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

[54 of 2002]

Contents
Sections	Particulars
	Preamble
Chapter I	Preliminary
1	Short title, extent and commencement
2	Definitions
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.-Notwithstanding anything contained in sub-section (1) of section 17 of the Registration Act, 1908 (16 of 1908)
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
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 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
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 Act
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
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 of certain enactments
42	Repeal and saving
Schedule
	The Schedule