JAIIB LRAB Unit 23 - Central Registry

Besides the SARFAESI Act following other laws require registration of charge created in the property.

1. Registration Act, 1908
2. Companies Act, 1956
3. Merchant Shipping Act, 1958
4. Patents Act, 1970
5. Designs Act, 2000

A record shall be maintained at the central register at the head office of the central register in which transactions relating to

1. Securitisation of Financial Assets
2. Reconstruction of Financial Assets
3. Creation of security interests shall be maintained.

Under the SARFAESI act filing of details of transactions of securitisation, reconstruction and creation of security interest is required to be filed with the Central Register is 30 days after the date after the date of transaction or creation of security.

Modification also have to be filled within 30 days

Satisfaction of Charge 30 days