Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) (Amendment) Rules, 2020

Jan 27, 2020 | by Avantis RegTech Legal Research Team


Industry Specific Compliance

The Ministry of Finance on January 24, 2020, has published the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) (Amendment) Rules, 2020 to further amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011.

Ø  Under Rule 4, which specifies the way in which particulars of Transaction are to be filed with the Central Registry, after sub-rule (2D), the following sub-rules has been inserted, namely:

                        i.            Sub-rule 2E: Particulars of creation, modification or satisfaction of a right, title or interest of any kind, created by a borrower in favour of other creditors shall be filed in Form number I, through (i) e sign (through an Aadhaar based One Time Password validation); or (ii) digital signature ; or (iii) CKYC number, as the case may be.

                      ii.            Sub-rule 2F: Particulars of attachment orders with the particulars of the assesses and details of tax or other Government dues shall be filed electronically by the authorised officers in Form number I, and particulars of modification or satisfaction of such attachment orders shall be filed in Form number I or Form number II as the case may be.

                    iii.            Sub-rule 2G: Particulars of attachment orders passed by a court or other authority shall be filed electronically by the person in whose favour such orders have been passed in Form number I and the particulars of modification or satisfaction of such attachment orders shall be filed in Form number I or Form number II through (i) e sign (through an Aadhar based One Time Password validation) ; or (ii) digital signature ; or (iii) CKYC number, as the case may be.

Ø  Rule 5 has been omitted

They will come into force on the date of their publication in the Official Gazette (January 24, 2020).

[Notification No. G.S.R. 45(E)]


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