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Sec 22, SARFAESI Act 2002: Register Of Securitisation, Reconstruction & SITs

Section 22 (Register of securitisation, reconstruction and security interest transactions) under Chapter IV (Central Registry) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 —

(1) For the purposes of this Act, a record called the Central Register shall be kept at the head office of the Central Registry for entering the particulars of the transactions relating to—
 (a) securitisation of financial assets;
 (b) reconstruction of financial assets; and
 (c) creation of security interest.

(2) Notwithstanding anything contained in sub-section (1), it shall be lawful for the Central Registrar to keep the records wholly or partly in computer, floppies, diskettes or in any other electronic form subject to such safeguards as may be prescribed.

(3) Where such register is maintained wholly or partly in computer, floppies, diskettes or in any other electronic form, under sub-section (2), any reference in this Act to entry in the Central Register shall be construed as a reference to any entry as maintained in computer or in any other electronic form.

(4) The register shall be kept under the control and management of the Central Registrar.

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