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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.]
CHAPTER I. PRELIMINARY. CHAPTER II. REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIALASSETS OF BANKS AND FINANCIALINSTITUTIONS. CHAPTER III. ENFORCEMENT OF SECURITY INTEREST. CHAPTER IV. CENTRAL REGISTRY. CHAPTER IVA. REGISTRATION BY SECURED CREDITORS AND OTHER CREDITORS. CHAPTER V. OFFENCES AND PENALTIES. CHAPTER VI. MISCELLANEOUS.
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. An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto.
Section 2(1)(z) of the SARFAESI Act, 2002 states that „Securitization‟ means acquisition of financial assets by any securitization company or reconstruction
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.
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;
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.
Acting on these suggestions, the SARFAESI Act was passed in 2002 to legalize securitization and reconstruction of financial assets and enforcement of security interest.
