Friday, March 31, 2017

New CERSAI chief

The Union Government has appointed Praveen Kumar Sharma as the Central Registrar (CR), Managing Director (MD) and Chief Executive Officer (CEO) of Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). The Appointments Committeee of Cabinet has approved his appointment for 3 years. Prior to this appointment sharma was General Manager,State Bank of India.

CERSAI is a central online security interest registry of India. It is a Government company licensed under section 25 of the Companies Act, 1956. Its headquarters is in New Delhi.
It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks.
CERSAI provides the platform for filing registrations of transactions of securitization, asset reconstruction and security interest by the banks and financial institutions.
Any person can also search and inspect the records maintained by the registry on payment of prescribed fees.

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