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An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto.

BE it enacted by Parliament in the Fifty-third year of Republic of India as follows: --
CHAPTER I

PRELIMINARY

1.
Short title, extent and commencement

2. Definitions :- (1) General




CHAPTER II

REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS OF BANKS AND FINANCIAL INSTITUTIONS


3. Registration of securitisation companies or reconstruction companies.

4. Cancellation of certificate of registration

5. Acquisition of rights or interest in financial assets

5A. Transfer of pending applications to any one of Debts Recovery Tribunal in certain cases

6. Notice to obligor and discharge of obligation of such obligor

7. Issue of security by raising of receipts or funds by securitisation company or reconstruction company

8. Exemption from registration of security receipt

9. Measures for assets reconstruction

10. Other functions of securitisation company or reconstruction company

11. Resolution of disputes

12. Power of Reserve Bank to determine policy and issue directions

12A. Power of Reserve Bank to call for statements and information




CHAPTER III

ENFORCEMENT OF SECURITY INTEREST


13. Enforcement of security interest

14. Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset

15. Manner and effect of take over of management

16. No compensation to directors for loss of office

17. Right to appeal

17A. Making of application to Court of District Judge in certain cases

18. Appeal to Appellate Tribunal

18A. Validation of feess levied

18B. Appeal to High Court in certain cases

18C. Right to lodge a caveat

19. Right of borrower to receive compensation and costs in certain cases




CHAPTER IV

CENTRAL REGISTRY


20. Central Registry

21. Central Registrar

22. Register of securitisation, reconstruction and security interest, transactions

23. Filing of transactions of securitisation, reconstruction and creation of security interest

24. Modification of security interest registered under this Act

25. Securitisation company or reconstruction company or secured creditors to report satisfaction of security interest

26. Right to inspect particulars of securitisation, reconstruction and security interest transactions

26A. Rectification by Central Government in matters of registration, modification and satisfaction, etc.




CHAPTER V

OFFENCES AND PENALTIES


27. Penalties

28. Penalties for non-compliance of direction of Reserve Bank

29. Offences

30. Cognizance of offences




CHAPTER-VI

MISCELLANEOUS


31. Provisions of this Act not to apply in certain cases

31A. Power to exempt a class or classes of banks or financial institutions

32. Protection of action taken in good faith

33. Offences by companies

34. Civil court not to have jurisdiction

35. The provisions of this Act to override other laws

36. Limitation

37. Application of other laws not barred

38. Power of Central Government to make rules

39. Certain provisions of this Act to apply after Central Registry is set up or caue to be set up

40. Amendments of certain enactments

41. Repeal and saving









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