Mandatory filing of records of equitable mortgages with the Central Registry

The Reserve Bank of India (RBI) has said that the institutions notified under the SARFAESI Act have to mandatory register with Central Registry of  Secularization Asset Reconstruction and the Security Interest of India (CERSAI), the records of the mortgages created in their favor by deposit of title deeds. All NBFCs are advised to file and register the records of all equitable mortgages created in their favor on or after 31st March 2011 with the Central Registry and they shall also register the records with the Central Registry as and when equitable mortgages are created in their favor.