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Home Acts & Rules Bill Bills FINANCE BILL, 2021 Chapters List Part X AMENDMENT TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 This
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Clause 151 - Amendment of Act 54 of 2002. - FINANCE BILL, 2021

FINANCE BILL, 2021
Part X
AMENDMENT TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002
  • Contents

PART X

AMENDMENT TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002

Amendment of Act 54 of 2002.

151. In the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, in section 2, in sub-section (1) with effect from the 1st day of April, 2021––

(i) in clause (f),––

(a) for the words “any person who”, the words “any person who, or a pooled investment vehicle as defined in clause (da) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956.) which,” shall be substituted;

(b) for the words “and includes a person who”, the words “ and includes a person who, or a pooled investment vehicle which,” shall be substituted;

(ii) in clause (zd), in sub-clause (iv), for the words “the Board appointed by any company”, the words “the Board and appointed” shall be substituted.

 



 

Notes on Clauses:

Clause 151 of the Bill seeks to amend the provisions of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

It is proposed to amend clause (f) of sub-section (1) of the said section so as to clarify that the definition of “borrower” in the said Act shall also include a pooled investment vehicle, consequent to insertion of section 30B in the Securities Contracts (Regulation) Act, 1956. Further, the definition of secured creditor is being expanded to include debenture trustee appointed by a pooled investment vehicle also by removing the limitation of appointment of a debenture trustee by a company.

This amendment will take effect from 1st April, 2021.

 
 
 
 
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