MITCON Credensia acts as trustee for unlisted securitisation transactions, covering both Pass-Through Certificate (PTC) and Direct Assignment structures. We administer the trust and monitor the underlying pool and cash flows under the transaction documents.
Scope of Service
- Vetting of the trust deed, deed of assignment and servicing agreement
- Holding the receivables / assets in trust for the benefit of investors
- Monitoring servicer performance and collections
- Oversight of periodic payouts per the agreed waterfall
- Monitoring of credit enhancement utilisation
- Periodic reporting to investors
Frequently Asked Questions
What is unlisted securitisation?
It refers to securitisation transactions whose instruments are not listed on a recognised stock exchange, structured as PTC or Direct Assignment arrangements.
Is this service SEBI-regulated?
No. Unlisted securitisation trusteeship falls outside SEBI's regulatory purview, so SEBI investor-protection mechanisms do not apply.
What is the trustee's role?
To hold the underlying assets in trust, monitor the servicer and cash flows, and oversee payouts in line with the transaction documents.
What is the difference between PTC and Direct Assignment?
In a PTC structure investors hold certificates issued against a pool; in Direct Assignment the pool is assigned directly to the buyer.
How are collections monitored?
The trustee reconciles servicer-reported collections against the payout waterfall and confirms correct distribution to investors.
How does MITCON Credensia add value?
Through dedicated securitisation operations, payout modelling, and transparent monitoring across transaction types.
Have questions about Securitisation Trustee (Unlisted)?
Our team can walk you through structuring, fee arrangements, and compliance requirements.
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