Central Registry of Securitisation Asset Reconstruction and Security Interest
 | |
| Company type | Public sector |
|---|---|
| Industry | Financial Infrastructure |
| Founded | 11 March 2011 |
| Headquarters | New Delhi , |
Area served | India |
| Products | Online security interest registry |
| Owners | Government of India, National Housing Bank and others |
| Website | cersai |
Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a central online security interest registry of India. It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks.
It is a registered company under section 8 of the Companies Act, 2013 having its registered office at New Delhi.
CERSAI is a Registration System under the provisions of Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).
History
[edit]It was formed under the Chapter IV Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). It was registered as a company under the Section 25 of the Companies Act, 1956. CERSAI become operational on 31 March 2011. 51% of the equity is owned by the government, and the rest is owned equally by National Housing Bank and 10 other public sector banks.[1] The then Chairman of the National Housing bank, R.V. Verma, served as the first acting Registrar, managing director and CEO of CERSAI, while continuing to hold charge at the National Housing Bank.[1]
Objectives and functions
[edit]CERSAI's was created to maintain a central registry of mortgages, where it contains the mortgage taken on a property along with certain details. CERSAI's mandate was extended in 2012 to start registration of security interests created through assignment of accounts receivables or factoring, through the passage of the Factoring Act, 2012. In January 2016, it's riled were extended even further to allow the CERSAI to start registration of security interests created on movable and intangible assets, as well as to registration of all other types of mortgages used in India.[2]
See also
[edit]- CIBIL, a credit rating company in India
References
[edit]- ^ a b "Central Registry to check home loan frauds". The Times of India. 22 April 2011. Retrieved 11 April 2015.
- ^ "New CERSAI Rules notified; All kind of Mortgages to be registered with CERSAI". 5 February 2016.
External links
[edit]- Official site Archived 14 August 2011 at the Wayback Machine
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