Heat oil in a pan. Add bay leaf to it. Saute for 1 minute till it is fragrant. Add mustard seeds to it. When they crackle, add broken chillies to it. Saute for 1 minute.
Add chopped tomatoes and stir it well.
Add Kashmiri red chilli powder, melted and sieved jaggery, raisins and salt to it. Mix all the ingredients well. Do not add water when cooking. Cover it with a lid and cook on low heat for 10 - 12 minutes or until the chutney mixture thickens and water dries up.