Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	200254
Act Number:	54
Enactment Date:	2002-12-17
Act Year:	2002
Short Title:	The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Long Title:	An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights, and for matters connected therewith or incidental thereto.
Ministry:	Ministry of Finance
Department:	Department of Financial Services
Enforcement Date:	21-06-2002


Schedule 1. THE SCHEDULE. Order Appendix Forms

Title	Files

Title	Files

Title	Files

Show all section The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

CHAPTER I

PRELIMINARY

CHAPTER II

REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIALASSETS OF BANKS AND FINANCIALINSTITUTIONS

CHAPTER III

ENFORCEMENT OF SECURITY INTEREST

CHAPTER IV

CENTRAL REGISTRY

CHAPTER IVA

REGISTRATION BY SECURED CREDITORS AND OTHER CREDITORS

CHAPTER V

OFFENCES AND PENALTIES

CHAPTER VI

MISCELLANEOUS


Section 1. Short title, extent and commencement. Show Related Subordinates
Section 2. Definitions. Show Related Subordinates
Section 3. Registration of asset reconstruction companies.
Section 4. Cancellation of certificate of registration.
Section 5. Acquisition of rights or interest in financial assets.
Section 5A. Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases.
Section 6. Notice to obligor and discharge of obligation of such obligor.
Section 7. Issue of security by raising of receipts or funds by asset reconstruction company.
Section 8. Exemption from registration of security receipt.
Section 9. Measures for assets reconstruction.
Section 10. Other functions of asset reconstruction company.
Section 11. Resolution of disputes.
Section 12. Power of Reserve Bank to determine policy and issue directions.
Section 12A. Power of Reserve Bank to call for statements and information.
Section 12B. Power of Reserve Bank to carry out audit and inspection.
Section 13. Enforcement of security interest. Show Related Subordinates
Section 14. Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset.
Section 15. Manner and effect of take over of management.
Section 16. No compensation to directors for loss of office.
Section 17. Application against measures to recover secured debts. Show Related Subordinates
Section 17A. Making of application to Court of District Judge in certain cases.
Section 18. Appeal to Appellate Tribunal. Show Related Subordinates
Section 18A. Validation of fees levied.
Section 18B. Appeal to High Court in certain cases.
Section 18C. Right to lodge a caveat.
Section 19. Right of borrower to receive compensation and costs in certain cases.
Section 20. Central Registry. Show Related Subordinates
Section 20A. Integration of registration systems with Central Registry.
Section 20B. Delegation of powers.
Section 21. Central Registrar.
Section 22. Register of securitisation, reconstruction and security interest transactions.
Section 23. Filing of transactions of securitisation, reconstruction and creation of security interest.
Section 24. Modification of security interest registered under this Act.
Section 25. Asset reconstruction companyor secured creditors to report satisfaction of security interest.
Section 26. Right to inspect particulars of securitisation, reconstruction and security interest transactions.
Section 26A. Rectification by Central Government in matters of registration, modification and satisfaction, etc.
Section 26B. Registration by secured creditors and other creditors.
Section 26C. Effect of the registration of transactions, etc.
Section 26D. Right of enforcement of securities.
Section 26E. Priority to secured creditors.
Section 27. Penalties.
Section 28. [Omitted.].
Section 29. Offences.
Section 30. Cognizance of offence.
Section 30A. Power of adjudicating authority to impose penalty.
Section 30B. Appeal against penalties.
Section 30C. Appellate Authority.
Section 30D. Recovery of penalties.
Section 31. Provisions of this Act not to apply in certain cases.
Section 31A. Power to exempt a class or classes of banks or financial institutions.
Section 32. Protection of action taken in good faith.
Section 33. Offences by companies.
Section 34. Civil court not to have jurisdiction.
Section 35. The provisions of this Act to override other laws.
Section 36. Limitation.
Section 37. Application of other laws not barred.
Section 38. Power of Central Government to make rules. Show Related Subordinates
Section 39. Certain provisions of this Act to apply after Central Registry is set up or cause to be set up.
Section 40. Power to remove difficulties.
Section 41. Amendments to certain enactments.
Section 42. Repeal and saving.

Disclaimer: Updating and uploading of all Central Acts available on this web page is the proprietary of the Legislative Department in the Ministry of Law and Justice.
The updating and uploading of Rules, Regulations, Notifications, etc., and linking them with relevant sections of the respective Principal Act under which the said subordinate legislations have been made is the proprietary of the concerned Ministry/Departments in the Government of India administering subject matter of the Legislation.

Year	Description	Files
20-09-2002	Security Interest (Enforcement) Rules, 2002
02-02-2007	Notification No. S.O 103(E) dated 2.2.2007 - Security Interest (Enforcement) Amendment Rules, 2007
26-10-2007	Security Interest (Enforcement) Amendment Rules, 2007
31-03-2011	SARFAESI (Central registry) Rules,2011
15-05-2013	The SARFAESI (Central Registry) Amendment Rules, 2013
22-01-2016	SARFAESI (Central Registry) Amendment Rules, 2016

Year	Description	Files
28-01-2003	Notification No. S.O. 105 (E) dated 28 January 2003 regarding inclusion of Cooperative Bank as defined under Banking Regulation Act, 1949 within the definition of Bank under the SARFAESI Act, 2002
06-04-2004	Notification SO 466(E) dared 6.4.2004 - Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Removal of Difficulties) Order, 2004
15-05-2013	Notification No. S.O 1223(E) dated 15th May 2013 regarding Date of Enforcement of Sections 8 & 15 (b) of the Enforcement of Security Interest and Recovery Debts Laws (Amendment) Act, 2012
01-09-2016	Notification No. S.O 2831(E) dtd 1.9.16 - Date of Enforcement of Sections 2 & 3, 4 Except Clause (xiii), 5 & 6, 8 to 16, 22 to 31, 33 to 44of Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016
04-11-2016	Notification No. S.O 3395(E) dtd 4.11.16 - Date of Enforcement of Sections 4 Clause (xiii), 7& 32 of Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016
27-12-2016	Notification No. 4185(E) dated 27th December 2016 - Delegation of Powers by CERSAI to Reserve Bank of India
18-01-2017	Notification No. S.O 176(E) dtd 18.1.17 - Date of Enforcement of Sections 20 & 21 of Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016