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ACT NO. 54 OF 2002 [17th December, 2002.] 1[An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights, and for matters connected therewith or incidental thereto.]
Section 1. Short title, extent and commencement. Section 2. Definitions. Section 3. Registration of asset reconstruction companies. Section 4. Cancellation of certificate of registration. Section 5. Acquisition of rights or interest in financial assets. Section 5A.
CHAPTER I . PRELIMINARY . Short title, extent and commencement . This Act may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It extends to the whole of India. It shall be deemed to have come into force on the 21st day of June, 2002. Definitions .
SECURITISATIONAND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002. [54 of 2002] An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto.
Jul 1, 2024 · The SARFAESI Act provides that banks can seize the property of a borrower without going to court except for agricultural land. SARFAESI Act, 2002 is applicable only in the cases of secured loans where banks can enforce underlying securities such as hypothecation, mortgage, pledge etc.
Section 2(1)(z) of the SARFAESI Act, 2002 states that „Securitization‟ means acquisition of financial assets by any securitization company or reconstruction
Full text containing the act, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, with all the sections, schedules, short title, enactment date, and footnotes.
registration and regulation of securitisation companies or reconstruction companies by the Reserve Bank of India; facilitating securitisation of financial assets of banks and financial institutions with or without the benefit of underlying securities;
Sep 24, 2023 · PDF Print. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) Chapter-I Preliminary. Section-1 Short title, extent and commencement. Section-2 Definitions. Chapter-II Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial institutions.
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