Section 8. Exemption from registration of security receipt

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), — (a) any security receipt issued by the[1] [asset reconstruction company], as the case may be, under sub-section (1) of section 7, and not creating, declaring, assigning, limiting or extinguishing any right, title or interest, to or in immovable property except in so far as it entitles the holder of the security receipt to an undivided interest afforded by a registered instrument; or - (b) any transfer of security receipts, shall not require compulsory registration. 6[9. Measures for assets reconstruction.— (1)Without prejudice to the provisions contained in any other law for the time being in force, an asset reconstruction company may, for the purposes of asset reconstruction, provide for any one or more of the following measures, namely:— (a) the proper management of the business of the borrower, by change in, or take over of, the management of the business of the borrower; (b) the sale or lease of a part or whole of the business of the borrower; (c) rescheduling of payment of debts payable by the borrower; (d) enforcement of security interest in accordance with the provisions of this Act; (e) settlement of dues payable by the borrower; (f) taking possession of secured assets in accordance with the provisions of this Act; (g) conversion of any portion of debt into shares of a borrower company: 1. Subs. by Act 44 of 2016, s. 3, for "securitisation company or reconstruction company" (w.e.f. 1-9-2016). 2. Subs. by s. 3, ibid ., for "qualified institutional buyers" (w.e.f. 1-9-2016). 3. Subs. by s. 3, ibid ., for "qualified institutional buyer" (w.e.f. 1-9-2016). 4. Ins. by Act 30 of 2004, s. 6 (w.e.f. 11-11-2004). 5. Subs. by s. 6, ibid ., for "security receipts issued by such company" (w.e.f. 11-11-2004). 6. Subs. by Act 44 of 2016, s. 8, for section 9 (w.e.f. 1-9-2016). Provided that conversion of any part of debt into shares of a borrower company shall be deemed always to have been valid, as if the provisions of this clause were in force at all material times. (2) The Reserve Bank shall, for the purposes of sub-section (1), determine the policy and issue necessary directions including the direction for regulation of management of the business of the borrower and fees to be charged. (3) The asset reconstruction company shall take measures under sub-section (1) in accordance with policies and directions of the Reserve Bank determined under sub-section (2).]