sellers, intermediaries, etc, should be in place for the corporate debt markets, said Mr Iyad Malas, Director, International Finance Corporation.

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