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

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

State: Central

Year: 2002

.....of securitisation, reconstruction and creation of security interest Section24 - Modification of security interest registered under this Act Section25 - Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest Section26 - Right to inspect particulars of securitisation, reconstruction and security interest transactions Chapter V Section27 - Penalties Section28 - Penalties for non-compliance of direction of Reserve Bank Section29 - Offences Section30 - Cognizance of offence Chapter VI Section31 - Provisions of this Act not to apply in certain cases Section32 - Protection of action taken in good faith Section33 - Offences by companies Section34 - Civil court not to have jurisdiction Section35 - The provisions of this Act to override other laws Section36 - Limitation Section37 - Application of other laws not barred Section38 - Power of Central Government to make rules Section39 - Certain provisions of this Act to apply after Central Registry is set-up or cause to be set-up Section40 - Power to remove difficulties Section41 - Amendments of certain enactments Section42 - Repeal and saving Schedule1 -.....

Securities and Exchange Board of India (Amendment) Act, 2002 Complete Act

Title: Securities and Exchange Board of India (Amendment) Act, 2002

State: Central

Year: 2002

Preamble1 - SECURITIES AND EXCHANGE BOARD OF INDIA (AMENDMENT) ACT, 2002 Section1 - Short title and commencement Section2 - Amendment of section 2 Section3 - Amendment of section 4 Section4 - Amendments of section 11 Section5 - Substitution of new section for section 11A Section6 - Insertion of new sections 11C and 11D Section7 - Insertion of new Chapter VA Section8 - Amendment of section 14 Section9 - Amendment of section 15A Section10 - Amendment of section 15B Section11 - Substitution of new section for section 15C Section12 - Penalty for failure to redress investors' grievances Section13 - Amendment of section 15E Section14 - Amendment of section 15F Section15 - Amendment of section 15G Section16 - Amendment of section 15H Section17 - Insertion of new section 15HA and 15HB Section18 - Amendment of section 15-I Section19 - Insertion of new section 15JA Section20 - Substitution of new sections for sections 15L and 15M Section21 - Substitution of new section for section 15N Section22 - Amendment of section 15-O Section23 - Amendment of section 15P Section24 - Amendment of section 15Q Section25 - Amendment of section 15R Section26 - Substitution of new.....

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

State: Central

Year: 2002

.....of the State Bank of India (Subsidiary Banks) Act, 1959. (2) Words and expressions used and not defined in this Act but defined in the Indian Contracts Act, 1872 (9 of 1872) or the Transfer of Property Act, 1882 (4 of 1882) or the Companies Act, 1956 (1 of 1956) or the Securities and Exchange Board of India Act, 1992 (15 of 1992) shall have the same meanings respectively assigned to them in those Acts. CHAPTER 2 REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS OF BANKS AND FINANCIAL INSTITUTIONS SECTION 03: REGISTRATION OF SECURITISATION COMPANIES OR RECONSTRUCTION COMPANIES (1) No securitisation company or reconstruction company shall commence or carry on the business of securitisation or asset reconstruction without- (a) obtaining a certificate of registration granted under this section; and (b) having the owned fund of not less than two crore rupees or such other amount not exceeding fifteen per cent of total financial assets acquired or to be acquired by the securitisation company or reconstruction company, as the Reserve Bank may, by notification, specify: Provided that the Reserve Bank may, by notification, specify different amounts of owned fund.....

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

Title: Miscellaneous

State: Central

Year: 2002

The provisions of this Act shall not apply to-- (a) a lien on any goods, money or security given by or under the Indian Contract Act, 1872 or the Sale of Goods Act, 1930 or any other law for the time being in force; (b) a pledge of movables within the meaning of section 172 of the Indian Contract Act, 1872; (c) creation of any security in any aircraft as defined in clause (1) of section 2 of the Aircraft Act, 1934; (d) creation of security interest in any vessel as defined in clause (55) of section 3 of the Merchant Shipping Act, 1958; (e) any conditional sale, hire-purchase or lease or any other contract in which no security interest has been created; (f) any rights of unpaid seller under section 47 of the Sale of Goods Act, 1930; (g)1[any properties not liable to attachment (excluding the properties specifically charged with the debt recoverable under this Act)] or sale under the first proviso to sub-section (1) of section 60 of the Code of Civil Procedure, 1908; (h) any security interest for securing repayment of any financial asset not exceeding one lakh rupees; (i) any security interest created in agricultural land; (j) any case in which the amount due.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 31

Title: Provisions of This Act Not to Apply in Certain Cases

State: Central

Year: 2002

The provisions of this Act shall not apply to-- (a) a lien on any goods, money or security given by or under the Indian Contract Act, 1872 or the Sale of Goods Act, 1930 or any other law for the time being in force; (b) a pledge of movables within the meaning of section 172 of the Indian Contract Act, 1872; (c) creation of any security in any aircraft as defined in clause (1) of section 2 of the Aircraft Act, 1934; (d) creation of security interest in any vessel as defined in clause (55) of section 3 of the Merchant Shipping Act, 1958; (e) any conditional sale, hire-purchase or lease or any other contract in which no security interest has been created; (f) any rights of unpaid seller under section 47 of the Sale of Goods Act, 1930; (g)1[any properties not liable to attachment (excluding the properties specifically charged with the debt recoverable under this Act)] or sale under the first proviso to sub-section (1) of section 60 of the Code of Civil Procedure, 1908; (h) any security interest for securing repayment of any financial asset not exceeding one lakh rupees; (i) any security interest created in agricultural land; (j) any case in which the amount due.....

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

Title: Enforcement of Security Interest

State: Central

Year: 2002

.....management of the business of the borrower shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with the borrower. (2) Nothing contained in sub-section (1) shall affect the right of any such managing director or any other director or manager of any such person in charge of management to recover from the business of the borrower, moneys recoverable otherwise than by way of such compensation. Section 17 - Right to appeal (1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter,1[may make an application along with such fee, as may be prescribed,] to the Debts Recovery Tribunal having jurisdiction in the matter within forty-five days from the date on which such measure had been taken. 2["Provided that different fees may be prescribed for making the application by the borrower and the person other than the borrower. Explanation- For the removal of doubts, it is hereby declared that the communication of reasons to the borrower by the.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 13

Title: Enforcement of Security Interest

State: Central

Year: 2002

.....secured creditor of such company, who opts to realise his security instead of relinquishing his security and proving his debt under proviso to subsection (1) of section 529 of the Companies Act, 1956, may retain the sale proceeds of his secured assets after depositing the workmen's dues with the liquidator in accordance with the provisions of section 529A of that Act; Provided also that the liquidator referred to in the second proviso shall intimate the secured creditor the workmen's dues in accordance with the provisions of section 529A of the Companies Act, 1956 and in case such workmen's dues cannot be ascertained, the liquidator shall intimate the estimated amount of workmen's dues under that section to the secured creditor and in such case the secured creditor may retain the sale proceeds of the secured assets after depositing the amount of such estimated dues with the liquidator: Provided also that in case the secured creditor deposits the estimated amount of workmen's dues, such creditor shall be liable to pay the balance of the workmen's dues or entitled to receive the excess amount, if any, deposited by the secured creditor with the liquidator: Provided also.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 7

Title: Issue of Security by Raising of Receipts or Funds by Securitisation Company or Reconstruction Company

State: Central

Year: 2002

.....and Exchange Board of India Act, 1992, any securitisation company or reconstruction company, may, after acquisition of any financial asset under sub-section (1) of section 5, offer security receipts to qualified institutional buyers (other than by offer to public) for subscription in accordance with the provisions of those Acts. (2) A securitisation company or reconstruction company may raise funds from the qualified institutional buyers by formulating schemes for acquiring financial assets and shall keep and maintain separate and distinct accounts in respect of each such scheme for every financial asset acquired out of investments made by a qualified institutional buyer and ensure that realisations of such financial asset is held and applied towards redemption of investments and payment of returns assured on such investments under the relevant scheme. 1[(2A) (a) The theme for the purpose of offering security receipts under sub-section (1) or raising funds funds under sub-section (2), may be in the nature of a trust to be managed by the securitisation company or reconstruction company, and the securitisation company or reconstruction company shall hold the assets so acquired.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 14

Title: Chief Metropolitan Magistrate or District Magistrate to Assist Secured Creditor in Taking Possession of Secured Asset

State: Central

Year: 2002

.....or found, to take possession thereof, and the Chief Metropolitan Magistrate or, as the case may be, the District Magistrate shall, on such request being made to him-- (a) take possession of such asset and documents relating thereto; and (b) forward such assets and documents to the secured creditor. (2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate of the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary. (3) No act of the Chief Metropolitan Magistrate or the District Magistrate done in pursuance of this section shall be called in question in any court or before any authority.

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 25

Title: Securitisation Company or Reconstruction Company or Secured Creditor to Report Satisfaction of Security Interest

State: Central

Year: 2002

.....company or the secured creditors and requiring registration under this Chapter, within thirty days from the date of such payment or satisfaction, 1[1A) On receipt of intimation under sub-section (1), the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register.] (2)2[If the concerned borrower gives an intimation to the Central Registrar for not recording the payment or satisfaction referred to in sub-section (1), the Central Registrar shall on receipt of such intimation], cause a notice to be sent to the securitisation company or reconstruction company or the secured creditor calling upon it to show cause within a time not exceeding fourteen days specified in such notice, as to why payment or satisfaction should not be recorded as intimated to the Central Registrar. (3) If no cause is shown, the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register. (4) If cause is shown, the Central Registrar shall record a note to that effect in the Central Register, and shall inform the borrower that he has done so. _____________________ 1. Inserted by Act 30 of 2004, sec......