Act Number: 54

Act Name: The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

Year: 2002

Enactment Date: 2002-12-17

Long Title: An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 8: Exemption from registration of security receipt.
    Notwithstanding anything contained in sub-section (1) of section 17 of the Registration Act, 1908 (16 of 1908),--
         (a) any security receipt issued by the 1[asset reconstruction company], as the case may be, under sub-section (1) of section 7, and not creating, declaring, assigning, limiting or extinguishing any right, title or interest, to or in immovable property except in so far as it entitles the holder of the security receipt to an undivided interest afforded by a registered instrument; or
         (b) any transfer of security receipts, shall not require compulsory registration.
Notes:
1. Subs. by Act 44 of 2016, s. 3, for "securitisation company or reconstruction company" (w.e.f. 1-9-2016).
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