Bare Act Search Results

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 II

Title: Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions

State: Central

Year: 2002

.....2004 2. Substituted for "such order of rejection or cancellation" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 Section 5 - Acquisition of rights or interest in financial assets (1) Notwithstanding anything contained in any agreement or any other law for the time being in force, any securitisation company or reconstruction company may acquire financial assets of any bank or financial institution-- (a) by issuing a debenture or bond or any other security in the nature of debenture, for consideration agreed upon between such company and the bank or financial institution, incorporating therein such terms and conditions as may be agreed upon between them; or (b) . by entering into an agreement with such bank or financial institution for the transfer of such financial assets to such company on such terms and conditions as may be agreed upon between them. (2) If the bank or financial institution is a lender in relation to any financial assets acquired under sub-section (1) by the securitisation company or the reconstruction company, such securitisation company or reconstruction company shall, on such acquisition, be deemed to be.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 3

Title: Registration of Securitisation Companies or Reconstruction Companies

State: Central

Year: 2002

.....or asset reconstruction, subject to such conditions, which it may consider, fit to impose. (5) The Reserve Bank may reject the application made under sub-section (2) if it is satisfied that the conditions specified in sub-section (3) are not fulfilled: Provided that before rejecting the application, the applicant shall be given a reasonable opportunity of being heard. (6) Every securitisation company or reconstruction company, shall obtain prior approval of the Reserve Bank for any substantial change in its management or change of location of its registered office or change in its name: Provided that the decision of the Reserve Bank, whether the change in management of a securitisation company or a reconstruction company is a substantial change in its management or not, shall be final. Explanation--For the purposes of this section, the expression "substantial change in management" means the change in the management by way of transfer of shares or amalgamation or transfer of the business of the company. ____________________ 1. Inserted vide The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004.

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Amending Act 1

Title: Amendment Act

State: Central

Year: 2002

.....of Security Interest Act, 2002 and further to amend the Recovery of debts Due to Banks and Financial Institutions Act, 1993 and the Companies Act, 1956. BE it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and commencement-- (1) This Act may be called the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. (2) Save as otherwise provided in this Act, the provisions of this Act shall be deemed to have come into force on the 11th day of November, 2004. CHAPTER II AMENDMENTS TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 2. Amendment of section 2 :-- Interest Act, 2002 (54 of 2002) (hereafter in this Chapter referred to as the principal Act), in sub-section (1),-- (i) after clause (h), the following clause shall be inserted, namely:-- '(ha) "debt" shall have the meaning assigned to it in clause (g) of section 2 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993);'; (ii) in clause (j), the words "in accordance with the directions or guidelines issued by.....

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

Title: Preliminary

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 India Contract Act, 1872 or the Transfer of Property Act, 1882 or the Companies Act, 1956 or the Securities and Exchange Board of India Act, 1992 shall have the same meanings respectively assigned to them in those Acts. _________________________ 1. Inserted vide The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 2. The words "in accordance with the directions or guidelines issued by the Reserve Bank;" Omittted by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 3. Substituted for " doubtful or loss asset in accordance with the directions or under guidelines relating to assets classifications issued by the Reserve Bank" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 4. Substituted for "trustee or any asset management company making investment on behalf of mutual fund or provident fund or gratuity fund or pension fund " by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 5......

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 2

Title: Definitions

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 India Contract Act, 1872 or the Transfer of Property Act, 1882 or the Companies Act, 1956 or the Securities and Exchange Board of India Act, 1992 shall have the same meanings respectively assigned to them in those Acts. _________________________ 1. Inserted vide The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 2. The words "in accordance with the directions or guidelines issued by the Reserve Bank;" Omittted by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 3. Substituted for " doubtful or loss asset in accordance with the directions or under guidelines relating to assets classifications issued by the Reserve Bank" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 4. Substituted for "trustee or any asset management company making investment on behalf of mutual fund or provident fund or gratuity fund or pension fund " by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 5......

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

Title: Central Registry

State: Central

Year: 2002

.....to such modification of such security interest. Section 25 - Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest (1) The securitisation company or reconstruction, company or the secured creditor as the case may be, shall give intimation to the Central Registrar of the payment or satisfaction in full, of any security interest relating to the securitisation company or the reconstruction 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.....

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 -.....

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 12

Title: Power of Reserve Bank to Determine Policy and Issue Directions

State: Central

Year: 2002

.....standards, making provisions for bad and doubtful debts, capital adequacy based on risk weights for assets and also relating to deployment of funds by the securitisation company or reconstruction company, as the case may be, and such company shall be bound to follow the policy so determined and the directions so issued. (2) Without prejudice to the generality of the power vested under sub-section (1), the Reserve Bank may give directions to any securitisation company or reconstruction company generally or to a class of securitisation companies or reconstruction companies or to any securitisation company or reconstruction company in particular as to-- (a) the type of financial asset of a bank or financial institution which can be acquired and procedure for acquisition of such assets and valuation thereof; (b) the aggregate value of financial assets which may be acquired by any securitisation company or reconstruction company.

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 5

Title: Acquisition of Rights or Interest in Financial Assets

State: Central

Year: 2002

.....bank or financial institution shall vest in such company in relation to such financial assets. (3) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers-of-attorney, grants of legal representation, permissions, approvals, consents or no-objections under any law or otherwise and other instruments of whatever nature which relate to the said financial asset and which are subsisting or having effect immediately before the acquisition of financial asset under sub-section (1) and to which the concerned bank or financial institution is a party or which are in favour of such bank or financial institution shall, after the acquisition of the financial assets, be of as full force and effect against or in favour of the securitisation company or reconstruction company, as the case may be, and may be enforced or acted upon as fully and effectually as if, in the place of the said bank or financial institution, securitisation company or reconstruction company, as the case may be, had been a party thereto or as if they had been issued in favour of securitisation company or reconstruction company, as the case may be. (4) If, on the date of.....