Advocate OS
Start free

In force

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

49 sections · As amended up to 2026-08

Sections

  1. I — PRELIMINARY
  2. 1Short title, extent and commencement
  3. 2Definitions
  4. II — REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS OF BANKS AND
  5. 3Registration of[3] [asset reconstruction companies]
  6. 4Cancellation of certificate of registration
  7. IV — CENTRAL REGISTRY
  8. 5The word "further" omitted by Act 44 of 2016, s. 17 (w.e.f. 24-1-2020)
  9. II — REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS OF BANKS AND
  10. 6Notice to obligor and discharge of obligation of such obligor
  11. 7Issue of security by raising of receipts or funds by[2] [asset reconstruction company
  12. 8Exemption from registration of security receipt
  13. 10Other functions of[1] [asset reconstruction company]
  14. 11Resolution of disputes
  15. 12Power of Reserve Bank to determine policy and issue directions
  16. 12BPower of Reserve Bank to carry out audit and inspection
  17. III — ENFORCEMENT OF SECURITY INTEREST
  18. 13Enforcement of security interest
  19. 14Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset
  20. 15Manner and effect of take over of management
  21. 16No compensation to directors for loss of office
  22. 18Appeal to Appellate Tribunal
  23. 18AValidation of fees levied
  24. 18CRight to lodge a caveat
  25. 19ATransfer of Pending Applications
  26. IV — CENTRAL REGISTRY
  27. 20Central Registry
  28. 20BDelegation of powers
  29. 21Central Registrar
  30. 22Register of securitisation, reconstruction and security interest transactions
  31. 23Filing of transactions of securitisation, reconstruction and creation of security interest
  32. 24Modification of security interest registered under this Act
  33. 26Right to inspect particulars of securitisation, reconstruction and security interest transactions
  34. 26BRegistration by secured creditors and other creditors
  35. 26CEffect of the registration of transactions, etc
  36. 26DRight of enforcement of securities
  37. 26EPriority to secured creditors
  38. V — OFFENCES AND PENALTIES
  39. 29Offences
  40. 30APower of adjudicating authority to impose penalty
  41. 30BAppeal against penalties
  42. 30CAppellate Authority
  43. 30DRecovery of penalties
  44. VI — MISCELLANEOUS
  45. 31Provisions of this Act not to apply in certain cases
  46. 31APower to exempt a class or classes of banks or financial institutions
  47. 32Protection of action taken in good faith
  48. 33Offences by companies
  49. 34Civil court not to have jurisdiction
  50. 35The provisions of this Act to override other laws
  51. 36Limitation
  52. 37Application of other laws not barred
  53. 38Power of Central Government to make rules
  54. 39Certain provisions of this Act to apply after Central Registry is set up or cause to be set up
  55. 40Power to remove difficulties
  56. 41Amendments to certain enactments
  57. 42Repeal and saving