Section 10(2) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(2)Save as otherwise provided in sub-section (1), no [asset reconstruction company] [Substituted by Act No. 44 of 2016.] which has been granted a certificate of registration under sub-section (4) of section 3, shall commence or carry on, without prior approval of the Reserve Bank, any business other than that of securitisation or asset reconstruction:Provided that a [asset reconstruction company] [Substituted by Act No. 44 of 2016.] which is carrying on, on or before the commencement of this Act, any business other than the business of securitisation or asset reconstruction or business referred to in sub-section (1), shall cease to carry on any such business within one year from the date of commencement of this Act.Explanation. For the purposes of this section, [asset reconstruction company] [Substituted by Act No. 44 of 2016.] does not include its subsidiary.
