Securitisation & Reconstruction of Financial Assets Amendment Rules 2020

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

MINISTRY OF FINANCE
(Department of Financial Services)

NOTIFICATION

New Delhi, the 24th January, 2020

G.S.R. 45(E).—In exercise of powers conferred by sub-section (1) and clauses (c) to (g) of sub-section (2) of section 38 read with sections 20 and 26 B of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), the Central Government hereby makes the following rules further to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011, namely:—

1. Short title and commencement: —

(1) These rules may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) (Amendment) Rules, 2020.

(2) They shall come into force on the date of their publication in the Official
Gazette.

2. In the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011,

(a) in the opening para for the word and figures “section 20”, the words and figures “sections 20 and 26B” shall be substituted,

(b) in rule 4, after sub-rule (2D) the following new sub-rules, shall be inserted namely:—

(2E) Particulars of creation, modification or satisfaction of a right, title or interest of any kind, including those referred to in sub- clauses (i) and (ii) of clause (zf) of sub-section (1) of section 2 of the Act 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.

(2F) Particulars of attachment orders as referred to in sub-section (4) of section 26B of the Act with the particulars of the assesses and details of tax or other Government dues shall be filed electronically by the officers authorised in that behalf by such authority of the Central Government or the State Government or
local authority 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.

(2G) Particulars of attachment orders passed by a court or other authority referred to in sub-section (5) of section 26B 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

(c) rule 5 shall be omitted;

(d) in rule 7 in the Table after serial no.10, the following serial numbers and entries shall be inserted namely: —

S. No. Nature of transaction to be registered Rule Form No. Amount of fee payable.
1 2 3 4 5
“11 Particulars of creation, modification or satisfaction of a right, title or interest of any kind, over any property created by a borrower in favour of a creditor other than a secured creditor Sub-rule
(2E) of
rule 4.
Form I Rs.100 for creation and for any subsequent modification
of security interest for a loan above Rs.5 lakh. For a loan upto Rs.5 lakh, the fee would be Rs.50 for both
creation and modification of security interest.
12. Particulars of Attachment orders as
referred to in sub. section (4) of section 26 B of the Act with the particulars of the assesses and details of tax or other Government dues
Sub-rule
(2F) of
rule 4
Form I NIL
13. Particulars of attachment orders passed by a court or other authority referred to in sub. section (5) of section 26 B in favour of a person Sub-rule
(2G) of
rule 4
Form I Rs.100 for creation and for any subsequent modification
of security interest for a loan above Rs. 5 lakh. For a loan upto Rs.5 lakh, the fee would be Rs.50 for both creation and modification of security interest.”

[F. No. 3/1/2017- DRT]
VANDITA KAUL, Jt. Secy.

Note: The principal rules were published in the Gazette of India , Part II, Section 3 Sub-section (i), vide number G.S.R.276 (E), dated the 31st March, 2011 and subsequently amended vide notification number G.S.R 310 (E), dated the 15th May, 2013 and last amended vide notification number  G.S.R.102(E), dated the 22nd January, 2016

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