About Registration

Securitisation and security interst.........Seems a new concept. Can u pl elaborate

Question not clear.

Registration for what ???

To set up Central Registry, to appoint himself as Officer in Central Registry??

Ankur Shah- Law manipulator means :)

If you are talking about setting up registry then not possible and about appointment then also not possible.

Check section 20 and 21 of the SARFAESI Act.

Law Manipulator means modifying the law for own good sake and that to without breaking the law.

sounds good

Dear Ankur,

I know we cant set up the registry as well as we can not be appointed as central registrar. As per Section 20 & 21 of Act  the Govt. already established the central registry and incorporated the Co. u/s 25 as central registrar.

I juz want to confirm whether practising professionals can file the form for registration of charges with the central registrar on behalf of the bank (Section 23 of said Act).

23. Filing of transactions of securitisation, reconstruction and creation of security interest

The particulars of every transaction of securitisation, asset reconstruction or creation of security interest shall be filed, with the Central Registrar in the manner and on payment of such fee as may be prescribed, within thirty days after the date of such transaction or creation of security, by the securitisation company or reconstruction company or the secured creditor, as the case may be:

PROVIDED that the Central Registrar may allow the filing of the particulars of such transaction or creation of security interest within thirty days next following the expiry of the said period of thirty days

on payment of such additional fee not exceeding ten times the amount of such fee.

Yes, you can file. Its simple, don’t we digitally sign E-forms on behalf of the Companies??

Dear Ankur,

I have gone through the registration form available the official website created under the act. It mentions about Banks and their authorised employees only .

If you know the procedure for creating login , please elaborate.

You can file, means Bank outsource the work to you and You will file on behalf of the Bank. Like CA Professional file Online Income Tax Return.

But My Dear Friend Ankur,

I have downloaded the Registration form from the official website which authorises only to the employees of the bank and which also requires the Employee ID.

Now as you said the CA/CS/CWA can file the form on behalf of the bank but difficulty is in mentioning the Employees ID which is mandatory.

Then how can we file ?

If you have any further detail then pls share....................

Regards

Love Kumar

I am trying to say that, First you go to the nearest Bank, talk with manager about outsourcing the work like Currently Bank have their own valuer for property valuation , Jeweller to check the purity of jewellery, etc.

In the same manner, they appoint you, But use the Employee Id of their employee.

You can act on behalf of the Bank employee like delegation of power.

You cant act on ur own.