Two SN Gupta partners argue that the Securitisation Act is flawed without an effective Central Registry, which has still not been created almost seven years since first envisaged.

The so-called Sarfesi Act is arguably one of the most important developments in Indian banking sector reforms with respect to the non-performing secured assets.

However, certain provisions of Sarfesi seem to be a deterrent to foreign lenders providing finance to Indian borrowers, which in turn affects genuine Indian companies also from raising low-cost international finance.