India Lists First Mortgage-Backed Pass Through Certificates on NSE
On 5th May 2025, in a major development for India's housing finance and debt markets, the country’s first mortgage-backed Pass Through Certificates (PTCs) were officially listed on the National Stock Exchange (NSE).
Spearheaded by the Department of Financial Services (DFS) under the Ministry of Finance, this development marks a major stride in the evolution of India’s securitization and debt markets.
What are Pass Through Certificates (PTCs)?
- PTCs are securitized debt instruments that distribute periodic payments—comprising principal and interest—from a pool of underlying loans.
- In this case, the certificates are backed by residential mortgages, classifying them as Residential Mortgage-Backed Securities (RMBS).
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