Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act :

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act ,2002

Act No : 54

Section : Penalties.

27. Penalties.-If a default is made- (a) in filing under section 23, the particulars of every transaction of any securitisation or asset reconstruction or security interest created by a securitisation company or reconstruction company or secured creditors; or (b) in sending under section 24, the particulars of the modification referred to in that section; or (c) in giving intimation under section 25, every company and every officer of the company or the secured creditors and every officer of the secured creditor who is in default shall be punishable with fine which may extend to five thousand rupees for every day during which the default continues.