20. Central Registry.—(1) The Central Government may, by notification, set up or cause to be set up
from such date as it may specify in such notification, a registry to be known as the Central Registry with its
own seal for the purposes of registration of transaction of securitisation and reconstruction of financial assets
and creation of security interest under this Act.
(2) The head office of the Central Registry shall be at such place as the Central Government may specify
and for the purpose of facilitating registration of transactions referred to in sub-section (1), there may be
established at such other places as the Central Government may think fit, branch offices of the Central
Registry.
(3) The Central Government may, by notification, define the territorial limits within which an office of the
Central Registry may exercise its functions.
(4) The provisions of this Act pertaining to the Central Registry shall be in addition to and not in
derogation of any of the provisions contained in the Registration Act, 1908 (16 of 1908), the Companies Act,
1956 (1 of 1956), the Merchant Shipping Act, 1958 (44 of 1958), the Patents Act, 1970 (39 of 1970), the
Motor Vehicles Act, 1988 (49 of 1988), and the Designs Act, 2000 (16 of 2000) or any other law requiring
registration of charges and shall not affect the priority of charges or validity thereof under those Acts or laws.
1
[20A.Integration of registration systems with Central Registry.—(1) The Central Government may,
for the purpose of providing a Central database, in consultation with State Governments or other authorities
operating registration system for recording rights over any property or creation, modification or satisfaction of
any security interest on such property, integrate the registration records of such registration systems with the
records of Central Registry established under section 20, in such manner as may be prescribed.
Explanation.—For the purpose of this sub-section, the registration records includes records of registration
under the Companies Act, 2013 (18 of 2013), the Registration Act, 1908 (16 of 1908), the Merchant Shipping
Act, 1958 (44 of 1958), the Motor Vehicles Act, 1988 (59 of 1988), the Patents
Act, 1970 (39 of 1970), the Designs Act, 2000 (16 of 2000) or other such records under any other law for the
time being in force.
(2) The Central Government shall after integration of records of various registration systems referred to in
sub-section (1) with the Central Registry, by notification, declare the date of integration of registration systems
and the date from which such integrated records shall be available; and with effect from such date, security
interests over properties which are registered under any registration system referred to in sub-section (1) shall
be deemed to be registered with the Central Registry for the purposes of this Act.
20B. Delegation of powers.—The Central Government may, by notification, delegate its powers and
functions under this Chapter, in relation to establishment, operations and regulation of the Central Registry to
the Reserve Bank, subject to such terms and conditions as may be prescribed.]
21. Central Registrar.—(1) The Central Government may, by notification, appoint a person for the
purpose of registration of transactions relating to securitisation, reconstruction of financial assets and
security interest created over properties, to be known as the Central Registrar.
(2) The Central Government may appoint such other officers with such designations as it thinks fit for
the purpose of discharging, under the superintendence and direction of the Central Registrar, such
functions of the Central Registrar under this Act as he may, from time to time, authorise them to
discharge.
1. Ins. by Act 44 of 2016, s. 16 (w.e.f. 1-9-2016).
28
22. Register of securitisation, reconstruction and security interest transactions.—(1) For the
purposes of this Act, a record called the Central Register shall be kept at the head office of the Central
Registry for entering the particulars of the transactions relating to—
(a) securitisation of financial assets;
(b) reconstruction of financial assets; and
(c)creation of security interest.
(2) Notwithstanding anything contained in sub-section (1), it shall be lawful for the Central Registrar
to keep the records wholly or partly in computer, floppies, diskettes or in any other electronic form
subject to such safeguards as may be prescribed.
(3) Where such register is maintained wholly or partly in computer, floppies, diskettes or in any other
electronic form, under sub-section (2), any reference in this Act to entry in the Central Register shall be
construed as a reference to any entry as maintained in computer or in any other electronic form.
(4) The register shall be kept under the control and management of the Central Registrar.
23. Filing of transactions of securitisation, reconstruction and creation of security interest.—
1
[(1)] The particulars of every transaction of securitisation, asset reconstruction or creation of security
interest shall be filed, with the Central Registrar in the manner and on payment of such fee as may be
prescribed 2***:
3* * * * *
4
[Provided 5*** that the Central Government may, by notification, require registration of all
transactions of securitisation, or asset reconstruction or creation of security interest which are subsisting
on or before the date of establishment of the Central Registry under sub-section (7) of section 20 within
such period and on payment of such fees as may be prescribed.]
6
[(2) The Central Government may, by notification, require the registration of transaction relating to
different types of security interest created on different kinds of property with the Central Registry.
(3) The Central Government may, by rules, prescribe forms for registration for different types of
security interest under this section and fee to be charged for such registration.]
24. Modification of security interest registered under this Act.—Whenever the terms or
conditions, or the extent or operation of any security interest registered under this Chapter are or is
7
[asset reconstruction company] or the secured creditors, as the case may be, to send to the Central
Registrar, the particulars of such modification, and the provisions of this Chapter as to registration of a
security interest shall apply to such modification modified, it shall be the duty of the 8
[asset
reconstruction company] or the of such security interest.
25. 9
[Asset reconstruction company] or secured creditors to report satisfaction of security
interest.—(1) The 9
[asset reconstruction company] or the secured creditors as the case may be, shall give
intimation to the Central Registrar of the payment or satisfaction in full, of any security interest relating to
the 10[asset reconstruction company] or the secured creditors and requiring registration under this Chapter,
within thirty days from the date of such payment or satisfaction.
1. Section 23 numbered as sub-section (1) by Act 44 of 2016, s. 17 (w.e.f. 24-1-2020).
2.The certain words omitted by s. 17, ibid. (w.e.f. 24-1-2020).
3. The proviso omitted by s. 17, ibid. (w.e.f. 24-1-2020).
4. Ins. by Act 1 of 2013, s.8 (w.e.f. 15-5-2013).
5. The word “further” omitted by Act 44 of 2016, s. 17 (w.e.f. 24-1-2020).
6. Ins. by s. 17, ibid. (w.e.f. 24-1-2020).
7. Subs. by Act 44 of 2016, s. 3, for “reconstruction company” (w.e.f. 1-9-2016).
8. Subs. by s. 3, ibid., for “securitisation company” (w.e.f. 1-9-2016).
9. Subs. by s. 3, ibid., for “securitisation company or reconstruction company” (w.e.f. 1-9-2016).
10. Subs. by s. 3, ibid., for “securitisation company or the reconstruction company” (w.e.f. 1-9-2016).
29
1
[(1A) On receipt of intimation under sub-section (1), the Central Registrar shall order that a
memorandum of satisfaction shall be entered in the Central Register.]
(2) 2
[If the concerned borrower gives an intimation to the Central Registrar for not recording the
payment or satisfaction referred to in sub-section (1), the Central Registrar shall on receipt of such
intimation], cause a notice to be sent to the 3
[asset reconstruction company] or the secured creditors
calling upon it to show cause within a time not exceeding fourteen days specified in such notice, as to
why payment or satisfaction should not be recorded as intimated to the Central Registrar.
(3) If no cause is shown, the Central Registrar shall order that a memorandum of satisfaction shall be
entered in the Central Register.
(4) If cause is shown, the Central Registrar shall record a note to that effect in the Central Register,
and shall inform the borrower that he has done so.
26. Right to inspect particulars of securitisation, reconstruction and security interest
transactions.—(1) The particulars of securitisation or reconstruction or security interest entered in the
Central register of such transactions kept under section 22 shall be open during the business hours for
inspection by any person on payment of such fees as may be prescribed.
(2) The Central Register referred to in sub-section (1) maintained in electronic form shall also be
open during the business hours for the inspection of any person through electronic media on payment of
such fees as may be prescribed.
4
[26A.Rectification by Central Government in matters of registration, modification and
satisfaction, etc.—(1) The Central Government, on being satisfied—
(a) that the omission to file with the Registrar the particulars of any transaction of securitisation,
asset reconstruction or security interest or modification or satisfaction of such transaction or; the
omission or mis-statement of any particular with respect to any such transaction or modification or
with respect to any satisfaction or other entry made in pursuance of section 23 or section 24 or section
25 of the principal Act was accidental or due to inadvertence or some other sufficient cause or it is not
of a nature to prejudice the position of creditors; or
(b) that on other grounds, it is just and equitable to grant relief,
may, on the application of a secured creditor or 5
[asset reconstruction company] or any other person
interested on such terms and conditions as it may seem to the Central Government just and expedient,
direct that the time for filing of the particulars of the transaction for registration or modification or
satisfaction shall be extended or, as the case may require, the omission or mis-statement shall be rectified.
(2) Where the Central Government extends the time for the registration of transaction of security
interest or securitisation or asset reconstruction or modification or satisfaction thereof, the order shall not
prejudice any rights acquired in respect of the property concerned or financial asset before the transaction
is actually registered.]