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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
      a.   Appellate Tribunal
      b.   asset reconstruction
      c.   bank
      d.   banking company
      e.   Board
      f.   borrower
      g.   Central Registry
      h.   corresponding new bank
      ha. corresponding new bank
      i.   Debts Recovery Tribunal
      j.   default
      k.   financial assistance
      l.   financial asset
      m.   financial institution
      n.   hypothecation
      o.   non-performing asset
      p.   notification
      q.   obligor
      r.   originator
      s.   prescribed
      t.   property
      u.   qualified institutional buyer
      v.   reconstruction company
      w.   Registrar of Companies
      x.   Reserve Bank
      y.   scheme
      z.   securitisation
      za. securitisation company
      zb. security agreement
      zc. secured asset
      zd. secured creditor
      ze. secured debt
      zf. security interest
      zg. security receipt
      zh. sponsor
      zi. State Bank of India
      zj. subsidiary bank





    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

  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. Furnishing statments to Reserve Bank of India




    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

  18. Appeal to Appellate Tribunal

  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 Ordinance

  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




    CHAPTER V

    OFFENCES AND PENALTIES


  27. Penalties

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

  29. Offences

  30. Cognizance of offence




    CHAPTER-VI


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

  32. Protection of action taken in good faith

  33. Offences by companies

  34. Civil court not to have jurisdiction

  35. The provisions of this Ordinance to override other laws

  36. Limitation

  37. Application of other laws not barred

  38. Power of Central Government to make rules

  39. Power to remove difficulties

  40. Amendments of certain enactments

  41. Repeal and saving




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