In 2002, India enacted a law that reads Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (SARFAESI).Though masked as a securitisation related law, this law does very little for securitisation transactions and has been viewed as a law relating to enforcement of security interests, as a very narrow avatar of personal property security laws of North America. In commercial practice, the SARFAESI has been very irrelevant for real life securitisations. Most securitisations in India adopt a trust structure with the underlying assets being transferred by way of a sale to a trustee, who holds it in trust for the investors. A trust is not a legal entity in law but a trustee is entitled to hold property that is distinct from the property of the trustee or other trust properties held by him. Thus, there is isolation, both from the property of the seller, as also from the property of the trustee.