New Delhi, Jan. 19 -- India's financial ecosystem quietly crossed an important threshold in May 2025 with the launch and public listing of India's first Mortgage-backed Pass-Through Certificates (PTCs), issued by LIC Housing Finance and structured by RMBS Development Company Ltd, on the National Stock Exchange (NSE).

The transaction was modest in size but significant in meaning. For the first time, Indian home loans were transformed into a transparent, exchange-listed instrument with market price discovery. In a system long dominated by bank balance sheets, this was a small but meaningful widening of the path for housing finance.

The case for deepening India's mortgage-backed securities market rests on the sheer scale and quality of hou...