Tuesday, January 15, 2013

CENTRAL ELECTRONIC REGISTRY OF MORTGAGES

The Securities & Exchange Board of India (SEBI) has issued guidelines on central electronic registry of mortgages. The objective of setting up of Central Registry is to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. This Registry has become operational on March 31, 2011. It may be noted that initially transactions relating to secularization and reconstruction of financial assets and those relating to mortgage by deposit of title deeds to secure any loan or advances granted by banks and financial institutions, as defined under the SARFAESI Act, may be registered in the Central Registry.

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