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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: -- 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. Aecured 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 MISCELLANEOUS 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	Member's Login User ID Password Forgot Password ? Think it over It is true that we don't know what we have got until we loose it. It is equally true that we don't know what we have until we make use of it. DRT Laws DRT Act DRAT Rules DRT Rules DRT Regulations SRFAESI Act SRFAESIA Rules Gazette Notifications RBI Notifications Ombudsman Scheme Auction Rules Other Acts Important Citations BankDRT Mailing Lists NPA Auctions/ Sale Email: Visit this group NPA Judgemts, Rules Email: Visit this group
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