Where can I read the complete SARFAESI bare act online for free?

You can read the complete, updated text of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) with all 61 sections for free at Law on Tips (lawontips.com). Each section includes the full legislative text with chapter-wise navigation.

What does SARFAESI deal with?

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) is an Indian legislation enacted in 2002 passed by the Parliament of India. An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest. Read the complete bare act text with section-by-section navigation at Law on Tips.

What is the full form of SARFAESI?

SARFAESI stands for "The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002". It is an Indian legislation containing 61 sections across 7 chapters. You can read the complete SARFAESI bare act with all sections at Law on Tips.

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) - Complete Bare Act with All 61 Sections | Law on Tips

Q: How many sections are in The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI)?

The The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) contains a total of 61 sections organized across 7 chapters. The chapters are: Chapter I — PRELIMINARY — 2 sections; Chapter II — REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIALASSETS OF BANKS AND FINANCIALINSTITUTIONS — 13 sections; Chapter III — ENFORCEMENT OF SECURITY INTEREST — 11 sections; Chapter IV — CENTRAL REGISTRY — 10 sections; Chapter V — REGISTRATION BY SECURED CREDITORS AND OTHER CREDITORS — 4 sections; Chapter VI — OFFENCES AND PENALTIES — 8 sections; Chapter VII — MISCELLANEOUS — 13 sections.

Ch. 1

PRELIMINARY

S.1Short title, extent and commencement.S.2Definitions.

Ch. 2

REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIALASSETS OF BANKS AND FINANCIALINSTITUTIONS

S.3Registration of asset reconstruction companies.S.4Cancellation of certificate of registration.S.5Acquisition of rights or interest in financial assets.S.5ATransfer of pending applications to any one of Debts Recovery Tribunals in certain cases.S.6Notice to obligor and discharge of obligation of such obligor.S.7Issue of security by raising of receipts or funds by asset reconstruction company.S.8Exemption from registration of security receipt.S.9Measures for assets reconstruction.S.10Other functions of asset reconstruction company.S.11Resolution of disputes.S.12Power of Reserve Bank to determine policy and issue directions.S.12APower of Reserve Bank to call for statements and information.S.12BPower of Reserve Bank to carry out audit and inspection.

Ch. 3

ENFORCEMENT OF SECURITY INTEREST

S.13Enforcement of security interest.S.14Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset.S.15Manner and effect of take over of management.S.16No compensation to directors for loss of office.S.17Application against measures to recover secured debts.S.17AMaking of application to Court of District Judge in certain cases.S.18Appeal to Appellate Tribunal.S.18AValidation of fees levied.S.18BAppeal to High Court in certain cases.S.18CRight to lodge a caveat.S.19Right of borrower to receive compensation and costs in certain cases.

Ch. 4

CENTRAL REGISTRY

S.20Central Registry.S.20AIntegration of registration systems with Central Registry.S.20BDelegation of powers.S.21Central Registrar.S.22Register of securitisation, reconstruction and security interest transactions.S.23Filing of transactions of securitisation, reconstruction and creation of security interest.S.24Modification of security interest registered under this Act.S.25Asset reconstruction companyor secured creditors to report satisfaction of security interest.S.26Right to inspect particulars of securitisation, reconstruction and security interest transactions.S.26ARectification by Central Government in matters of registration, modification and satisfaction, etc.

Ch. 5

REGISTRATION BY SECURED CREDITORS AND OTHER CREDITORS

S.26BRegistration by secured creditors and other creditors.S.26CEffect of the registration of transactions, etc.S.26DRight of enforcement of securities.S.26EPriority to secured creditors.

Ch. 6

OFFENCES AND PENALTIES

S.27Penalties.S.28[Omitted.].S.29Offences.S.30Cognizance of offence.S.30APower of adjudicating authority to impose penalty.S.30BAppeal against penalties.S.30CAppellate Authority.S.30DRecovery of penalties.

Ch. 7

MISCELLANEOUS

S.31Provisions of this Act not to apply in certain cases.S.31APower to exempt a class or classes of banks or financial institutions.S.32Protection of action taken in good faith.S.33Offences by companies.S.34Civil court not to have jurisdiction.S.35The provisions of this Act to override other laws.S.36Limitation.S.37Application of other laws not barred.S.38Power of Central Government to make rules.S.39Certain provisions of this Act to apply after Central Registry is set up or cause to be set up.S.40Power to remove difficulties.S.41Amendments to certain enactments.S.42Repeal and saving.

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