Section 4 (xiii) of Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act 2016

By | November 7, 2016
(Last Updated On: November 7, 2016)

 Section 4 (xiii) of  Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act 2016

Section 4 (xiii) of  Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act 2016 shall come into force w.e.f  4th day of November, 2016 vide Notification No S.O. 3395(E)

Section 4 (xiii) of  Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act 2016 makes amendment in Section 2 (1) (u) of  Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 4(xiii) read as follows :-  amendment in Section 2 (1) …

” in clause (u), after the words “regulations made thereunder,”, the words, figures and brackets ” any category of non-institutional investors as may be specified by the Reserve Bank under sub-section (1) of section 7″ shall be inserted;

Thus now Section 2(1)(u) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 will be read as follows :-

  1. (1) In this Act, unless the context otherwise requires,—

(u) *[qualified buyer]” means a financial institution, insurance company, bank, state financial corporation, state industrial development corporation, **[trustee or ***[asset reconstruction company] which has been granted a certificate of registration under sub-section (4) of section 3 or any asset management company making investment on behalf of mutual fund] or a foreign institutional investor registered under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made thereunder, ****[any category of non-institutional investors as may be specified by the Reserve Bank under sub-section (1) of section 7] or any other body corporate as may be specified by the Board;

*Substituted for “qualified institutional buyer” by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, w.e.f. 1-9-2016.

**Substituted for “trustee or any asset management company making investment on behalf of mutual fund or provident fund or gratuity fund or pension fund” by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004, w.r.e.f. 11-11-2004.

***Substituted for “securitisation company or reconstruction company” by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, w.e.f. 1-9-2016.

****Inserted by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, w.e.f.4th day of November, 2016 vide Notification No S.O. 3395(E)

 

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