Comparison: SARFAESI Act & Amendment Bill 2016

[Insertion]

[Insertion]

[Substitution]

[Substitution]

SARFAESI Act covered only subscription to debentures; however, the Amendment Bill 2016 extends its arm to cover purchase of debentures under the term.

[Insertion]

XX (v) any beneficial interest in property, whether movable or immovable, or in such debt, receivables, whether such interest is existing, future, accruing, conditional or contingent; or (vi) any financial assistance;

XX (v) any beneficial interest in property, whether movable or immovable, or in such debt, receivables, whether such interest is existing, future, accruing, conditional or contingent; (va) any beneficial right, title or interest in any tangible property given on hire or financial lease or conditional sale or under any other contract which secures the obligation to pay any unpaid portion of the purchase price of such asset or an obligation incurred or credit otherwise provided to acquire such tangible property; or (vb) any right, title or interest on any intangible asset or licence or assignment of such intangible asset, which secures the obligation to pay any unpaid portion of the purchase price of such intangible asset or an obligation incurred or credit otherwise extended to enable the borrower to acquire such intangible asset or obtain licence of the intangible asset; or (vi) any financial assistance;

[Insertion]

XX

[Insertion]

The definition of financial lease under the Amendment Bill, 2016 requires the ownership of the asset to get transferred to the lessee end of the lease term or by virtue of payment of agreed residual value.

Further, the definition of financial lease should be aligned with the accounting standards to ensure that there are no gaps.

[Insertion]

Also, the term extends to include banks and financial institutions as lessor under the definition of secured creditor. This amendment if enforced may have a large impact on the leasing industry. Pursuant to this provision the lessor would be on same footing as secured creditors. A lessor, being the real owner of the asset, has the right to repossess the asset without courts intervention at the time of default by the lessee and their claim ranks prior to the claim of other secured creditors.

[Substitution]

Explanation.—For the purposes of this clause, it is hereby clarified that security interest shall not include the security interest referred to in section 31;

Further, the existing law uses the term “property”, the mean of which is not clear. However, the proposed definition clearly covers both interests over tangible and intangible properties.

[Substitution]

XX

(b) having the owned fund of not less than two crore rupees or such other amount not exceeding fifteen per cent of total financial assets acquired or to be acquired by the securitisation company or reconstruction company, as the Reserve Bank may, by notification, specify:

XX

XX

(b) having net owned fund of not less than two crore rupees or such other amount as the Reserve Bank, may, by notification, specify:

XX

[Substitution]

(3) The Reserve Bank may, for the purpose of considering the application for registration of a securitisation company or reconstruction company to commence or carry on the business of securitisation or asset reconstruction, as the case may be, require to be satisfied, by an inspection of records or books of such securitisation company or reconstruction company, or otherwise, that the following conditions are fulfilled, namely:–

XX

(f) that a sponsor, is not a holding company of the securitisation company or reconstruction company, as the case may be, or, does not otherwise hold any controlling interest in such securitisation company or reconstruction company;

XX

(3) The Reserve Bank may, for the purpose of considering the application for registration of a securitisation company or reconstruction company to commence or carry on the business of securitisation or asset reconstruction, as the case may be, require to be satisfied, by an inspection of records or books of such securitisation company or reconstruction company, or otherwise, that the following conditions are fulfilled, namely:–

XX

(f) that a sponsor of an asset reconstruction company is a fit and proper person in accordance with the criteria specified by the Reserve Bank for such persons;

XX

[Substitution]

(6) Every securitisation company or reconstruction company, shall obtain prior approval of the Reserve Bank for any substantial change in its management or change of location of its registered office or change in its name:

PROVIDED that the decision of the Reserve Bank, whether the change in management of a securitisation company or a reconstruction company is a substantial change in its management or not, shall be final.

XX

Explanation: For the purposes of this section, the expression “substantial change in management” means the change in the management by way of transfer of shares or amalgamation or transfer of the business of the company.

(6) Every asset reconstruction company, shall obtain prior approval of the Reserve Bank for any substantial change in its management including appointment of any director on the board of directors of the asset reconstruction company or managing director or chief executive officer thereof or change of location of its registered office or change in its name:

PROVIDED that the decision of the Reserve Bank, whether the change in management of a securitisation company or a reconstruction company is a substantial change in its management or not, shall be final.

XX

Explanation: For the purposes of this section, the expression “substantial change in management” means the change in the management change affecting the sponsorship in the company by way of transfer of shares or amalgamation or transfer of the business of the company.

[Insertion]

XX

(1A) Any document executed by any bank or financial institution in favour of the asset reconstruction company under sub-section (1) for the purpose of acquiring financial assets shall be exempted from stamp duty in accordance with the provisions of section 8F of the Indian Stamp Act, 1899. (1B) An asset reconstruction company may acquire the financial asset of any bank or financial institution for the purpose of asset reconstruction where a borrower has failed to pay the secured debt or any instalment thereof on due date, whether or not the account of such borrower is classified as non-performing asset.

[Insertion]

[Insertion]

(3A) Notwithstanding anything contained in any other law for the time being in force, on the basis of the document executed under sub-section (1), the name of the asset reconstruction company shall be substituted in all the registration records or public records or such other records and in all legal proceedings filed by or against the bank or financial institution before any court, tribunal or any other authority and such asset reconstruction company shall be entitled to exercise all the rights of such bank or financial institution.

[Substitution]

[Substitution]

(2) The Reserve Bank shall, for the purposes of sub-section (1), determine the policy and issue necessary directions including the direction for regulation of management of the business of the borrower and fees to be charged.

(3) The asset reconstruction company shall take measures under sub-section (1) in accordance with policies and directions of the Reserve Bank determined under sub-section (2).

[Insertion]

(2) Without prejudice to the generality of the power vested under sub-section (1), the Reserve Bank may give directions to any securitisation company or reconstruction company generally or to a class of securitisation companies or reconstruction companies or to any securitisation company or reconstruction company in particular as to– (a) the type of financial asset of a bank or financial institution which can be acquired and procedure for acquisition of such assets and valuation thereof; (b) the aggregate value of financial assets which may be acquired by any securitisation company or reconstruction company.

(2) Without prejudice to the generality of the power vested under sub-section (1), the Reserve Bank may give directions to any asset reconstruction company generally or to a class of asset reconstruction companies or to any asset reconstruction company in particular as to– (a) the type of financial asset of a bank or financial institution which can be acquired and procedure for acquisition of such assets and valuation thereof; (b) the aggregate value of financial assets which may be acquired by any securitisation company or reconstruction company;

(c) the fee and other charges which may be charged or incurred for management of financial assets acquired by any asset reconstruction company; (d) the transfer of security receipts issued to qualified institutional buyers.

[Insertion]

[Insertion]

[Insertion]

[Insertion]

Provided that— (i) the requirement of classification of secured debt as nonperforming asset under this sub-section shall not apply to a borrower who has raised funds through issue of debt securities and the provisions for enforcement of security interest under this Chapter shall apply to such borrower; and (ii) in the event of default, the debenture trustee shall be entitled to enforce security interest in the same manner as provided under this section with such modifications as may be necessary and in accordance with the terms and conditions of security documents executed in favour of the debenture trustee.

[Substitution]

[Insertion]

XX

Provided further that on receipt of the affidavit from the Authorised officer, the District Magistrate or the Chief Metropolitan Magistrate, as the case may be, shall after satisfying the contents of the affidavit pass suitable orders for the purpose of taking possession of the secured assets:

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XX

Provided further that on receipt of the affidavit from the Authorised officer, the District Magistrate or the Chief Metropolitan Magistrate, as the case may be, shall after satisfying the contents of the affidavit pass suitable orders for the purpose of taking possession of the secured assets within a period of thirty days from the date of application:

XX

[Insertion]

(2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate or the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary.

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(2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate or the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary. (2A) Any application under sub-section (1) may be made by— (a) two or more banks as secured creditors with or without any financial institution where they have converted part of their respective debts into shares of a borrower company in compliance with the provisions of sub-section (2) of section 19 of the Banking Regulation Act, 1949 or obtained transfer of shares of the promoter shareholders held in pledge as security for any financial assistance in the name of such banks, thereby jointly holding more than fifty per cent. share capital of the borrower company; or (b) any asset reconstruction company or financial institution or any other assignee holding more than fifty-one per cent. share capital of the borrower company.

Explanation.—For removal of doubts, it is hereby clarified that the conversion of debt into shares of any borrower company by the secured creditors shall not in any way affect the rights of the secured creditors to enforce securities and recover the balance amount of debt under this Act or any other law for the time being in force.

[Insertion]

(4) Where the management of the business of a borrower had been taken over by the secured creditor, the secured creditor shall, on realisation of his debt in full, restore the management of the business of the borrower to him.

(4) Where the management of the business of a borrower had been taken over by the secured creditor, the secured creditor shall, on realisation of his debt in full, restore the management of the business of the borrower to him.

Provided that if any secured creditor jointly with other secured creditors or any asset reconstruction company or financial institution or any other assignee has converted part of its debt into shares of a borrower company and thereby acquired controlling interest in the borrower company, it shall not be necessary for the secured creditor to restore the business to such borrower.

[Substitution]

[Insertion]

XX

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(1A) An application under sub-section (1) shall be filed before the Debts Recovery Tribunal within the local limits of whose jurisdiction— (a) the cause of action, wholly or in part, arises; or (b) where the secured asset is located.

(1B) Where any person, in an application under sub-section (1), claims any tenancy or any other right upon the property over which the security interest has been created for the secured debt, the Debts Recovery Tribunal shall have the jurisdiction to examine such claims and pass such orders as it deems appropriate.

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[Insertion]

(3) If, the Debts Recovery Tribunal, after examining the facts and circumstances of the case and evidence produced by the parties, comes to the conclusion that any of the measures referred to in sub-section (4) of section 13, taken by the secured creditor are not in accordance with the provisions of this Act and the rules made thereunder, and require restoration of the management of the business to the borrower or restoration of possession of the secured assets to the borrower, it may by order, declare the recourse to any one or more measures referred to in sub-section (4) of section 13 taken by the secured creditors as invalid and restore the possession of the secured assets to the borrower or restore the management of the business to the borrower, as the case may be, and pass such order as it may consider appropriate and necessary in relation to any of the recourse taken by the secured creditor under sub-section (4) of section 13.

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(3) If, the Debts Recovery Tribunal, after examining the facts and circumstances of the case and evidence produced by the parties, comes to the conclusion that any of the measures referred to in sub-section (4) of section 13, taken by the secured creditor are not in accordance with the provisions of this Act and the rules made thereunder, and require restoration of the management of the business to the borrower or restoration of possession of the secured assets to the borrower, it may by order, declare the recourse to any one or more measures referred to in sub-section (4) of section 13 taken by the secured creditors as invalid and restore the possession of the secured assets to the borrower or restore the management of the business to the borrower, as the case may be, and pass such order as it may consider appropriate and necessary in relation to any of the recourse taken by the secured creditor under sub-section (4) of section 13.

Provided that if the Debts Recovery Tribunal is of the opinion that an applicant other than the borrower is entitled to restoration of possession of secured assets or management of the business of the borrower, the Debt Recovery Tribunal shall restore the possession of assets or management to such person.

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[Insertion]

Explanation.—For the purpose of this sub-section, the registration records includes records of registration under the Companies Act, 2013, the Registration Act, 1908, the Merchant Shipping Act, 1958, the Motor Vehicles Act, 1988, the Patents Act, 1970, the Designs Act, 2000 or other such records under any other law for the time being in force.

(2) The Central Government shall, after integration of records of various registration systems referred to in sub-section (1) with the Central Registry, by notification, declare the date of integration of registration systems and the date from which such integrated records shall be available; and with effect from such date it shall not be necessary for any person to register security interests over properties which are already registered under any registration system referred to in sub-section (1) with the Central Registry under this Act.

[Insertion]

[Insertion/ Substitution]

PROVIDED that the Central Registrar may allow the filing of the particulars of such transaction or creation of security interest within thirty days next following the expiry of the said period of thirty days on payment of such additional fee not exceeding ten times the amount of such fee.

Provided further that the Central Government may, by notification, require registration of all transactions of securitisation, or asset reconstruction or creation of security interest while are subsisting on or before the date of establishment of the Central Registry under sub-section (1) of section 20 within such period and on payment of such fees as may be prescribed.

PROVIDED that the Central Registrar may allow the filing of the particulars of such transaction or creation of security interest within thirty days next following the expiry of the said period of thirty days on payment of such additional fee not exceeding ten times the amount of such fee.

Provided further that the Central Government may, by notification, require registration of all transactions of securitisation, or asset reconstruction or creation of security interest while are subsisting on or before the date of establishment of the Central Registry under sub-section (1) of section 20 within such period and on payment of such fees as may be prescribed.

(2) The Central Government may, by notification, extend the registration of transaction relating to different types of security interest created on different kinds of property with the Central Registry.

(3) The Central Government may, by rules, prescribe forms for registration of different types of security interest under this section and fee to be charged for such registration.

Further, it empowers Central Government to extend the registration of transaction relating to different types of security interest created on different kinds of property with Central Registry by way of notification and forms and fees by way of rules.

Insertion of new chapter IV A after section 26A

26B. (1) The Central Government may, by notification, extend the provisions of Chapter IV relating to Central Registry to all creditors other than secured creditors specified in clause (zd) of sub-section (1) of section 2, for creation, modification or satisfaction of any security interest over any property of the borrower for the purpose of securing due repayment of any financial assistance granted by such creditor to the borrower.

(2) From the date of notification under sub-section (1), any creditor including the secured creditor may file particulars of transactions of creation, modification or satisfaction of any security interest with the Central Registry in such form and manner as may be prescribed. (3) A creditor other than the secured creditor filing particulars of transactions of creation, modification and satisfaction of security interest over properties created in its favour shall not be entitled to exercise any right of enforcement of securities under this Act.

(4) Every authority or officer of the Central Government or any State Government or local authority, entrusted with the function of recovery of tax or other Government dues and for issuing any order for attachment of any property of any person liable to pay the tax or Government dues, shall file with the Central Registry such attachment order with particulars of the assessee and details of tax or other Government dues from such date as may be notified by the Central Government in such form and manner as may be prescribed.

(5) If any person, having any claim against any borrower, obtains orders for attachment of property from any court or other authority empowered to issue attachment order, such person may file particulars of such attachment orders with Central Registry in such form and manner, on payment of such fee, as may be prescribed.

26C. (1) Without prejudice to the provisions contained in any other law for the time being in force, any registration of transactions of creation, modification or satisfaction of security interest by a secured creditor or any other creditor or filing of attachment order under this Chapter shall be deemed to constitute a public notice from the date and time of filing of particulars of such transaction with the Central Registry for creation, modification or satisfaction of such security interest or attachment order, as the case may be.

(2) Where security interest or attachment order upon any property in favour of the secured creditor or any other creditor are filed for the purpose of registration under the provisions of Chapter IV and Chapter IVA, the claim of such secured creditor or other creditor holding attachment order shall have priority over any subsequent security interest created upon such property and any sale, transfer, lease or licence of such property or attachment order subsequent to such registration, shall be subject to such claim: Provided that nothing contained in this sub-section shall apply to transactions carried on by the borrower in the ordinary course of business.

26D. Notwithstanding anything contained in any other law for the time being in force, from the date of commencement of the provisions of Chapter IVA, no secured creditor shall be entitled to exercise the rights of enforcement of securities under Chapter III unless the security interest created in its favour by the borrower has been duly filed with the Central Registry.

26E. Notwithstanding anything contained in any other law for the time being in force, after the registration of security interest, the debts due to any secured creditor shall be paid in priority over all other debts and all revenues, taxes, cesses and other rates payable to the Central Government or State Government or local authority.

Notably, sub-clause (1) of clause 26B provides that the Central Government may extend the provisions of this Chapter to all creditors except secured creditor. Note that the word used is “may”, therefore, if the Central Government if thinks fit may issue such notification. Further, sub-clause (2) provides that any creditor may file particulars of transaction. The phrase used is “may” which implies that even if the Central Government issues notification requiring the creditors to file particulars of transaction, the creditors may or may not file such particulars.

Sub-clause (4) provides that an authority or officer of the Central Government or any State Government or local authority, entrusted with the function of recovery of tax or other Government dues and for issuing any order for attachment of any property of any person liable to pay the tax or Government dues, shall file with the Central Registry such attachment order with particulars of the assesse and details of tax or other government dues from such date as may be notified by the Central Government.

Clause 26C provides that registration of security interest shall be effective from the date and time of registration of transaction or filing of attachment orders with the registry. The claim of creditor holding attachment order shall have priority over the subsequent security interest created upon such property. However, the provisions of sub-clause (2) shall not apply to the transactions carried on by the borrower in the ordinary course of business.

Clause 26D provides that a secured creditor shall be entitled to enforce securities only if it is registered with Central Registry.

Clause 26E provides that the debts due to secured creditor shall rank in priority over all other debts. Note that this clause is a non-obstante clause; therefore, once this clause is notified it shall override any other section of any law which is in force.

[Insertion]

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XX

Provided that provisions of this section shall be deemed to have been omitted from the date of coming into force of the provisions of Chapter IVA and section 23 as amended by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016.

Penalties for non-compliance of directions of Reserve Bank

[Insertion]

(2) For the purpose of imposing penalty under sub-section (1), the adjudicating authority shall serve a notice on the person in default requiring that person to show cause why the amount specified in the notice should not be imposed as a penalty and a reasonable opportunity of being heard shall be given to such person.

(3) No complaint shall be filed against any person in default in any court pertaining to any failure or contravention or default in respect of which any penalty has been imposed and recovered by the Reserve Bank under this section.

(4) Where any complaint has been filed against a person in default in any court in respect of failure or contravention or default of the nature referred to in section 12C or section 29, no proceeding for imposition of penalty against that person shall be taken under this section

Explanation.— For the purposes of this section and sections 30B, 30C and 30D,— (i) “Adjudicating authority” means such officer or a committee of officers of the Reserve Bank, designated as such from time to time, by notification, by the Central Board of Reserve Bank;

(ii) “person in default” means the asset reconstruction company or any person which has committed any failure or contravention or default under section 12C or section 29, as the case may be, and such other person incharge of such company or any such other person shall be liable to be proceeded against and punished under section 33 for such failure or contravention or default committed by such company or person.

Who shall be liable – any person.

Offence – contravenes or commits any default of the nature referred in section 12C or section 29.

Penalty –

1. Rs. 1 crore or

2. Twice the amount involved in such failure or contravention or default where such amount is quantifiable

(Whichever is more)

If such contravention or default is a continuing – Penalty – not more than Rs. 1 lakh per day during which such contravention or default is continuing.

Compliances to be ensured for imposing penalty –

1. Serve a notice on the person in default;

2. Give an opportunity of being heard.

Complaint shall not be filed in any court after recovery of penalty by the RBI. However, if complaint has been filed then the same shall not be entertained.

[Insertion]

Who can file an appeal? – person in default aggrieved by an order passed

Where an appeal can be filed – Appellate Authority

Time-limit for filing an appeal – within a period of 30 days

Extension of time-limit – no limit specified, though there is a provision for extension

[Insertion]

(2) The Appellate Authority shall have power to pass such order as it deems fit after providing a reasonable opportunity of being heard to the person in default.

(3) The Appellate Authority may by an order stay the enforcement of the order passed by the adjudicating authority under section 30A, subject to such terms and conditions as it deems fit.

(4) Where the person in default fails to fulfil the terms and conditions imposed by order under sub-section (3) without reasonable cause, the Appellate Authority may dismiss the appeal

[Insertion]

(a) debit the current account, if any, of the person in default maintained with the Reserve Bank or by liquidating the securities, if any, held to the credit of such person in the books of the Reserve Bank;

(b) issue a notice to the person from whom any amount is due to the person in default, requiring such person to deduct from the amount payable by him to the person in default, such amount equivalent to the amount of the recoverable sum, and to make payment of such amount to the Reserve Bank.

(2) Save as otherwise provided in sub-section (4), a notice issued under clause (b) of sub-section (1) shall be binding on every person to whom it is issued, and, where such notice is issued to a post office, bank or an insurance company, it shall not be necessary to produce any pass book, deposit receipt, policy or any other document for the purpose of any entry or endorsement thereof before payment is made, notwithstanding any rule, practice or requirement to the contrary.

(3) Any claim in respect of any amount, arising after the date of issue of notice under sub-section (1) shall be void as against the demand contained in such notice.

(4) Any person, to whom the notice is sent under sub-section (1), objects to such notice by a statement on oath that the sum demanded or any part thereof is not due to the person in default or that he does not hold any money for or on account of the person in default then nothing contained in this section, shall be deemed to require, him to pay such sum or part thereof, as the case may be.

(5) Where the statement made by the person under sub-section (4) false in material particulars, such person shall be personally liable to the Reserve Bank to the extent of his own liability to the person in default on the date of the notice, or to the extent of the recoverable sum payable by the person in default to the Reserve Bank, whichever is less.

(6) The Reserve Bank may, at any time, amend or revoke any notice issued under sub-section (1) or extend the time for making the payment in pursuance of such notice.

(7) The Reserve Bank shall grant a receipt for any amount paid to it in compliance with a notice issued under this section and the person so paying shall be fully discharged from his liability to the person in default to the extent of the amount so paid.

(8) Any person discharging any liability to the person in default after the receipt of a notice under this section shall be personally liable to the Reserve Bank— (a) to the extent of his own liability to the person in default so discharged; or (b) to the extent of the recoverable sum payable by the person in default to the Reserve Bank, whichever is less.

(9) Where the person to whom the notice is sent under this section fails to make payment in pursuance thereof to the Reserve Bank, he shall be deemed to be the person in default in respect of the amount specified in the notice and action or proceedings may be taken or instituted against him, for the realisation of the amount as if it were an arrear due from him, in the manner provided in this section.

(10) The Reserve Bank may enforce recovery of recoverable sum through the principal civil court having jurisdiction in the area where the registered office or the head office or the principal place of business of the person in default or the usual place of residence of such person is situated as if the notice issued by the Reserve Bank were a decree of the Court:

Provided that no such recovery shall be enforced, except on an application made to the principal Civil court by an officer of the Reserve Bank authorised in this behalf certifying that the person in default has failed to pay the recoverable sum.

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(e) any conditional sale, hire-purchase or lease or any other contract in which no security interest has been created;

Power to exempt a class or classed of banks or financial institution.

[Substitution]

(2) A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive session aforesaid, both Houses agree in disapproving the issue of the notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.

(2) A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days, and if, both Houses agree in disapproving the issue of notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses. (3) In reckoning any such period of thirty days as is referred to in sub-section (2), no account shall be taken of any period during which the House referred to in sub-section (2) is prorogued or adjourned for more than four consecutive days. (4) The copies of every notification issued under this section shall, as soon as may be after it has been issued, be laid before each House of Parliament.

[Substitution]

[Insertion]

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:– XX (b) the manner in which the rights of a secured creditor may be exercised by one or more of his officers under sub-section (12) of section 13; (ba) the fee for making an application to the Debts Recovery Tribunal under sub-section (1) of section 17; (bb) the form of making an application to the Appellate Tribunal under sub-section (6) of section 17; (bc) the fee for preferring an appeal to the Appellate Tribunal under sub-section (1) of section 18; (c) the safeguards subject to which the records may be kept under sub-section (2) of section 22; (d) the manner in which the particulars of every transaction of securitisation shall be filed under section 23 and fee for filing such transaction; (e) the fee for inspecting the particulars of transactions kept under section 22 and entered in the Central Register under sub-section (1) of section 26; (f) the fee for inspecting the Central Register maintained in electronic form under sub-section (2) of section 26;

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(b) the manner in which the rights of a secured creditor may be exercised by one or more of his officers under sub-section (12) of section 13; (ba) the fee for making an application to the Debts Recovery Tribunal under sub-section (1) of section 17; (bb) the form of making an application to the Appellate Tribunal under sub-section (6) of section 17; (bc) the fee for preferring an appeal to the Appellate Tribunal under sub-section (1) of section 18; (bca) the manner of integration of records of various registration systems with the records of the Central Registry under section 20A; (bcb) the terms and conditions of delegation of powers by the Central Government to the Reserve Bank under section 20B; (c) the safeguards subject to which the records may be kept under sub-section (2) of section 22; (d) the manner in which the particulars of every transaction of securitisation shall be filed under section 23 and fee for filing such transaction; (da) forms for registration of different types of security interests and fee thereof under sub-section (3) of section 23; (e) the fee for inspecting the particulars of transactions kept under section 22 and entered in the Central Register under sub-section (1) of section 26; (f) the fee for inspecting the Central Register maintained in electronic form under sub-section (2) of section 26; (fa) the form and the manner for filing particulars of transactions under sub-section (2) of section 26B; (fb) the form and the manner of filing attachment orders with the Central Registry under sub-section (4) and fee under sub-section (5) of section 26B.

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