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Fair Practices Code for Asset Reconstruction Companies

RBI has issued instructions to All Asset Reconstruction Companies in exercise of the powers conferred by Section 9 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002, Asset Reconstruction Companies registered with the Bank to adopt ‘Fair Practices Code’ so as to ensure transparency and fairness in their operation.

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- Section 3 (1) (b) – Requirement of Net Owned Fund (NOF) for Asset Reconstruction Companies

RBI Notification DNBR (PD-ARC) No. 05/ED(SS)-2017 dated April 28, 2017 In exercise of the powers conferred by clause (b) of sub-section (1) of section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Reserve Bank of India hereby specifies that the Net Owned Fund (NOF) for Asset Reconstruction…