About Asset Finance Association of India
The Asset Finance Association of India is an initiative by the Indian Securitisation Foundation to bring together the stakeholders of the asset finance sector in India. The organisation is intended to promote, help, develop, protect, encourage and secure, in India, general interest of various forms of asset backed funding by acting as industry association, to organize industry events, forums, discussions to promote research, generally to take care of the interest of trade, industry and commerce, stakeholders, participants and investors in asset finance and generally to act in the best interest of the Indian asset finance sector.
Primarily, the asset finance activities to be catered to by the Association include leasing, factoring, trades in receivables, etc.
While leasing is over 40 years old in the country, the taxation environment for the business has remained anomalous, for no obvious reason. This is one of the rare activities which are charged to tax both as a sale and a service. While judiciary may simply be doing interpretation of the law, the key issue is – whether there is a policy basis for creating a non-level playing field which puts leasing to such a disadvantage.
If this was not enough, the recent Foreign Trade Policy (2015-2020) gave another blow to the industry by seeming to withdraw the EPCG benefits on leased assets.
Though there is a lot of hopeful wait in the introduction of Goods and Service Tax, but issue is, is leasing industry at all in the radar of the lawmakers, or they think positive about it? There is a substantial communication and advocacy issue in hand.
There is no doubt that the interest in the leasing sector is increasing – quite obvious in an era where cashflows seem to be the only way to come out of stress. New entrants with substantial global presence and depth of international experience are entering the market, but they are often dismayed by the regulatory structure.
Factoring is yet another area where, despite an admittedly-supportive legislation, not much headway has been made in the recent years.
About Indian Securitisation Foundation
Indian Securitisation Foundation (ISF) is a not-for-profit organisation incorporated under section 25 of the Companies Act, 1956, a representative body of the securitisation industry in India. ISF is formed with the objective of developing, promoting and protecting the securitisation, structured finance markets in India in particular, and market for fixed income securities in general.
Securitisation in India is not just a fixed income investing instrument, but essential for the idea of financial inclusion, in form of priority sector lending. Banks meet their priority sector targets partly through portfolio acquisitions and securitisation, thereby putting securitisation at par with the banking book. Infrastructure sector also depends substantially on securitisation for equity extraction. In essence, the significance of securitization to India’s financial sector cannot be under-estimated.
Over time, credit default swaps are also expected to be prevalent as ways of synthetically replicating credit risk. It is a clear policy choice to have a strong market for fixed income securities in India: structured finance securities are an essential part of that market, to provide variety, choice and alignment to investor needs. In this background, ISF was conceptualised to provide direction, leadership, advocacy and support to the securitisation and structured finance industry.
Executive Committee Members
Mr. Sunil Badala
Mr. Sunil Badala is a partner with the financial services tax practice of the Indian Firm of KPMG. He specializes both in domestic corporate tax and international tax and entry and exit strategies for multinationals and large domestic companies investing into/ outside India. He has a total of about 18 years of experience, including 14… Read More »
Mr. Shrirang Tambe
Mr. Shrirang Tambe founder and CEO of ORIGA Leasing one of the first FinTech asset leasing companies for high growth oriented companies with philosophy of access to finance. His expertise lies in advising and nurturing growth oriented companies across financial and strategic areas. Over his 12 year experience in financial services, he has worked with… Read More »
Ms. Nidhi Bothra
Ms. Bothra is a consultant on leasing, asset backed lending, securitisation, structured finance and corporate finance and is Executive Vice President in Vinod Kothari Consultants P Ltd. Nidhi has conducted various training workshops on leasing, and has handled several consulting assignments on leasing in different markets. Nidhi has analysed state of leasing industry in several… Read More »
Mr. Dipankar Sen
A MBA graduate with specialisation in finance, He has over 20 years of experience in leasing and financial services and today heads the leasing portfolio for Orix in India. His experience has been in both fund based and fee based activities where he has managed the SME, Corporate and PSU segments for their leasing requirements… Read More »
Ms. Simi Thapar
Ms. Simi Thapar is a Head – Equipment Leasing and Financing Solutions – Corporate Finance at Tata Capital. Simi has 25 Years Work Experience in Financial Services across diverse industries and diverse asset and product categories. Ground experience in new business initiative, product development and in devising strategy for organic and inorganic growth of business.
Mr. Gautam Munish
Mr. Gautam Munish, currently serving Hewlett Packard financial services as regional sales director is a seasoned finance professional with 20 years of diverse work experience across Asset, Liability and Investment products. He has extensive experience in building and managing business from ground up, with exposure to detailed competitive landscape analysis, compliance and regulatory adherence and… Read More »