Frequently Asked Questions

Untitled Document

Entity Registration----------------------------------------------------------------------------------------------------------------------------


ES 1: How to register a new entity?

Ans : Entity user has to fill registration form online. Form is available under "entity registration" link on our website www.cersai.org.in User needs to have digital signature to access CERSAI portal in order to fill the details of entity and the primary users. After filling in the details, forms need to be printed and duly signed by the authorised signatory whereafter these need to be sent along with the required documents (as mentioned in forms) at CERSAI address.

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


DS 1: How to register Digital Certificate on CERSAI site?

Ans : User can login on CERSAI portal with a valid digital signature, then

  1. Click on “I accept the agreement”.
  2. Choose the option for, “Is your Digital Certificate Registered with CERSAI” as “YES”. (For first time login use option “NO”, register the digital signature and then log in again using the digital signature)
  3. Select the location of digital signature.

DS 2: System requirements to register digital signature in CERSAI portal
                                                                     or
            What to do in case of Object Error (Exception Occurred)
                                                                     or
            What to do in case of error “Object does not support this property or method”
                                                                     or
            Response Message Error Occurred while signing the message “Refer to log for details”
                                                                     or
           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 : (1) User should have digital signature installed/inserted in the system and it should be readable. Digital Signature can be checked in internet explorer under tools->internet options->content->certificates->certificate. User name can be viewed there under “personal tab”.

(2) Java version should be either: Java 6update30 or above, except java version 7. Only one Java version should be available in system. Already installed java version can be checked from control panel.

(3) Token/Digital signature driver should be installed; same can be checked in control panel.

(4) Digital signature certificate path should be available. To check the same follow steps as mentioned in point (1) User needs to double click on his digital signatureclick on certification path check certificate status, it should be “OK”

(5) Java console should show J sign applet initialized successfully. To open java console, go to control panel->double click on java icon->click on advanced->click on java console->select show console->click on apply and then OK.


DS 3: Checker getting error message: “Response message signer certificate not set”?

Ans : User needs to check for the following:

  1. Expiry date of the certificate. It can be checked in internet explorer under tools->internet options->content->certificates->certificate expiration date. Certificate should not be expired.
  2. System date and time should be accurate and updated.

DS 4: While logging for the first time Checker is getting error: “Digital signature verification failed”?

Ans : When logging in CERSAI portal user needs to select option as “NO” for the option “Is your Digital Certificate Registered with CERSAI”.

DS 5: What type of digital signature is required?

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

Maker Section------------------------------------------------------------------------------------------------------------------------------------


M 1: How can maker view records rejected by the checker?

Ans : Maker can view the rejected record under “Maker FYA” link. Select the type of transaction (which was selected by the maker while making the entry) and click on show details to view the rejected record. Maker can then do corrections and resubmit or discard the record as required.


M 2: Maker has not noted down the queue reference number of the record entered. Record is pending for checker’s approval, how to get queue reference number?

Ans : Once transaction has been successfully submitted by the maker in CERSAI portal an email confirmation is sent at the maker”s registered email Id. Also a maker can view queue reference number in “Unfinished Transaction Report” link available under 'Reports'.


M 3: How to get the list of pending /unapproved transactions?

Ans : User can download report of pending/ unapproved transactions using link “Unfinished Transaction Report”. Records appearing in this report are yet to be approved by the checker.


M 4: How to satisfy the charge with Central Registry upon repayment of the loan amount once borrower has repaid the amount fully / How to satisfy a record?

Ans : Maker User can go to the link “Satisfaction of Security Interest” and enter charge satisfaction date along with a reason for satisfaction. Once satisfaction of SI is initiated it becomes pending for checker's action. Once checker approves the satisfaction transaction the charge becomes satisfied in CERSAI system.


M 5: In case the borrower does not have a PAN number what should be filled under PAN number?

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


M 6: How to amend the record where queue reference number has been generated and same is pending for checker's action?

Ans :

  1. No correction/modification is permitted once maker submits the record.
  2. Checker has to first reject the record and enter rejection comments.
  3. After rejection, rejected record will come under Maker's “Maker FYA” link.
  4. Maker has to select the type of transaction, do necessary corrections and resubmit the record.


M 7: When to use link “Add SI on existing asset”?

Ans : This link is used by joint charge holders. Lead charge holder bank has to enter the charge using “Add SI on Existing Asset” link-> enter the asset Id and fill the details. In cases where provision for the consortium member banks to add charge on the same property is not created, then lead bank has to be advised by the concerned bank to create provision for joint charge holders using “Correction of SI” link->enter SI Id->Type of charge->Add SI holder.


M 8: How to file charge in cases in which multiple properties are mortgaged for single loan account?

Ans : In such cases multiple entries have to be 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.


M 9: How to create a provision for the 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”.


M 10: How to know user administrators for your entity?

Ans : : Users can go to the link “Know Your Administrator”, it will display names , email Id’s and contact details of the primary and secondary user administrators. They can also act as a ‘Checker’.


M 11: 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.


M 12: Maker has not downloaded the PDF of the Security Interest detail after submitting the record of Add Security Interest?

Ans : PDF of the Security Interest details cannot be downloaded at a later stage. Checker user can view the record details entered by maker under checker FYA link.


M 13: How to carry out amendments in charge entered?

Ans : Once record is filed 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 filed with CERSAI. Both these features are chargeable as per Rule 7(1) of Central Registry Rules 2011.


M 14: Maker getting error while submitting the record: please check all details of _____ tab/tab in RED color?

Ans : Maker has to go to the tab which is in RED color and check the data entered. Fields highlighted in grey color need to be rectified.

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


C 1: How can checker authorize entries entered by the maker in CERSAI system?

Ans : Checker should login to the CERSAI Portal

  1. Click on link Checker FYA
  2. Enter user id of the maker and select the type of transaction to be authorized.
  3. System will then display the pending transactions to the checker.
  4. Checker can select one transaction by using radio button and click on show details.
  5. Checker can view the data entered and approve/reject the record as per requirement.


C 2: How can checker reject an entry made by maker in the CERSAI system?

Ans : Checker should login to the CERSAI Portal

  1. Click on 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.


C 3: How to change role of the user?

Ans : Role change of user member can be done by Primary User Administrator and Secondary User Administrator of the entity only, using the link “Amend member user”.


C 4: Can a Maker user authorize his own entries?

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


C 5: Whether challan can be downloaded for subsisting records?

Ans : Checker user who approved the record or User Administrator can download challan using “challan download” link available under Revenue Management. Challan for subsisting records can be generated only if they are filed in the registry after 30th June 2013. Challan can be downloaded date-wise or challan number wise. Challan number will be the queue reference number.


C 6: Checker getting message “account balance insufficient”?

Ans : This message is displayed when the available balance of the entity with CERSAI is insufficient. Users need to contact their head office/user administrator in such a case to deposit sufficient amount in CERSAI account so that the fee for the entry(ies) may be deducted.

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) Financial Institutions
(iii) Debenture Trustee appointed by any bank or financial institution
(iv) 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. RBI vide their letter number RBI/2013-14/369, dated Nov 12, 2013 have advised all NBFC's also to file the Security Interest created in their favor.


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 or may not be in favour of any Securitisation Company or Reconstruction Company registered under the provisions of section 3 of the SARFAESI Act. In the latter case the securitisation transactions are not required to be filed with CERSAI. If any Securitisation Company or Reconstruction Company registered under the SARFAESI Act acquires 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 connection 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 also required to be filed 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, the Asset Reconstruction Company can opt for either partial satisfaction or complete satisfaction in Form-III depending on the loans under the portfolio which have been satisfied. In case, where a form-I is filed in respect of any asset, for satisfaction of loan against such an asset,a form-II is required to be filed by Securitisation Company or Reconstruction Company. All Securitisation and Reconstruction Companies registered with Reserve Bank of India are also secured creditors for the purposes of SARFAESI Act. Hence, if in the process of reconstruction of any loans acquired by Securitisation or Reconstruction Company, a mortgage is created in favour of Securitisation or Reconstruction Company to secure the reconstructed loans or any further finance granted to the borrower, such mortgage details created in favour of Securitisation or Reconstruction Company will also have to be filed with the CERSAI in form-I.

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.However all security interests by way of creation of mortgage by deposit of title deeds as also transactions of securitisation and asset reconstruction whether before or after this date are required to be filed. The relevant Rules have been given retrospective effect and hence all transactions of mortgages or securitisation or asset reconstruction undertaken are required to be filed.

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 'Trustees acting on behalf of any bank or financial institution'. 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: Is there any requirement to file CGH-1 (u/s. 77) of the Companies Act 2013 for creation or modification of charge. 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 Registry system established under the SARFAESI act is in addition to and supplemental to other registration systems already in operation under other laws such as the Companies Act 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 sub-section (4) of section 20 of the SARFAESI Act.

FP7: 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 bank in respect of the charge filed on a particular property. A property can have only One Asset Id while Security Interest ID's for the same asset will be different for every bank.


FP8: 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.


FP9: Account details to pay charge registration fee?

Ans : Primary user administrator has to update the details of fee deposited in CERSAI system, in “credit details upload” link available under revenue management.
Bank details to deposit fee for registration of Equitable Mortgages are as under:
Bank: Bank of Baroda
Branch: Parliament Street, New Delhi
Account Name: CENTRAL REGISTRY OF SECURITISATION ASSET
RECONSTRUCTION AND SECURITY INTEREST OF INDIA (CERSAI)
Account No.: 05860200001270
IFS Code: BARB0PARLIA (5th digit should be read as ZERO)
Branch Code: PARLIA

Bank details for depositing Fee for registering Factoring transactions are as under:
Bank name: STATE BANK OF INDIA
BRANCH ADDRESS: BHIKAJI CAMA PLACE, NEW DELHI 110066
ACCOUNT NO: 32335468278
ACCOUNT NAME: CERSAI
IFSC CODE: SBIN0007755


FP10: How to create new user administrator and delete a user administrator?

Ans : It is mandatory to have two primary user administrators. For creation of a new primary user administrator, the entity needs to send 'Form B' (available under downloads link) and for deletion of Primary User Administrator the entity needs to send 'Form C' at CERSAI address.


FP11: to find user Ids of already created users/Forgot user Id?

Ans : In case where user member has forgotten his user Id or it is invalid, the users can contact their 'User Administrator' to download 'User Created Report' which is available under “download online reports” for ascertaining their user Id.


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


B1: How to get batch facility enabled?

Ans : Batch upload formats can be downloaded online from downloads link. Entity needs to send the created sample batch file in the given format to CERSAI Helpdesk Team. Helpdesk team will verify the correctness of the batch file and after successful testing 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 a software for preparing batch file. Batch files have to be prepared by concerned banks themselves on the basis of batch upload formats available online under downloads link.



 

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


RP1: Online reports are not reflecting for all records?

Ans : Cases in which charge creation date/loan date is post 31st Mar'2011 reports of such records can be downloaded using “download online reports” for which please select type of report as 'Security Interests Created'. For charges/records where charge creation date/loan date is prior to 31st Mar'2011 reports can be downloaded by selecting online report type as 'Security Interests Created (Subsisting Records).


RP2: How to download reports of records approved by the checker?

Ans : Reports can be downloaded by using download online reports option:

  1. Primary user administrators and secondary user administrators can download reports of charge created by all the users.
  2. Checkers with role code C03(data collection checker)and role code C06(multifunction checker) can only download reports of the records approved by them.
  3. Makers with role code M03(data collection maker) and makers with role code M06(multifunction maker) cannot download/check reports of charge created.

RP3: How to get Asset Id and Security Interest Id, where only queue reference number is available?

Ans : Asset Id and Security interest Ids can be obtained by downloading online reports. Checker and user administrators can download reports of charges filed with CERSAI. A checker (who has approved the records) can download the reports of transactions approved by him/her and a User Administrator can also download the reports of all the records entered by all the users. Challans can also be downloaded, for approved records, to view 'Asset Id' and 'SI Id'.


Password Reset-------------------------------------------------------------------------------------------------------------------------------


PR1: How to reset password when user has forgotten the password?

Ans : Registered user can open www.cersai.org.in and click on the link “forgot password” and then answer the security question already set by him/her during earlier login.


PR2: How to reset password when security question is not set or user has forgotten security question answer?

Ans : User has to contact his/her user administrator to reset password. User administrator can reset password using “Amend Member User” link. On successful password reset system generated password is sent to the user’s registered email Id.


PR3: Password reset for primary user administrators (R02)?

Ans : The primary user administrator has to send an email at cmoperations@cersai.org.in quoting their CERSAI user Id (in order to get a new password). User administrator will receive new password in their email on his/her registered email Id.


Asset Reconstruction Company-------------------------------------------------------------------------------------------------


ARC1: How to transfer charge from bank to ARC?

Ans : ARC cannot fill the asset Id of the Equitable Mortgage in Form III in case the bank has not transferred the charge on ARC's name. Bank can transfer the charge using “Modification of SI” tab, enter security interest Id and select type of transaction as 'Charge Transfer'. Bank has to enter details of ARC on whose name charge transfer is done. This facility for changing the name of charge holder is available only in case of sale to ARCs.


ARC2: How to file form III in case where form I has not been entered by bank in CERSAI system?

Ans : While the ARC can file Form-III, the tagging of equitable mortgage if any in the account will take place only if the transferring bank had filled Form-I. In such case, ARC has to contact the respective bank(Assignor) to enter its charge in CERSAI system and then transfer it in favor of the ARC or fill Form-I themselves in CERSAI.


ARC3: How many form III to be filled, if ARC has bought multiple accounts having a single property mortgaged from different banks?

Ans : Only one form-III has to be filed for every Assignment Agreement whether it involves one account or multiple accounts. However, in case the transferring bank had not filed Form-I and ARC decides to file it, it will have to file separate Form-I for every property mortgaged.


ARC4: How to fill form III in case where security interest Id belongs to other entity?

Ans : In this case concerned entity(ies) has to transfer the security interest in the name of ARC by using “modification of SI tab”, by selecting type of transaction as charge transfer and the concerned Security interest Id will have to be filled in Form-III by the ARC. The facility of charge transfer from banks to other entities is available only in case of sale of asset to ARCs. In all other cases, banks will have to satisfy their charge and the new charge holder will have to register its charge afresh.


 

 

 

 

Central Registry of Securitisation Asset Reconstruction and Security Interest of India