Ø  The Central Government may, by notification, appoint a registry to be known as the Central Registry with its own seal for the purpose of registration of transaction of securitisation and reconstruction of financial assets and creation of security interest (Section 20)

Ø  The Central Government may integrate registration records maintained by State Governments or other authorities with the Central Registry. Such records include 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 (Section 20A)

Ø  Central Government may delegate its powers in relation to establishment, operations and regulation of the Central Registry to the Reserve Bank, subject to such terms and conditions as may be prescribed.

Ø  A record called the Central Register shall be kept at the head office of the Central Registry for entering the particulars of the transactions relating to securitisation of financial assets, reconstruction of financial assets and creation of security interest (Section 22).

Ø  The particulars of every transaction of securitisation, asset reconstruction or creation of security interest shall be filed with the central registrar (Section 23).

Ø  The asset reconstruction company or the secured creditor shall give intimation to the central registrar of the payment or satisfaction in full, of any security interest relating to the asset reconstruction company or the secured creditors within 30 days from the date of such payment or satisfaction. (Section 25(1))

Ø  If the borrower gives intimation to the Registrar for not recording payment or satisfaction, the Central Registrar shall send a notice to the asset reconstruction company or the secured creditors calling upon it to show cause within a time not exceeding 14 days, as to why payment or satisfaction should not be recorded as intimated to the Central Registrar. If no cause is known, the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register. If cause is shown, the Central Registrar shall record a note to that effect in the Central Register and shall inform the borrower that he has done so. (Section 25(2),(3) and (4)

Ø  The particulars of securitisation or reconstruction or security interest entered in th Central Register shall be open during the business hours by any person on payment of prescribed fees. The Central Register maintained in electronic form shall also be open during the business hours for the inspection of any person through electronic media on payment of prescribed fee. (Section 26)

Ø  Power of Central Government to Rectify Omissions: In case there is a omission to file with the Registrar the particulars of any matters relating to securitisation, asset reconstruction, security interest or with satisfaction, respect to any satisfaction or other entry made in pursuance of section 23 or etc. section 24 or section 25 of the principal Act was accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the position of creditors o rit is just and equitable to grant relief, the Central Government may, on the application of a secured creditor or securitisation company or reconstruction company or any other person interested on such terms and conditions as it may seem to the Central Government just and expedient, direct that the time for filing of the particulars of the transaction for registration or modification or satisfaction shall be extended or, as the case may require, the omission or mis-statement shall be rectified. But such order shall not prejudice any rights acquired in respect of the property concerned or financial asset before the transaction is actually registered (Section 26A)

Ø  The provisions relating to Central Registry can be extended by the Central Government by notification to creditors other than secured creditors. Section 26B(1).

Ø  A creditor other than 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. (Section 26(3)).

Ø  Any authority or officer of Central Government, State Government or local authority entrusted with recovery of tax or other government dues and issuing any attachment order for the same, shall file with the Central Registry such attachment order with particulars of assessee and other details as may be prescribed. (Section 26B(4)).

Ø  If any person having claim against any borrower obtains orders for attachment of property from any court or authority, such person may file orders of attachment with the Central Registry. (Section 26A (5))

Ø  Registration of particulars with the Central Registry shall constitute public notice of the same. (Section 26C (1))

Ø  Security interest or attachment order registered with the Central Registry shall have priority over any subsequent security interest created or any sale, transfer, lease or licence of such property or attachment order subsequent to such registration, shall be subject to such claim. But nothing contained herein shall apply to transactions carried on by the borrower in the ordinary course of business.

Ø  No enforcement of Security Interest unless the same is registered: Secured Creditor shall not be entitled to exercise right to enforce security interest unless the security interest created in its favour is duly registered with Central Registry (Section 26D)

Ø  After registration of security interest with the Central Registry, 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. (Section 26E).

Ø  Penalty for contravention: Up to Rs.1 Crore or twice the amount involved in such contravention in case the amount is quantifiable, whichever is more. In case default is continuous, up to Rs.1 Lakh per day during which the default continues. (Section 30A(1)).

Ø  In case penalty is imposed and recovered by RBI, for the contravention, no complaint shall be filed against any person in default in any court and vice versa. (Section 30A (3) and (4)).