Central Registry of Securitisation, Asset Reconstruction and Security Interest of India
Another editor has reviewed this page's proposed deletion and endorses both the proposal and the reason given above. If you remove the {{proposed deletion/dated}} tag above, please also remove this {{Proposed deletion endorsed}} tag. |
 | |
| Public sector | |
| ISIN | 🆔 |
| Industry | Financial Infrastructure |
| Founded 📆 | 11 March 2011 |
| Founder 👔 | |
| Headquarters 🏙️ | , New Delhi , |
Area served 🗺️ | India |
| Products 📟 | Online security interest registry |
| Owners | Government of India, National Housing Bank and others |
| Members | |
Number of employees | |
| 🌐 Website | cersai |
| 📇 Address | |
| 📞 telephone | |
Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a central online security interest registry of India. It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks.
It is a registered company under section 8 of the Companies Act, 2013 having its registered office at New Delhi.
CERSAI is a Registration System under the provisions of Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).
History[edit]
It was formed under the Chapter IV Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). It was registered as a company under the Section 25 of the Companies Act, 1956. CERSAI become operational on 31 March 2011. 51% of the equity is owned by the government, and the rest is owned equally by National Housing Bank and 10 other public sector banks.[1] The then Chairman of the National Housing bank, R.V. Verma, served as the first acting Registrar, managing director and CEO of CERSAI, while continuing to hold charge at the National Housing Bank.[1]
Objectives and functions[edit]
CERSAI's mandate was to maintain a central registry of equitable mortgages, where it contains information on the equitable mortgage taken on a property along with details of the financial institution that has extended the loan as well as details about the borrower. CERSAI also allowed lenders to register transactions of securitisation and asset reconstruction.
CERSAI's mandate was extended in 2012 to start registration of security interests created through assignment of accounts receivables or factoring, through the passage of the Factoring Act, 2012. In January 2016, the mandate was extended even further to allow the CERSAI to start registration of security interests created on movable and intangible assets such as accounts receivables, book debt, and hypothecation as well as to start registration of all other types of mortgages used in India.[2]
According to the government's directives, financial institutions must register details of security interests created by them with CERSAI within 30 days of its creation.
See also[edit]
- CIBIL, a credit rating company in India
References[edit]
- ↑ 1.0 1.1 "Central Registry to check home loan frauds". The Times of India. 22 April 2011. Retrieved 11 April 2015.
- ↑ "New CERSAI Rules notified; All kind of Mortgages to be registered with CERSAI". 5 February 2016.
External links[edit]
- Official site Archived 14 August 2011 at the Wayback Machine
This article "Central Registry of Securitisation Asset Reconstruction and Security Interest" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Central Registry of Securitisation Asset Reconstruction and Security Interest. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
