Monday, March 26, 2012

Introduction - CERSAI


Introduction - CERSAI

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) contains provisions for setting up a Central Registry for registration of transactions relating to

ü  Securitisation of Financial Assets,
ü  Reconstruction of Financial Assets and
ü  Creation of Security Interest.

As stipulated in SARFAESI ActCentral Registry of Securitisation Asset Reconstruction and Security Interest of India - CERSAI ( www.cersai.org.in) was registered under is Companies Act, 1956 as a Section 25 company New Delhi on 5thMarch 2011.

The Company is a Government Company with a shareholding of 51% by the Central Government and select Public Sector Banks and the National Housing Bank are also shareholders of the Company.

The Registration would be applicable to transactions of security interest over property created to secure loans and advances from the banks and financial institutions as defined under the SARFAESI Act.

The Company is providing the platform for filing registrations of transactions of securitisation, asset reconstruction and security interest by the banks and financial institutions.

Any person can also search and inspect the records maintained by the Registry on payment of fees prescribed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011. 

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