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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.]
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.
(1) This Act may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 21st day of June, 2002. 2. Definitions (1) In this Act, unless the context otherwise requires,--
The SARFAESI Act essentially empowers banks and other financial institutions to directly auction residential or commercial properties that have been pledged with them to
An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto.
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) – Bare Act. 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.
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.
AN ACT to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto, BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:-- CHAPTER I . PRELIMINARY.
India Code: Section Details. Section 1. Short title, extent and commencement. Previous Next. Show Related Subordinates. (1) This Act may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (2) It extends to the whole of India.
The act allows banks to sell bad loans to asset reconstruction companies, empowering them to take over secured assets from defaulting borrowers and help recover the loans. It also established regulations for securitization transactions and set up a central registry for registration.
