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Sec 38, SARFAESI Act 2002: Power Of Central Government To Make Rules

Section 38 (Power of Central Government to make rules) under Chapter VI (Miscellaneous) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 —

(1) The Central Government may, by notification and in the Electronic Gazette as defined in clause (s) of section 2 of the Information Technology Act, 2000 (21 of 2000), make rules for carrying out the provisions of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—

 (a) other business or commercial rights of similar nature under clause (t) of section 2;

 (aa) the form and manner in which an application may be filed under sub-section (10) of section 13;

 (b) the manner in which the rights of a secured creditor may be exercised by one or more of his officers under sub-section (12) of section 13;

 (ba) the fee for making an application to the Debts Recovery Tribunal under sub-section (1) of section 17;

 (bb) the form of making an application to the Appellate Tribunal under sub-section (6) of section 17;

 (bc) the fee for preferring an appeal to the Appellate Tribunal under sub-section (1) of section 18;

 (bca) the manner of integration of records of various registration systems with the records of Central Registry under sub-section (1) of section 20A;

 (bcb) the terms and conditions of delegation of powers by the Central Government to the Reserve Bank under section 20B;

 (c) the safeguards subject to which the records may be kept under sub-section (2) of section 22;

 (d) the manner in which the particulars of every transaction of securitisation shall be filed under section 23 and fee for filing such transaction;

 (da) the form for registration of different types of security interests and fee thereof under sub-section (3) of section 23;

 (e) the fee for inspecting the particulars of transactions kept under section 22 and entered in the Central Register under sub-section (1) of section 26;

 (f) the fee for inspecting the Central Register maintained in electronic form under sub-section (2) of section 26;

 (fa) the form and the manner for filing particulars of transactions under sub-section (2) of section 26B;

 (fb) the form and manner of filing attachment orders with the Central Registry and the date under sub-section (4) of section 26B;

 (fc) the form and manner of filing particulars of attachment order with the Central Registry and the fee under sub-section (5) of section 26B;

 (g) any other matter which is required to be, or may be, prescribed, in respect of which provision is to be, or may be, made by rules.

(3) Every rule made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.





Extra Notes for Readers

(1) Section 38 of SARFAESI Act, 2002 was modified by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 (Act 1 of 2013), sec. 18, (w.e.f. 15-Jan-2013).

(2) Section 38 of SARFAESI Act, 2002 was modified by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (Act 44 of 2016), sec. 25, (w.e.f. 1-Sep-2016).

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