Notification under clause (u) of sub-section (1) of Section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - SEBI/LAD-NRO/GN/2025/232 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 28th February, 2025 Notification under clause (u) of sub-section (1) of Section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 F. No. SEBI/LAD-NRO/GN/2025/232 . In exercise of the powers conferred under clause (u) of sub-section (1) of Section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) and in supersession of the notification of Securities and Exchange Board of India number F. No. 11/LC/GN/2008/21670 dated 31st March, 2008 , except as regards things done or omitted to be done before such supersession; all non-banking financial companies including housing finance companies, regulated by the Reserve Bank of India, are hereby specified as qualified buyers for the purposes of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) subject to the following conditions: a. such non-banking financial companies including housing finance companies shall ensure that the defaulting promoters or their related parties do not directly or indirectly gain access to secured assets through security receipts; and b. such non-banking financial companies including housing finance companies shall comply with such other conditions as the Reserve Bank of India may specify from time to time. MADHABI PURI BUCH, CHAIRPERSON [ADVT.-III/4/Exty./1000/2024-25]