XKDR Forum invites you to the second installment of the Emerging Markets Dialogue. Our previous discussion focussed on the state of commercial credit in India and how institutional lending has shifted from industry to households in the last 10 years. This structural gap has accelerated the development of a new asset class: Private Credit.

In this session Harsh Vardhan and Amrita Agarwal will examine the ecosystem through three lenses:

- Market Structure: How private credit is filling the void left by the NBFC liquidity crisis and bank consolidation, particularly in performing credit and special situations.

- Regulatory Framework: The impact of SEBI’s tightening norms on AIFs and how the Insolvency and Bankruptcy Code (IBC) influences recovery rates for private lenders compared to secured financial creditors.

- Systemic Risk: Evaluating whether the rapid expansion of opaque, illiquid credit structures poses contagion risks to the broader financial system.

The event will be held in a hybrid format; however, in-person attendance is strongly encouraged to participate in the discussion. Registration is mandatory.