SARFAESI Act 2002

RBI allows ARCs to act as Resolution Applicant under Insolvency and Bankruptcy Code, 2016 with some conditions – RBI Review of Regulatory Framework for Asset Reconstruction Companies (ARCs) dated 11.10.2022

ARCs are currently not permitted to commence or carry on any business other than that of securitisation or asset reconstruction or the business referred to in Section 10(1) of the SARFAESI Act without prior approval of the Reserve Bank of India. It has now been decided under the provision of Section 10(2) of the SARFAESI Act to permit ARCs to undertake those activities as a Resolution Applicant (RA) under IBC which are not specifically allowed under the SARFAESI Act. This permission shall be subject to the following conditions

RBI allows ARCs to act as Resolution Applicant under Insolvency and Bankruptcy Code, 2016 with some conditions – RBI Review of Regulatory Framework for Asset Reconstruction Companies (ARCs) dated 11.10.2022 Read Post »

Joint Secretary or equivalent officer in the Department of Financial Services, Ministry of Finance, Government of India, designates to handling the work related , to hear and dispose of Appeals under SARAFESI Act 2002 – Notification No. SO-4364(E) dated 16.09.2022

MINISTRY OF FINANCE(Department of Financial Services)NOTIFICATIONNew Delhi, the 16th September, 2022 S.O. 4364(E).—In exercise of the powers conferred by Sub-Section

Joint Secretary or equivalent officer in the Department of Financial Services, Ministry of Finance, Government of India, designates to handling the work related , to hear and dispose of Appeals under SARAFESI Act 2002 – Notification No. SO-4364(E) dated 16.09.2022 Read Post »

Report of the Committee to Review the Working of Asset Reconstruction Companies – Sept, 2021

RBI releases the Report of the Committee on functioning of Asset Reconstruction Companies and review of regulatory guidelines applicable to them for public comments.
As announced in the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on April 07, 2021, Reserve Bank of India had, on April 19, 2021, announced the constitution of a Committee to undertake a comprehensive review of the legal and regulatory framework applicable to Asset Reconstruction Companies (ARCs) under the chairmanship of Shri Sudarshan Sen, former Executive Director, Reserve Bank of India. The terms of reference of the Committee were to examine the issues and recommend suitable measures for enabling the ARCs to meet the growing requirements of the financial sector.

The Committee has since submitted its report and the same is being placed on the RBI website today for comments of stakeholders and members of the public. Comments may be submitted by December 15, 2021 through email. RBI will examine them before taking a final view on the recommendations made by the Committee.

Report of the Committee to Review the Working of Asset Reconstruction Companies – Sept, 2021 Read Post »

Department of Financial Services specifies housing financial companies registered under section 29A(5) of the National Housing Bank Act, 1987, having assets worth Rs. 100 crore and above, as financial institutions for the purposes of the SARFAESI Act, 2002 – S.O. 2405(E) dated 17.06.2021 – SARFAESI Act 2002

In exercise of the powers conferred by sub-clause (iv) of clause (m) of sub-section (1) of section 2 of SARFAESI Act, 2002, Department of Financial Services specifies such housing financial companies registered under section 29A(5) of the National Housing Bank Act, 1987, having assets worth Rs. 100 crore and above, as financial institutions for the purposes of the SARFAESI Act, 2002.

Department of Financial Services specifies housing financial companies registered under section 29A(5) of the National Housing Bank Act, 1987, having assets worth Rs. 100 crore and above, as financial institutions for the purposes of the SARFAESI Act, 2002 – S.O. 2405(E) dated 17.06.2021 – SARFAESI Act 2002 Read Post »

Specifies NBFCs as defined in clause (f) of section 45-I of the RBI Act, 1934, having assets worth rupees 100 crore & above, which shall be entitled for enforcement of security interest in secured debts of rupees 50 lakh and above, as financial institutions – S.O. 856(E) dated 24-02-2020 – SARFAESI Act 2002

MINISTRY OF FINANCE(Department of Financial Services)NOTIFICATIONNew Delhi, the 24th February, 2020 S.O. 856(E).—In exercise of the powers conferred by sub-clause

Specifies NBFCs as defined in clause (f) of section 45-I of the RBI Act, 1934, having assets worth rupees 100 crore & above, which shall be entitled for enforcement of security interest in secured debts of rupees 50 lakh and above, as financial institutions – S.O. 856(E) dated 24-02-2020 – SARFAESI Act 2002 Read Post »

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