Notification No. S.O. 4185(E) dated 27-12-2016 CERSAI Registry – SARFAESI Act 2002

(Department of Financial Services)
New Delhi, the 27th December, 2016

S.O. 4185(E).—Whereas the provisions contained in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) relating to registration of transaction of securitisation and reconstruction of financial assets and creation of security interests over property with the Central Registry Securitisation Asset Reconstruction and Security Interest of India (hereafter referred to as CERSAI) established under the Act, have been amended by the Enforcement of Security Interest and Recovery of Debts Law and Miscellaneous Provisions (Amendment) Act, 2016 (44 of 2016) for establishing a Central database of encumbrances on property rights for the following purposes:-

(i) integration of the registration system under the Act with other registration systems as provided in Section 20A of the Act;

(ii) extending the registration system to all secured creditors other than secured creditors defined under clause (zd) of sub-section (1) of section 2 of the Act;

(iii) registration of orders issued by any Tax Recovery Officer or other taxation authority for attachment of properties belonging to any assesse; and

(iv) registration of attachment orders of any property pursuant to orders of any court or other authority for the purpose of recovery of any dues from a person;

And whereas, section 20B of the Act empowers the Central Government to delegate its powers and functions relating to establishment, operations and regulation of the CERSAI to the Reserve Bank and the Central Government has decided to delegate such powers to the Reserve Bank;

Now, therefore, in exercise of the powers conferred by section 20B of the Act, the Central Government hereby delegates its powers and functions under the provisions of Chapter IV read with the rules prescribed under clauses (c) to (g) of section 20 of the said Act to the Reserve Bank subject to following terms and conditions—

(a) Reserve Bank may direct the CERSAI to take such steps as deemed necessary to operate the registrations system and to introduce modification or change the system for the purpose of implementing the provisions of the Act;

(b) Reserve Bank may appoint its officers having expertise in the fields of computer technology and such other fields as deemed necessary under sub-section (2) of section 21 of the Act ;

(c) any proposal for modification of fees for registration shall be referred to the Central Government for issue of notification;

(d) Reserve Bank shall submit half yearly reports on the working of the CERSAI and the progress made in the implementation of provisions of the Act; and

(e) Reserve Bank shall have powers to issue such directions and guidelines to CERSAI and all persons availing the service provided by the CERSAI as deemed necessary to ensure that registration system is operated in accordance with the provisions of the Act and the rules framed thereunder.

[F. No. 3/5/2016-DRT]

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