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Securitisation and 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 to provide for a Central database of security interests created on property rights, and for matters connected therewith or incidental thereto.
Chapter I: Preliminary
- 1 Short title, extent and commencement
- 2 Definitions 11 judgments
Chapter II: Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions
- 3 Registration of asset reconstruction companies 9 judgments
- 4 Cancellation of certificate of registration
- 5 Acquisition of rights or interest in financial assets 3 judgments
- 5A Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases
- 6 Notice to obligor and discharge of obligation of such obligor 1 judgment
- 7 Issue of security by raising of receipts or funds by asset reconstruction company 1 judgment
- 8 Exemption from registration of security receipt
- 9 Measures for assets reconstruction 1 judgment
- 10 Other functions of asset reconstruction company 1 judgment
- 11 Resolution of disputes
- 12 Power of Reserve Bank to determine policy and issue directions 1 judgment
- 12A Power of Reserve Bank to call for statements and information
- 12B Power of Reserve Bank to carry out audit and inspection
Chapter III: Enforcement of Security Interest
- 13 Enforcement of security interest 88 judgments
- 14 Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset 29 judgments
- 15 Manner and effect of take over of management 1 judgment
- 16 No compensation to directors for loss of office
- 17 Application against measures to recover secured debts 53 judgments
- 17A Making of application to Court of District Judge in certain cases 1 judgment
- 18 Appeal to Appellate Tribunal 17 judgments
- 18A Validation of fees levied
- 18B Appeal to High Court in certain cases 1 judgment
- 18C Right to lodge a caveat
- 19 Right of borrower to receive compensation and costs in certain cases 1 judgment
Chapter IV: Central Registry
- 20 Central Registry
- 20A Integration of registration systems with Central Registry
- 20B Delegation of powers
- 21 Central Registrar
- 22 Register of securitisation, reconstruction and security interest transactions
- 23 Filing of transactions of securitisation, reconstruction and creation of security interest
- 24 Modification of security interest registered under this Act
- 25 Asset reconstruction companyor secured creditors to report satisfaction of security interest
- 26 Right to inspect particulars of securitisation, reconstruction and security interest transactions
- 26A Rectification by Central Government in matters of registration, modification and satisfaction, etc
Chapter IVA: Registration by Secured Creditors and Other Creditors
Chapter V: Offences and Penalties
Chapter VI: Miscellaneous
- 31 Provisions of this Act not to apply in certain cases 4 judgments
- 31A Power to exempt a class or classes of banks or financial institutions 1 judgment
- 32 Protection of action taken in good faith 4 judgments
- 33 Offences by companies
- 34 Civil court not to have jurisdiction 13 judgments
- 35 The provisions of this Act to override other laws 21 judgments
- 36 Limitation 1 judgment
- 37 Application of other laws not barred 11 judgments
- 38 Power of Central Government to make rules 2 judgments
- 39 Certain provisions of this Act to apply after Central Registry is set up or cause to be set up
- 40 Power to remove difficulties
- 41 Amendments to certain enactments 2 judgments
- 42 Repeal and saving
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 14 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.