Central Registry: Jaiib/DBF Paper 3 (Module C) Unit-5

Central Registry: Jaiib/DBF Paper 3 (Module C) Unit-5

Dear bankers,

As we all know that is Central Registry for JAIIB Exam. JAIIB exam conducted twice in a year. So, here we are Central Registry (Unit-5), Banking Related Laws (Module C), Legal & Regulatory Aspects of Banking -Paper 3.

♦Central Registry

(1)The Central Government is authorized to set up or cause to be set up a ‘Central Registry’ by issue of notification from such date as may be specified in the notification for the purpose of registration of following transactions:

  • Securitisation and reconstruction of financial assets
  • Creation of security interest under the SARFAESI Act,

(2) There are some other Acts which require registration of certain things and charges. These Act are:

  • Registration Act, 1908
  • Companies Act, 2013
  • Merchant Shipping Act, 1958
  • Patents Act, 1970
  • Designs Act, 2000
  • Motor Vehicles Act, 1988

♦Register of Securitisation, Reconstruction and Security Interest Transactions

A record shall be maintained at the central registrar at the head office of the central registrar in which transaction relating to:

  • Securitisation of Financial Assets
  • Reconstruction of Financial Assets
  • Creation of security interests shall be maintained.

♦Filing of Transactions of Securitisation, Reconstruction and Creation of security Interest

Under the SARFAESI act filing of details of transactions of securitisation, reconstruction and creation of security interest is required to be filed with the Central Register is 30 days after the date after the date of transaction or creation of security.

Note: Modification also have to be filled within 30 days.

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