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Disclosure of Secured Assets under SARFAESI Act, 2002

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As per recent directives from the Reserve Bank of India (RBI), Regulated Entities (REs), including Commercial Banks (excluding Payment Banks), Primary (Urban)/ State / Central Co-operative Banks, all India Financial Institutions, NBFCs (including Housing Finance Companies), and ARCs, are now required to disclose information concerning secured assets seized from borrowers under the SARFAESI Act.

REs are now obligated to upload details of these seized secured assets on their websites, following the format outlined in the attached Annex to the RBI notification. The initial list should be available on REs’ websites by March 25, 2024, with subsequent monthly updates.

However, it remains unclear whether this information pertains to past or future cases of secured assets in possession by REs. The regulatory directive nudges for disclosure of โ€œborrowers whose secured assets have been taken into possession by the REsโ€.

This initiative aligns with the RBI’s commitment to enhancing transparency, facilitating potential buyers in verifying security details and the current title holder online.

A copy of the notification dated September 25, 2023 as available on the RBI website is enclosed for the reference of the readers.

Readers are welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com

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