NEED FOR REGISTERING MORTGAGES

NEED FOR REGISTERING MORTGAGES

Mortgage by deposit of title deeds (equitable mortgage) provided by section 58(f) of the Transfer of Property Act, 1882 is not required to be registered and there is no requirement of recording any written document for creation of such mortgage.

Taking advantage of this situation, a number of frauds have taken place by depositing multiple documents of title relating to the same property.

CERSAI REGISTRATION

Details of all the Equitable Mortgages by deposit of tiltle deeds are required to be registerd with 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 Act, Central 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 5^thMarch 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. 

About CERSAI

About CERSAI

CERSAI is a Government company licensed under section 25 of the Companies Act, 1956 having its Registered Office at New Delhi.

The company incorporated with majority shareholding of the Central Government, Public Sector Banks and National Housing Bank for the purpose of operating a Registration System under the provisions of Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).

CERSAI - Central Registry: Background

CERSAI - Central Registry: Background

Central Registry of Securitisation Asset Reconstruction and Security Interest of India is a company licensed under section 25 of the Companies Act, 1956 and registered by the Registrar of Companies, New Delhi.

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 object of the company is to maintain and operate a Registration System for the purpose of registration of transactions of securitisation, asset reconstruction of financial assets and creation of security interest over property, as contemplated under Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).

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.

CERSAI - Registration Fee

CERSAI - Registration Fee

The fees for registration are prescribed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011.

Following is the table of fees prescribed under this Rules.

Serial Number	Nature of transaction to be Registered	FORM No.	Amount of fee payable
1.	Particulars of creation or modification of Security Interest in favour of secured creditors	FORM I	Rs.500 for creation and for any subsequent modification of Security interest in favour of a secured creditor for a loan above Rs.5 lakh. For a loan below Rs.5 lakh, the fee would be Rs.250 for both creation and modification of security interest.
2.	Satisfaction of any existing Security Interest	FORM II	Rs.250
3.	Particulars of securitisation or reconstruction of financial assets	FORM III	Rs.1000
4.	Particulars of satisfaction of securitisation or reconstruction transactions	FORM IV	Rs.250
5.	Any application for information recorded / maintained in the Register by any person	---	Rs.50
6.	Any application for condonation of delay up to 30 days	---	Rs.2500 in case of creation of security interest for a loan up to Rs.5 lakh and Rs.5000 in all other cases.

CERSAI - Contact

CERSAI - Contact

Central Registry of Securitisation Asset Reconstruction and Security Interest of India

5 th Floor, MTNL Telephone Exchange Building

8, Bhikaji Cama Place, New Delhi – 110066

Telephone Number:             011-26176847      ,             011-26176855      ,             011-26176856