What changed
RBI, under Section 12A of the SARFAESI Act, prescribed two new quarterly reporting formats (SCRC 1 and SCRC 2) for all registered SCs/RCs. The first submission is due for the quarter ending March 31, 2007, and must be sent to the Department of Non-Banking Supervision, Central Office, Mumbai within 15 days of quarter close.
What it means for you
SCs/RCs now have a standardized, recurring reporting obligation to RBI, enhancing transparency on asset acquisition, securitisation, reconstruction, and security receipt details. This allows RBI to monitor the sector's health and compliance more closely, impacting operational timelines and data management for these entities.
What you must do
- Prepare and submit SCRC 1 and SCRC 2 quarterly within 15 days of quarter-end to RBI's Department of Non-Banking Supervision, Central Office, Mumbai.
- Ensure first submission covers the quarter ending March 31, 2007.
- Maintain accurate records of asset book values, acquisition costs, security receipts issued/redeemed, and bank-wise details as per formats.
Who it affects
All registered Securitisation Companies (SCs), All registered Reconstruction Companies (RCs)
What are the key fields in SCRC 1?
SCRC 1 captures book value of assets acquired, cost of acquisition (split by bonds/debentures and cash), assets transferred to trust, security receipts issued and subscribed (by selling banks, FIIs, QIBs, SC/RC), and amounts redeemed (fully/partially).
Where should the quarterly statement be sent?
The statement must be sent to the Department of Non-Banking Supervision, Central Office, Reserve Bank of India, 2nd floor, 'B' Wing, World Trade Centre, Centre I, Cuffe Parade, Colaba, Mumbai 400005.
What is the deadline for the first submission?
The first quarterly statement is due for the quarter ending March 31, 2007, and must be submitted within 15 days of that quarter's close.