CERSAI 2.0: A WAY FORWARD

Government of India established the Central Registry of Securitisation Asset Reconstruction and Security Interest of India(CERSAI) to operate and maintain Central Registry functions as per SARFAESI Act 2002.

- Ravi Mishra

CERSAI provides platform to All scheduled Commercial Banks(including RRBs) , Small Finance Banks, Local Area Banks, all Co-operative Banks, all NBFCs and All India Financial Institutions , for filing registrations including modification and satisfaction of transactions of securitizations, asset reconstruction and security interest.

An upgraded version of security interest portal that is CERSAI 2.0 had been released on 3rd August, 2020 and had introduced some significant changes. The Entity Registration functionality is accessible on the CERSAI 2.0 portal. For accessing the various functionalities available on the portal and registering details of security interest , entities must be registered. As per chapter IV-A of SARFAESI Act entities are classified into three main categories namely secured creditors, other creditors , Revenue Authorities. There is well defined procedures for their registration on the portal.

Access and functioning in CERSAI 2.0

• Made simple and flexible.

• Access to CERSAI 2.0 application requires a valid Digital Signature(DS)

• Any existing User with valid DS of any class are able to access CERSAI 2.0

• For activity on CERSAI portal , Existing users after expiry of their current DS including New Users registered in CERSAI 2.0 should have class III DS

• For logging in CERSAI 2.0 first time , Users can use default password. The default password is combination of the last four digits of their CERSAI user id and their date of birth (DDMMYY)

• No maker checker concept in CERSAI 2.0. Any authorized user will be able to perform end to end transaction.