Section 3(1) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(1)No [asset reconstruction company] [Substituted by Act No. 44 of 2016.] shall commence or carry on the business of securitisation or asset reconstruction without(a)obtaining a certificate of registration granted under this section; and(b)[ having net owned fund of not less than two crore rupees or such other higher amount as the Reserve Bank, may, by notification, specify:] [Substituted by Act No. 44 of 2016.]Provided that the Reserve Bank may, by notification, specify different amounts of owned fund for different class or classes of [asset reconstruction company] [Substituted by Act No. 44 of 2016.]:Provided further that a [asset reconstruction company] [Substituted by Act No. 44 of 2016.] existing on the commencement of this Act, shall make an application for registration to the Reserve Bank before the expiry of six months from such commencement and notwithstanding anything contained in this sub-section may continue to carry on the business of securitisation or asset reconstruction until a certificate of registration is granted to it or, as the case may be, rejection of application for registration is communicated to it.
