India's powerful Andhyarujina Committee, which has been given the job of examining possible legal and regulatory changes to India's banking system, has recommended that the government should introduce umbrella securitization legislation to deal with many of the problems impeding the growth of Indian structured finance.

The committee, which is headed by T. R. Andhyarujina, a former solicitor general, and whose members include officials from the central bank, the finance ministry, the law ministry and investment banks, has submitted a draft securitization bill to the finance minister Yashwant Sinha.

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