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Rajya Sabha
Pursuant to the announcement made in Budget 2005-06, a High Level Expert Group on Corporate Bonds and securitization has been constituted under the chairmanship of Shri R.H. Patil. The Terms of Reference of the Committee include identifying the factors inhibiting the development of an active corporate debt market in India, recommending policy actions necessary to develop an appropriate market infrastructure for development of the corporate bond market, recommending specific actions necessary to develop mechanisms for trading platform, clearing and settlement system, risk management and novation, recommending policy actions necessary to develop bond insurance in the country.
Government propose to amend the definition of securities under the Securities Contracts (Regulation) Act, 1956 to provide a legal framework for trading of securitized debt including mortgage backed debt.
This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in reply to a question raised by Murli Deora in Rajya Sabha today.
BSC/BY/GN-304/05
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