Rule, 2016

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MINISTRY OF FINANCE

(Department of Financial Services)

NOTIFICATION

New Delhi, the 22nd January, 2016

G.S.R. 102(E).—In exercise of the powers conferred by sub-section (1) and clauses (c) to (g) of sub-section (2) of section 38 read with section 20 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. (1) These rules may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Amendment Rules, 2016.

(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, (herein after referred to as the principal rules),---

(a) in rule 4, after sub-rule (2), the following sub-rules shall be inserted, namely:-- “(2A). Particulars of creation, modification or satisfaction of security interest in immovable property by mortgage other than mortgage by deposit of title deeds shall be filed in Form I or Form 11, as the case may be, and shall be authenticated by a person specified in the Form for such purpose by use of a valid digital signature.

(2B). Particulars of creation, modification or satisfaction of security interest in hypothecation of plant and machinery, stocks, debt including book debt or receivables, whether existing or future shall be filed in Form I or Form 11, as the case may be, and shall be authenticated by a person specified in the Form for such purpose by use of a valid digital signature.

(2C). Particulars of creation, modification or satisfaction of security interest in intangible assets, being know- how, patent, copyright, trade mark, licence, franchise or any other business or commercial right of similar nature, shall be filed in Form I or Form 11, as the case may be, and shall be authenticated by a person specified in the Form for such purpose by use of a valid digital signature. (2D). Particulars of creation, modification or satisfaction of security interest in any under construction residential or commercial building or a part thereof by an agreement or instrument other than by mortgage, shall be filed in Form I or Form 11, as the case may be, and shall be authenticated by a person specified in the Form for such purpose by use of a valid digital signature”;

(1)). In rule 5, sub-rule (1), --—

(i) for the words, brackets and figures “in sub-rule (1) of rule 3”, the words, brackets and figures “in sub- rule (1) of rule 4”, shall be substituted;

(ii) after the second proviso, the following provisos shall be inserted, namely:- “Provided also that particulars of all subsisting transactions under sub-rule (2A) to (2D) of rule 4 shall be filed by the secured creditors with the Central Registry on or before such date as may be specified by the Central Government and no fee shall be payable on such filing till the said date. Provided also that particulars of all subsisting transactions filed with the Central Registry after the date so specified shall be chargeable with such fee, specified in the Table under rule 7. Explanation .--- For the purposes of the third & fourth provisos, the term “subsisting transactions” shall mean all those transactions which subsisted before the coming into force of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Amendment Rules, 2016.”; (c). In rule 7, for the Table, the following shall be substituted, namely:- "TABLE Serial Nature of transaction to be Registered Rule Form No. Amount of fee payable Number l. Particulars of creation or modification Sub—rule FormI Rs.lOO for creation and for any of security interest by way of (2) of rule 4. subsequent modification of mortgage by deposit of title deeds. 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.

2. Particulars of creation or modification Sub—rule FormI NIL of security interest by way of (2A) of mortgage of immovable property rule 4.

other than by deposit of title deeds

3. Particulars of creation or modification Sub—rule FormI Rs. 100 for creation and for any of security interest in hypothecation of (2B) of subsequent modification of plant and machinery, stocks, debt rule 4. security interest for a loan above including book debt or receivables, Rs. 5 lakh.

whether eXisting or future. For a loan upto Rs 5 lakh, the fee would be Rs. 50 for both creation and modification of security interest.

4. Particulars of creation or modification Sub—rule FormI Rs 100 for creation and for any of security interest in intangible (2C) of subsequent modification of assets, being know— how, patent, rule 4. security interest for a loan above copyright, trade mark, licence, Rs. 5 lakh.

franchise or any other business or For a loan upto Rs.5 lakh, the fee commercial right of similar nature would be Rs.50 for both creation and modification of security interest.

5. Particulars of creation or modification Sub—rule FormI Rs.lOO for creation and for any of security interest in any under (2D) of subsequent modification of construction residential or commercial rule 4. security interest for a loan above building or a part thereof by an Rs. 5 lakh.

agreement or instrument other than by For a loan upto Rs5 lakh, the fee mortgage. would be 50 for both creation and modification of security interest

6. Particulars of satisfaction of charge Sub—rule Form 11 Nil for security interest filed under sub— (2), (2A), rule (2) and (2A) to (2D) of rule 4 (2B), (2C) & (2D)of rule 4

7. Particulars of securitisation or — Form 111 Rs 500/— reconstruction of financial assets

8. Particulars of satisfaction of — Form IV Rs 50/— securitisation or reconstruction transactions

9. Any application for information — — Rs 10/— recorded/ maintained in the Register by any person

10. Any application for condonation of Sub rule — Not exceeding 10 times of the delay upto 30 days (2) of rule basic fee as applicable Provided that where particulars of transaction of creation or modification of more than one security interest are filed by a person, the fee payable by such person shall be the one that is highest among the fee prescribed for security interests for which particulars of creation or modification are filed by such person.” [F. No. 3/2/2014- Recovery] MOHD. MUSTAFA, Jt. Secy.

F00tn0te:— The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub section (i), vide

GSR 276(E) dated the 3]” March 20] I and subsequently amended vide notification number

GSR 310(E) dated 15.05.2013 published in the Gazette of India, , Extraordinary, Part-II, Section 3, Sub section (i), dated 15.05.2013.

Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Provisions this rule answers to

Read out of the instrument itself: an enabling provision is one it says it was made under, which is the power it rests on. The rest it names without resting on.

Other instruments under the same Act

All of the The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002