This sword is an extremely handsome example that seems, as Brian notes, one of a number that have appeared over the years with this same type of bifurcated, serrated blade and mounted in khanda hilts. I agree with him in his assessment of probably late 18th century on the hilt, and that the blade seems contemporary with it. I have always been inclined to consider these of ceremonial or 'parade' form, and unlikely to have been intended for combat. With reference to the lengthy bifurcation in the blade and the huge hole at is root, I would consider the integrity of the blade for combat highly compromised. While the concept of a practical purpose for this unusual form of blade and the split with large circle at its base, especially as a blade catcher is not likely to have been its intention, the observation is not an unusual one. Over the years many weapons researchers have tried to discover the practical purposes of such deliberate and unusual features such as notches, hooks and openings in blades and none have been proven feasible for catching blades in combat. Primarily, the chances of even accidentally catching a blade in one of these strategically places blade features is almost nil, then consider trying to connect the opponents blade into the notch or whatever in the heat of combat. Even if sword to sword combat did occur, which was atypical in these regions, it would be incredibly difficult to accomplish.
As far as the appearance of this bifurcated blade, believed to represent the Sacred Sword Zulfikar, it is indeed interesting to see these mounted in the hilts known typically as Hindu basket hilts, or Khanda. It would seem quite possible that this would be incongruous, however it is known that the Rajputs, who of course were Hindu and strongly favored the khanda, were often in the service of the Mughals. Possibly this may have some plausible association to these seemingly ceremonial, parade or possibly palace guard swords. The serrations on the blade seem to have particular associations to other khanda hilted swords with 'nagan' features such as inflated blade profiles said to represent the hood of the cobra, as well as the undulating or wavy blades. Possibly these variations may have derived from these forms, with the addition of the features of the blade of Zulfikar.
The serrations on Indian swords are mentioned in Pant (p.56-57), where he notes khanda hilts, and serrated zig zag blades and notes further that these swords were used against armor, but found unsuitable for such use by the soldiers, and abandoning their use by late 17th c. AD. Although such use in combat appears to have ceased, such dramatically featured blades would serve well in impressive appearance in court or parade use, and probably did in these courts well into the 19th century.
I was gonna make this 2 cents worth
but probably spent a nickel!!!
Anyway, It really is a beautiful piece and probably has some fascinating history, even if not a combat weapon.
Best regards,
Jim