Asset Reconstruction Company Registration | JR Compliance
We make the Asset Reconstruction Company registration hassle-free to ensure customer satisfaction. Click here to know about Asset Reconstruction Company registration with RBI.
Want to complete asset reconstruction company registration? Contact JR Compliance - Delhi based compliance service provider who will invest our sustain efforts in completing the Asset Reconstruction Company registration with RBI immediately.
To know more about Asset Reconstruction Company registration, contact us immeditely.
What is an Asset Reconstruction Company?
Under the Companies Act, 2013, Asset Reconstruction Company is a specialised financial institution engaged in purchasing bad loans, NPAs from banks, and financial institutions to clean their balance sheet. Moreover, it acts as a bank recovery agent as it takes over the loans and advances from the bank and financial institutions for recovery.
This company has been set up with an objective of securitization, and it also needs registration from RBI. Also, it is regulated by Section 3 of the SARFAESI Act, 2002.
Additionally, for the acquisition of financial assets, the scrutinization or reconstruction company becomes the financial asset owner and acts as a lender bank/FIs.
Is Asset Reconstruction Company registration mandatory?
As per notification No.DNBS.1/CGM(CSM)-2003 (dated March 7th, 2003), every Scrutinization and Asset Reconstruction Company must apply for the registration and obtain the registration certificate from the bank according to Section 3 of the Act.
What is the mission of Asset Reconstruction Company?
The objective of an asset reconstruction company is to pursue the common interest, i.e., ensure efficacious management, reforming the scrutinization business, and asset reconstruction. Hence, creating stakeholder value.
Comments
Post a Comment