ARCs are set-up to accumulate dangerous loans from banks and monetary establishments after acceptable haircuts and subject safety receipts (SRs).
In a gazette notification issued on February 28, Sebi stated, “all NBFCs together with HFCs regulated by the Reserve Financial institution of India (RBI) are hereby specified as certified consumers for the needs of SARFAESI Act (the Securitisation and Reconstruction of Monetary Property and Enforcement of Safety Curiosity Act, 2002 (54 of 2002)”.
This comes with safeguards to avert defaulting promoters from claiming again the secured property via SRs.
Sebi stated that such “NBFCs together with HFCs must make sure that the defaulting promoters or their associated events don’t straight or not directly achieve entry to secured property via safety receipts; and such NBFCs together with HFCs shall adjust to such different circumstances because the RBI could specify infrequently”.
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As per the SARFAESI Act, solely certified consumers can spend money on safety receipts.
