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The Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act, 2002
(54 of 2002)
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: --
Short title, extent and commencement
Definitions :- (1) General
Corresponding New Bank
Corresponding New Bank
Debts Recovery Tribunal
Qualified Institutional Buyer
Registrar of Companies
State Bank of India
REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS OF BANKS AND FINANCIAL INSTITUTIONS
Registration of securitisation companies or reconstruction companies.
Cancellation of certificate of registration
Acquisition of rights or interest in financial assets
Transfer of pending applications to any one of Debts Recovery Tribunal in certain cases
Notice to obligor and discharge of obligation of such obligor
Issue of security by raising of receipts or funds by securitisation company or reconstruction company
Exemption from registration of security receipt
Measures for assets reconstruction
Other functions of securitisation company or reconstruction company
Resolution of disputes
Power of Reserve Bank to determine policy and issue directions
Power of Reserve Bank to call for statements and information
ENFORCEMENT OF SECURITY INTEREST
Enforcement of security interest
Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset
Manner and effect of take over of management
No compensation to directors for loss of office
Right to appeal
Making of application to Court of District Judge in certain cases
Appeal to Appellate Tribunal
Validation of feess levied
Appeal to High Court in certain cases
Right to lodge a caveat
Right of borrower to receive compensation and costs in certain cases
Register of securitisation, reconstruction and security interest, transactions
Filing of transactions of securitisation, reconstruction and creation of security interest
Modification of security interest registered under this Act
Securitisation company or reconstruction company or secured creditors to report satisfaction of security interest
Right to inspect particulars of securitisation, reconstruction and security interest transactions
Rectification by Central Government in matters of registration, modification and satisfaction, etc.
OFFENCES AND PENALTIES
Penalties for non-compliance of direction of Reserve Bank
Cognizance of offences
Provisions of this Act not to apply in certain cases
Power to exempt a class or classes of banks or financial institutions
Protection of action taken in good faith
Offences by companies
Civil court not to have jurisdiction
The provisions of this Act to override other laws
Application of other laws not barred
Power of Central Government to make rules
Certain provisions of this Act to apply after Central Registry is set up or caue to be set up
Amendments of certain enactments
Repeal and saving
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