Issue of security by raising of receipts or funds by
[asset reconstruction company].
7. (1) Without prejudice to the provisions contained in the Companies Act, 1956 (1 of 1956), the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the Securities and Exchange Board of India Act, 1992 (15 of 1992), any
[asset reconstruction company], may, after acquisition of any financial asset under sub-section (1) of section 5, offer security receipts to
[qualified buyers][or such other category of investors including non-institutional investors as may be specified by the Reserve Bank in consultation with the Board, from time to time,] for subscription in accordance with the provisions of those Acts.
(2) A
[asset reconstruction company] may raise funds from the
[qualified buyers] by formulating schemes for acquiring financial assets and shall keep and maintain separate and distinct accounts in respect of each such scheme for every financial asset acquired out of investments made by a
[qualified buyer] and ensure that realisations of such financial asset is held and applied towards redemption of investments and payment of returns assured on such investments under the relevant scheme.
[(2A)(
a) The scheme for the purpose of offering security receipts under sub-section (1) or raising funds under sub-section (2), may be in the nature of a trust to be managed by the
[asset reconstruction company], and the
[asset reconstruction company] shall hold the assets so acquired or the funds so raised for acquiring the assets, in t
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