Slice fish into large pieces. Wash and keep aside. Grind the raisins.
Heat oil and ghee together. Season with bay leaves, peppercorns and asafoetida. Add ground raisins, ginger and chilli powder and fry for 2 minutes. Pour curd and fry for some time. Add fish, 3/4cup water, sugar and salt.
Cook on medium flame and remove when the fish is done and the gravy thickens. Serve with rice or pulao.