-----------------------------------------Digital Certificate, Login and Error/ Exception Section---------------------------------

DS

1:

How

to

register

Digital

Certificate

on

CERSAI

site?

Ans : The CERSAI Portal Ask for the digital Signature when user login, choose the option for Is your Digital Certificate Registered with CERSAI

1. Select Option NO if you are login to the system for the first time 2. If your Digital Signature is already registered or successfully registered from step 1 above Select YES

DS 2: What to do in case of error wrong password/Null password entered at the time of Digital Signature verification even if the token password is correct? Ans : Go to user home directory of your local computer

1. Delete the following files with names 2. fs7.txt 3. pkcs11.cfg 4. Re-login to CERSAI portal

DS Ans :

3:

What

to

do

in

case

of

Object

Error

(Exception

Occurred)?

1. Make sure correct version of java is installed on your PC the correct version is JDK1.6.0_29 . 2. If more than 1 java versions are installed, Remove All the java version installed in your system and install JDK1.6.0_29 or above. 3. If Proxy settings are used ensure that java applets are allowed in the proxy settings 4. Ensure J sign object initialized successfully in java console 5. Make sure system is displaying current date and time

DS 4: What to do in case of error Object does not support this property or method? Ans :

1. Make sure correct version of java is installed on your PC the correct version is JDK1.6.0_29 . 2. If more than 1 java versions are installed, Remove All the java version installed in your system and install JDK1.6.0_29 or above. 3. If Proxy settings are used ensure that java applets are allowed in the proxy settings

DS 5: What to do when Checker is getting: Digital certificate verification failed, error 6011? Ans :

1. Make sure checker is selecting the option as NO for: 2. Is your Digital Certificate Registered/active with CERSAI

DS 6: Response Message Error Occurred while signing the message Refer to log for details? Ans : Please check for the following:

1. Expiry date of the certificate 2. System date and time should be accurate

DS

7:

Response

message

signer

certificate

not

set?

Ans : Please check for the following:

1. Expiry date of the certificate 2. System date and time should be accurate

DS

8:

Type

of

digital

signature

required?

Ans : SHA2 2048(bits) Class II or III individual signer certificates are required.

-----------------------------------------------------------------Checker Section-----------------------------------------------------------------

C1:

How

to

authorize

entries

made

by

the

maker?

Ans : Checker should login to the CERSAI Portal

1. Go to link Checker FYA 2. Enter user id of the maker and select the type of transaction to be authorized 3. The pending list of transaction of type selected as in step 3 above would be displayed to you. 4. The transaction generated can be authorized by the checker one by one.

C2:

How

to

reject

an

entry

made

by

maker?

Ans : Checker should login to the CERSAI Portal

1. Go to link Checker FYA. 2. Enter user id of the maker and select the type of transaction to be authorized 3. Select the queue reference number 4. Uncheck the boxes where error is found 5. Enter the rejection comments and click on Reject button

C3:

How

to

change

role

of

the

user?

Ans : Role change can be done by the primary user administrator and Secondary user administrator of the entity only.

C4:

Can

Maker

user

authorize

his

own

entries?

Ans : A user can not authorize his own entries. Authorization part can only be done by some other checker user.

C5:

Whether

challan

can

be

downloaded

for

subsisting

records?

Ans : No challan is generated for subsisting records as these transaction do not attract any fee.

-----------------------------------------------------------------Maker Section----------------------------------------------------------------M1: How maker can view records rejected by checker?

Ans : Maker can view records rejected by

1. Click on Maker FYA link. 2. Select the type of transaction and can do necessary corrections and resubmit or you can discard the record as required.

M2: Maker has not noted down the queue reference number of the record entered but pending for checkers approval, how to get queue reference number? Ans : Once transaction has been successfully submitted by the maker email confirmation is being sent at the makers registered email Id. Also maker can view it in unfinished transaction report.

M3:

How

to

get

list

of

pending

/unapproved

transaction?

Ans : Pending transaction report can be downloaded through link Unfinished Transaction Report.

M4: How to close the loan once borrower has repaid the amount/how to satisfy a record ? Ans : Maker User can go to the link satisfaction of security interest and enter charge satisfaction date along with reason for satisfaction, and then same is pending for checkers verification. Once checker approves the transaction charge becomes satisfied.

M5:

In

case

where

borrower

does

not

have

PAN

number?

Ans : Default Pan Number, i.e AAAAA9999B has been recommended in cases where borrower does not have a pan number.

M6: How to amend the record where queue reference number has been generated and same is pending for checkers action? Ans :

1. Checker has to first reject the record, 2. After rejection rejected record will come under makers maker FYA link. 3. Now Maker can do necessary corrections and resubmit the record.

M7:

When

to

use

link

Add

SI

on

existing

asset?

Ans : This link has to be used in case where joint charge or consortium finance is involved. Lead bank has to tag other banks involved in the charge.

M8: How to register charge in case multiple properties are mortgaged for single loan account ? Ans : In such cases multiple entries has to made in the system as each and every property has to be identified uniquely.eg : If 5 properties are mortgaged for single loan account , 5 entries should go into the system

M9:

How

to

register

joint

charge

holder

Ans : Lead bank has to create a provision to add another charge holder/ bank by using correction of Security interest tab and selecting tab nature of SI.

M10:

How

to

know

user

administrators

for

your

entity

Ans : Users can go to the link know your administrator, it will display names , email Ids , contact details of the primary and secondary user administrators. They can also act as a checker.

M11:

What

will

be

security

interest

Id

for

phase-I

records

Ans : In case where any change has to be made in phase-I records, asset Id will be the security interest Id only, i.e asset Id and security interest Id will be same for phase-I records.

M12:

Maker

has

not

downloaded

PDF

after

submitting

the

record

Ans : PDF cannot be downloaded at a later stage.

M13:

How

to

do

amendments

in

charge

entered

Ans : Once record is registered in CERSAI, user can use correction of SI tab to do corrections in borrower details, charge holder details, 3rd party details, document details, loan details etc. Modification of SI tab has to be used in cases where loan amount has to be enhanced or new loan has to be added in property already registered with CERSAI.

M14: Maker getting error while submitting the record: please check all details of _____ tab/tab shown in RED? Ans : Maker has to go to the tab reflecting in RED and check the field, highlighted in grey color and rectify the error.

-------------------------------------------------------------Functional Section------------------------------------------------------------

FP1:

What

is

the

applicability

of

Registration

System

Ans : The Provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) are applicable to secured creditors as defined by section 2(1)(zd) of the Act. In terms of the definition following categories of secured creditors are governed by the SARFAESI Act: (i) Banks

(ii) (iii) (iv)

Financial

Institutions

Debenture Trustee appointed by any bank or financial institution Securitisation Company (SC) or Reconstruction Company (RC)

(v) Any other trustee holding securities on behalf of a bank or financial institution. In terms of the definition of bank and financial institution contained in section 2(1)(c) and (m), the Central Government has powers to declare any other bank or financial institution as a bank or financial institution for the purposes of the provisions of the SARFAESI Act. In exercise of the above powers the Central Government has declared certain banks and housing finance companies as financial institutions for the purposes of the SARFAESI Act, by issue of Notifications as under: a) Notification No.SO105(E) dated 28.01.2003 declaring Co-operative Bank as defined in clause (cci) of section 5 of the Banking regulation Act, 1949 as 'bank' for the purposes of SARFAESI Act. b) Notification No.So.1282(E) dated 10.11.2003 declaring certain Housing Finance Companies registered under section 29A of the National Housing Bank Act, 1987, as 'financial institutions' for the purposes of SARFAESI Act. c) Notification No.SO 1275(E) dated 30.10.2003 declaring Asian Development Bank as 'financial institution' for the purposes of SARFAESI Act. d) Notification No.SO772(E) dated 17.05.2007 declaring Regional Rural Banks as defined in clause (f) of section 2 of the Regional Rural Banks Act, 1976 as 'bank' for the purposes of SARFAESI Act. All such entities are secured creditors for the purposes of SARFAESI Act and are required to register security interest by way of mortgage by deposit of title deeds with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). IN addition to debenture trustees referred to in the definition of secured creditors there are certain trustee companies holding securities on behalf of banks and financial institutions. Such trustee companies are also secured creditors for the purposes of the SARFAESI Act and are governed by the requirements of the Registration System.

FP2: What types of Security Interests are required to be registered with CERSAI Ans : The Central Government has notified the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011 (Central Registry Rules) with effect from 31st March 2011. In terms of the provisions of the said Rules, the Forms have been prescribed for the purposes of registration of following transactions with CERSAI: (i) Creation of mortgage by deposit of title deeds in favour of secured creditors: Form-I (ii) Satisfaction of Charge : Form-II (iii) Securitisation or Reconstruction of Financial Assets: Form-III (iv) Satisfaction of Securitisation or Reconstruction of Financial Assets : Form-IV It can be seen from the provisions of the Central Registry Rules that no Forms have been prescribed

for registration of charges other than mortgage by deposit of title deeds. Hence for the present, the secured creditors are required to file particulars of only equitable mortgages with CERSAI.

FP3:

what

is

Registration

of

Securitisation

and

Reconstruction

Transactions

Ans : Banks and financial institutions undertake securitisation of healthy assets, but such securitisation may not be under the provisions of the SARFAESI Act. The assignment of loan receivables with or without the benefit of underlying securities is done in favour of a Special Purpose Vehicle (SPV), using the provisions of the Indian Trust Act, 1882. Such assignment of loan receivables may not be in favour of any SC or RC registered under the provisions of section 3 of the SARFAESI Act. Such securitisation transactions are therefore not required to be registered with CERSAI. If any SC or RC registered under the SARFAESI Act is acquiring loan receivables for securitisation or asset reconstruction, such transactions are required to be registered in Form-III prescribed under the Central Registry Rules. It needs to be noted that registration of transactions of securitisation or reconstruction has no relevance with creation of mortgage by deposit of title deeds. There could be cases where securitisation or reconstruction is undertaken in respect of loan receivables which are unsecured or secured by security interest other than mortgage by deposit of title deeds. All such transactions of securitisation or reconstruction are required to be registered with CERSAI. In many cases, such securitisation or reconstruction transactions would relate to a bundle of loans consisting of many loan accounts acquired from any bank or financial institution. In such cases, satisfaction of the securitisation / reconstruction transaction will have to be filed with CERSAI after all the accounts contained in such bundle of loans are satisfied or otherwise closed. It is not necessary to file any Form for Satisfaction, if only part of such loan portfolio acquired by SC/RC is settled and recovered. It is not necessary that the loans acquired by SC/RC for the purpose of securitisation or reconstruction or secured by mortgage by deposit of title deeds. However, any SC/RC registered with Reserve Bank of India is also a secured creditor for the purposes of SARFAESI Act. Hence, if in the process of reconstruction of any loans acquired by SC/RC, a mortgage is created in favour of SC/RC to secure the reconstructed loans or any further finance granted to the borrower, such mortgage created in favour of SC/RC will have to be registered by filing Form-I with the CERSAI.

FP4:

What

is

the

effective

date

of

the

Registry

System

Ans : The Government notifications of establishing the Central Registry and prescribing the Central Registry Rules as well as for appointment of the Central Registrar are all dated 31st March 2011. The Registration System has therefore become effective from 31st March 2011 and all security interests by way of creation of mortgage by deposit of title deeds as also transactions of securitisation and asset reconstruction on and after 31st March 2011 are required to be registered.

The relevant Rules have not been given retrospective effect and hence transactions of mortgages or securitisation or asset reconstruction undertaken prior to 31st March 2011 are not required to be registered. If in any loan accounts there is a release and re-deposit of title deeds on or after 31st March 2011 amounting to creation of mortgage, such transaction will require registration.

FP5:

what

are

Equitable

mortgages

in

favour

of

trusts/trustee

companies

Ans : As stated above, the definition of secured creditor under the SARFAESI Act includes trustee acting on behalf of any bank or financial institution and is a secured creditor for the purposes of SARFAESI Act. In cases where equitable mortgages are created in favour of a trustee or a trustee company, Form-I should be filed by such trustee and in para 7 of Form-I, name of the charge holder may be stated as under: '..... Trustee Company acting on behalf of ...... Bank and ..... Financial Institution'. (The names of the Banks and Financial Institutions on whose behalf the trustee is holding the securities may be indicated after the name of the trustee / trustee company).

FP6: As of now there is a requirement to file Form 8 under the Companies Act for creation or modification of charge u/s. 125-128. Does the filing of equitable mortgage before this Registry in any way affect this requirement for ROC filing or registration under the Registration Act, 1918 Ans : The Central Registration system established under the SARFAESI act is in addition to and supplemental to other registration system already in operation under other laws such as the Companies Act 1956 or Registration Act, 1918. The registration under the SARFAESI Act does not in any way affect or change the requirement of registration under other laws. Please refer to subsection (4) of section 20 of the SARFAESI Act.

FP7: Who should file charge in case title documents are held by some third party acting as a custodian? Ans : Charge should only be filed by those banks having security interest on that asset. Custodian cannot file charge on behalf of other banks.

FP8:

What

is

the

difference

between

Asset

ID

and

Security

Interest

ID?

Ans : Asset Id is a unique ID which is mapped to the property registered in CERSAI while Security Interest ID is the Id which is mapped to the charge filed by a bank on a particular property. A

property can have only 1 asset id while multiple Security Interest IDs can be created on the same Asset ID.

FP9: What

do

you

mean

by

Subsisting

records?

Ans : Records where charge creation date/EM creation date is prior to 31st Mar 2011 are categorized as subsisting records. Last date for entering these records is 30th September 2012 . No fee is levied for such records.

FP10: Are

there

any

charges

for

correction

of

security

interest?

Ans : No charges are specified for correction of charge by CERSAI.

FP11: How

to

pay

charge

registration

fee?

Ans : Member entities are required to make payment towards number of expected mortgage created within 45 days multiply by Rs.500/by way of RTGS. Details are mentioned below: Bank: Bank of Baroda Branch: Parliament Street, New Delhi Account Name: CENTRAL REGISTRY OF RECONSTRUCTION AND SECURITY INTEREST Account No.: IFS Code: BARB0PARLIA (5th digit should Branch CERSAI Bank BRANCH ACCOUNT Code: FACTORING FEES COLLECTION name: STATE BANK ADDRESS: BHIKAJI CAMA PLACE, NO: NAME: SECURITISATION ASSET OF INDIA (CERSAI) 05860200001270 be read as ZERO) PARLIA ACCOUNT DETAILS OF INDIA NEW DELHI 110066 32335468278 CERSAI

ACCOUNT IFSC CODE: SBIN0007755

----------------------------------------------------------------Batch Section----------------------------------------------------------------

B1: Ans :

How

to

get

batch

facility

enabled?

1. Send the generated Batch file to CERSAI Helpdesk Team 2. The Helpdesk team verifies the correctness of the batch file 3. After successful completion of testing process by the Helpdesk Team Batch Upload Facility will be enabled for the concerned bank.

B2:

Whether

CERSAI

provides

any

software

for

preparing

batch

files?

Ans : CERSAI do not provide any software for preparing batch file. Batch files have to be prepared by concerned banks themselves.

----------------------------------------------------------------Report Section----------------------------------------------------------------

RP1:

Online

reports

are

not

reflecting

for

all

records?

Ans : In case where records with charge creation date/loan date is post 31st Mar2011 then reports of records entered can be downloaded by selecting online report type as Security interests created. For charges/records where charge creation date/loan date is prior to 31st Mar2011 reports can be downloaded by selecting online report type as Security interests created (subsisting records).

RP2: Ans :

How

to

download

reports

of

records

approved

by

the

checker?

1. Primary user administrators and secondary user administrators can download reports of charge created by all the users.

2.

Users with role code C03 and C06 can only download reports of the records approved by them. 3. Makers (M03 and M06) cannot download reports of charge created.

RP3: How to get Asset Id and Security Interest Id, where only queue reference number is available? Ans : Checker and user administrators can download the reports of charge registered with CERSAI. Checker can download the reports of transactions which has been approved by his Id only and user administrator can download the reports of all the records entered by all the users.

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