Section 7(2) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(2)A [asset reconstruction company] [Substituted by Act No. 44 of 2016.] may raise funds from the [qualified buyers] [Substituted by Act No. 44 of 2016.] by formulating schemes for acquiring financial assets and shall keep and maintain separate and distinct accounts in respect of each such scheme for every financial asset acquired out of investments made by a [qualified buyer] [Substituted by Act No. 44 of 2016.] and ensure that realisations of such financial asset is held and applied towards redemption of investments and payment of returns assured on such investments under the relevant scheme.[(2-A)(a) The scheme for the purpose of offering security receipts under sub-section (1) or raising funds under sub-section (2), may be in the nature of a trust to be managed by the [asset reconstruction company] [Inserted by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (30 of 2004), Section 6, (w.e.f. 11.11.2004.] and the [asset reconstruction company] [Substituted by Act No. 44 of 2016.] shall hold the assets so acquired or the funds so raised for acquiring the assets, in trust for the benefit of the [qualified buyers] [Substituted by Act No. 44 of 2016.] holding the security receipts or from whom the funds are raised.(b)The provisions of the Indian Trusts Act, 1882 (2 of 1882) shall, except in so far as they are inconsistent with the provisions of this Act, apply with respect to the trust referred to in clause (a) above.]
