Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002)
Regulation of securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions
Section 12A: Power of Reserve Bank to call for statements and information.
1[12A. The Reserve Bank may at any time direct a 2[asset reconstruction company] to furnish it within such time as may be specified by the Reserve Bank, with such statements and information relating to the business or affairs of such 2[asset reconstruction company] (including any business or affairs with which such company is concerned) as the Reserve Bank may consider necessary or expedient to obtain for the purposes of this Act.]
1. Ins. by Act 30 of 2004, s. 7 (w.e.f. 11-11-2004).
2. Substituted by Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, w.e.f. 1-9-2016 through sec. 3 as under:
“3. Throughout the principal Act,—
(i) for the words “securitisation company”, “reconstruction company”, “securitisation or reconstruction company” , “securitisation company or the reconstruction company” or “securitisation company or a reconstruction company”, wherever they occur, the words “asset reconstruction company” shall be substituted;
(ii) for the words “securitisation companies or reconstruction companies”, wherever they occur, the words “asset reconstruction companies” shall be substituted;
(iii) for the words “qualified institutional buyer”, wherever they occur, the words “qualified buyer” shall be substituted;
(iv) for the words “qualified institutional buyers”, wherever they occur, the words “qualified buyers” shall be substituted.”