The Institute of Chartered Accountants of India (ICAI) announced on Friday the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for the CA Final Examination (new) in May 2022.
“We would like to inform students who appear for the final exam in May 2022 (new) and later that the SARFAESI Act of 2002 has been added to the curriculum of Paper 6D: Economic Laws,” announced the ICAI.
The aim of the Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, is the efficient or rapid recovery of non-performing assets (NPAs) of banks and FIs, enables banks and financial institutions to auction real estate (e.g. commercial / residential real estate) when the borrower fails to repay their loans.
The SARFAESI Act also provides for the sale of financial assets by banks and financial institutions to Asset Reconstruction Companies (ARCs). The financial assets can be sold to ARCs in accordance with the guidelines and instructions of the RBI.
The Securitization and Restoration of Financial Assets and Security Enforcement Act of 2002 was circulated to regulate the securitization and recovery of financial assets, security enforcement, and related or related matters.
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