Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Amendment Rules, 2016

The Central Government hereby makes the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Amendment Rules, 2016 in order to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011.

In 2011 Rules,

(a) in rule 4, after sub-rule (2), the following sub-rules shall be inserted, namely:–

“(2A). Particulars of creation, modification or satisfaction of security interest in immovable property by mortgage other than mortgage by deposit of title deeds shall be filed in Form I or Form II, as the case may be, and shall be authenticated by a person specified in the Form for such purpose by use of a valid digital signature.

(2B). Particulars of creation, modification or satisfaction of security interest in hypothecation of plant and machinery, stocks, debt including book debt or receivables, whether existing or future shall be filed in Form I or Form II, as the case may be, and shall be authenticated by a person specified in the Form for such purpose by use of a valid digital signature.

(2C). Particulars of creation, modification or satisfaction of security interest in intangible assets, being knowhow, patent, copyright, trade mark, licence, franchise or any other business or commercial right of similar nature, shall be filed in Form I or Form II, as the case may be, and shall be authenticated by a person specified in the Form for such purpose by use of a valid digital signature.

(2D). Particulars of creation, modification or satisfaction of security interest in any under construction residential or commercial building or a part thereof by an agreement or instrument other than by mortgage, shall be filed in Form I or Form II, as the case may be, and shall be authenticated by a person specified in the

Form for such purpose by use of a valid digital signature.”;

(b). In rule 5, sub-rule (1), —

(i) for the words, brackets and figures “in sub-rule (1) of rule 3”, the words, brackets and figures “in sub-rule

(1) of rule 4”, shall be substituted;

(ii) after the second proviso, the following provisos shall be inserted, namely:-

“Provided also that particulars of all subsisting transactions under sub-rule (2A) to (2D) of rule 4 shall be filed by the secured creditors with the Central Registry on or before such date as may be specified by the Central Government and no fee shall be payable on such filing till the said date.

Provided also that particulars of all subsisting transactions filed with the Central Registry after the date so specified shall be chargeable with such fee, specified in the Table under rule 7.

Explanation: For the purposes of the third & fourth provisos, the term “subsisting transactions” shall mean all those transactions which subsisted before the coming into force of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Amendment Rules, 2016.”.

Join the discussion

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.