Section 21 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
- (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.
Summary
- The Central Government appoints a specific person to be the Central Registrar.
- The appointment is made through a public notification.
- The Central Registrar's job is to oversee the registration of transactions for securitisation, reconstruction of financial assets, and security interests over properties.
- The government can also appoint other officers to help with this work.
- These additional officers work under the superintendence and direction of the Central Registrar, performing duties the Registrar authorises them to do.
Practical examples
FAQ
1. Who appoints the Central Registrar?
The Central Government appoints the Central Registrar by notification.
2. What exactly is the Central Registrar responsible for?
They are responsible for the registration of transactions relating to securitisation, reconstruction of financial assets, and security interest created over properties.
3. Does the Central Registrar work entirely alone?
No, the Central Government can appoint other officers to discharge functions under the superintendence and direction of the Central Registrar.
Test yourself
Q1.Under Section 21 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, what relationship exists between the Central Registrar and the other appointed officers?
Q2.Under Section 21 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, who decides which specific functions the other appointed officers will handle?
Q3.Under Section 21 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, what is the primary purpose of appointing the Central Registrar?
Q4.Section 21 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 establishes the Central Registrar. If the Central Government establishes branch offices of the Central Registry under Section 20, how do the officers in those branches fit into the structure under Section 21?