Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002
PRELIMINARY
1. Short title, extent and commencement
2. Definitions
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
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 takeover 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
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 creditor to report satisfaction of security interest
26. Right to inspect particulars of securitisation, reconstruction and security interest transactions
OFFENCES AND PENALTIES
27. Penalties
28. Penalties for non‑compliance of direction of Reserve Bank
29. Offences
30. Cognizance of offence
MISCELLANEOUS
31. Provisions of this Act 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 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 cause to be set up
40. Power to remove difficulties
41. Amendments to certain enactments
42. Repeal and saving
