Association of Leasing and Financial Services Cos.
and
Asian Securitization Forum
Two day program on
The recent Ordinance on
Securitisation
|
Mumbai, India
23-24 August, 2002
At Oberoi Hotel, Mumbai
_________________________Highlights______________________________
- Full scale discussion on Securitisation, Asset Reconstruction and Enforcement of security interests, based on the recent Ordinance.
- Elaborate discussion on concept and applications of securitisation
- Asset Reconstruction/ Asset Management companies – their working, and case studies from several countries.
- Enforcement of security interests – opportunities and threats.
- Core faculty an internationally established expert in the relevant field.
The Sponsors
The Association of Leasing and Financial Services Cos. is the largest body of non-banking financial services companies in India, with membership exceeding 500 top-ranking players.
Education, interface with regulators, standardisation of industry practices and promotion of mutual understanding are the basic aims of the Association. The Association has played a key role in the healthy development of the non-banking financial services sector in the country.
Education is one of the focus areas of the Association as it believes that knowledge is the foundation of a healthy industry. From courses centring on non-banking functions as it has been offering in the past, the Association has now broad-based its training focus to generic issues in credit and financial services sector.
The Association recently assisted the formation of an Asia-wide body – the Asian Securitization Forum. The Asian Securitization Forum [http://www.asian-securitization.com] is a premier body of securitization professionals in Asia and the Pacific, headquartered in Mumbai, India.
The purpose of the Forum is to accelerate the process of healthy growth of securitization in the region. The Forum intends to achieve this purpose through a multi-directional effort – more interaction and sharing of information among industry participants, investors and the intermediaries, standardisation of practices in the industry for health development, interface with the regulators for legislative changes where required, healthy and positive prudential regulations, meaningful accounting standards, etc.
The Governing Body of the Forum includes securitization experts and professionals from different countries in Asia. Membership of the Forum is spread all over the region.
About the Course
The President of India has recently promulgated the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Ordinance 2002. The Ordinance covers three mutually unrelated issues, except that all the three are vital to the development of financial sector in the country.
This workshop aims at a full-length discussion on each of these three issues – securitisation, asset reconstruction companies, and enforcement of security interests.
Securitization, the device that converts financial assets and relations into tradable commodities, is undoubtedly one of the most significant innovations of our time. Having made its debut about 3 decades ago in mortgage markets in the USA, securitization is a USD 5 trillion worth business in global markets. The present event will discuss the legislative framework of securitisation under the Ordinance.
Mounting problem of non-performing loans has stifled economic growth in most Asian countries – India included. While Japan, Malaysia, Korea, Thailand etc had taken an early lead in setting up of Asset Management Companies, we have been talking about such resolution companies for quite a while and have now taken the first legislative step towards formation of Asset Reconstruction Companies by banks and financial institutions.
The workshop will go into global models of institutional set up of asset management companies, and will take up case studies from several countries including Malaysia, Korea and Japan on resolution of NPL problem by asset management companies.
Non-judicial enforcement of security interests is a bold step towards resurrecting the sanctity of financial undertakings. Systems for perfection and enforcement of security interests exist in most countries. In this event, we will discuss the legal machinery for private enforcement of security interests under the Ordinance and compare it with systems in some other countries.
Who should participate:
As the course will cover three very important issues relevant for the financial sector, it is of immense interest to banks, financial institutions, financial companies, securitization professionals, housing finance companies, financial consultants, and the like.
As course will also discuss the provisions of the Ordinance, legal officers, besides risk management, treasury and finance professionals are also welcome to the course.
Results:
The course is expected to discuss threadbare the concept of securitisation, asset reconstruction companies, and enforcement of security interests in light of the Ordinance against the backdrop of international developments.
Faculty:
The core faculty is Vinod Kothari. Vinod Kothari has rapidly gained international recognition as one of the World's leading experts on securitisation, credit derivatives and related issues.
Vinod Kothari is the author of Lease Financial and Hire purchase, Securitisation: The Financial Instrument of the New Millennium and Credit Derivatives and Synthetic Securitisation, all of which are internationally-read publications.
Vinod Kothari is well-known to Indian audience as a trainer on financial services, but over last 4 years, the World has been his market. Vinod Kothari has conducted training in London, Sydney, South Africa, Malaysia, Singapore, Hong Kong, Colombia (South America), Zambia, Sri Lanka, Bangladesh, Egypt, Jordan, etc.
Vinod Kothari's web sites on securitisation [ http://www.vinodkothari.com] and credit derivatives [http://www.credit-deriv.com] are ranked as the most popular resources on the respective subjects.
Vinod Kothari is the Executive Director of the Asian Securitization Forum.
Fees:
- Members of the Association of Leasing and Financial Services Cos. get pay Rs. 10000/- per participant.
- Other Indian participants pay Rs. 12000/- per participant.
- Foreign participants pay USD 400 per participant. To register and pay by credit card, write to vinod@vinodkothari.com or check up our website at http://vinodkothari.com
Unless kept wait-listed, all bookings are confirmed on realisation of fee.
Bookings can be cancelled by written intimation at least 3 days before the Course date, when a refund of fees after a 20% deduction on account of administrative charges shall be made. No refund is possible for cancellation thereafter or for no shows. Wait-listed participants not confirmed will be entitled to full refund.
Only registered delegates will be allowed to attend the Course.
Time and venue details
Venue:
Oberoi Hotel
Nariman Point
Mumbai
Time:
9.30 a.m. to 5.30 p.m. On the first day, participants are required to report at 9.00 a.m. for registration formalities.
Course materials:
Hard copies of the presentation materials will be provided along with the usual conference kit.
Number of Participants:
Limited to 50 on first-come-first-serve basis.
Contents:
Securitisation – concept – structures – parties related to the transaction – brief introduction to the legal structure of global securitisation deals – various applications of securitisation.
Detailed analysis of the securitisation-related provisions of the Ordinance – scope of the Ordinance – transactions covered and not covered. Meaning of "securitisation".
Concept of a "securitisation company" – registration of securitisation companies – capital requirements and ensuring "bankruptcy remoteness" of SPVs – Is a securitisation company under the Ordinance an SPV?
Legal permissibility of transfer of "financial assets" under Ordinance – fractional and future transfers – stamp duty problems on transfer of assets – nature of "security receipt" – legal provisions relating to security receipts.
Conducting of multi-originator and multi-scheme securitisations under the Ordinance.
Asset reconstruction companies – meaning of asset management/ reconstruction companies – models and economics of AMCs.
International experience in AMCs – case studies from several countries – Resolution Trust Corporation, USA, Danaharta, Malaysia, KAMCO, Korea, China Hua Rong, China, Asset Management Company, Thailand, etc.
Setting up of ARCs under the Ordinance – powers of ARCs u/s 9 of the Ordinance.
Legal issues in transfer of debts – assignment and stamp duty issues in assignment. Transfer of security interests.
Perfection and enforcement of security interests – international models – Art 9 of the UCC, USA and other countries.
Provisions of the Ordinance – scope – registration of security interests – priorities and registration. Impact of registration and non-registration.
Manner of self-help enforcement and vestation of property. Impact of enforcement. Position of the Ordinance vis-à-vis other laws. Other recovery procedures and the Ordinance.
To register:
Send your check for the Rs. 12000/ 10000 as applicable along with the following particulars to Association office (address below). Registration is confirmed upon realisation of your check.
Your name:
Your designation:
Your company name:
Your contact details: Phone
Fax:
E-mail:
For any more details, contact:
Mr. Mahesh Thakkar
Association of Leasing and Financial Services Cos.
32 Ashoka Shopping Centre
2nd floor L T Road
Near GT Hospital
MUMBAI 400 001
E:mail: maheshthakkar@vsnl.com
Phone 91-22-2675400/ 2675500/ fax 91-22-2675600