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REGISTRATION OF SECURITISATION/RECONSTRUCTION COMPANIES

Corporate Laws / Banking / SEBI / LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 19-8-2015 - The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( Act for short) was enacted to regulate securitization and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto. Requirement of registration Section 3 of the Act provides for the registration of securitization companies or recons .....

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the RBI may, by notification, specify. The RBI may specify different amount of owned fund for different class or classes of securitization companies or reconstruction companies. If the existing companies did not obtain a certification of registration within six months from the commencement of this Act, the said companies are not entitled to carry on the business. Conditions for registration Every application for registration shall be made in the prescribed form and in such manner as may be speci .....

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s on the investments made in the company by the qualified institutional buyers or other persons; the directors of the company have adequate professional experience in matters related to finance, securitization or reconstruction; the board of directors does not consist of more than half of its total number of directors who are either nominee of any sponsor or associated in any matter with the sponsor or any of its subsidiaries; any of its directors has not been convicted of any offence involving .....

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ence or carry on business of securitization or asset reconstruction, subject to such conditions, which it may consider, fit to impose. Rejection of application If the above said conditions are not fulfilled RBI may reject the application. Before rejecting the application RBI may give the company a reasonable opportunity of being heard. Prior approval for substantial change in company If there is a substantial change in the company the said company shall obtain prior approval of the RBI for any s .....

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wers to RBI to cancel a certificate of registration. The said section provides that RBI may cancel a certificate of registration granted to the company, if such company- ceases to carry on the business; or ceases to receive or hold any investment from qualified institutional buyer; or has failed to comply with any conditions subject to which the certificate of registration has been granted to it; or at any time fails to fulfill any of the conditions specified in Section 3; or fails to- comply wi .....

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