What is CERSAI

CERSAI stands for Central Registry of Securitisation Asset Reconstruction and Security Interest of India. The Ministry of Finance created this centralised platform under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.

The main purpose of the Central Registry is to maintain records of all types of security interests. It also seeks to prevent fraud in loan cases with multiple lending from different banks using the same immovable property.

The Central Registry promotes transparency and accountability in the banking and financial ecosystem. Here are some of the primary goals of CERSAI:

• It prevents fraudulent activities, such as multiple financing and benami transactions.
  

• The Central Registry allows lenders to conduct due diligence checks on potential borrowers.
  

• A centralised platform helps simplify loan processing and allows lenders to manage their assets.
  

• By providing clear and transparent records to the lenders, CERSAI also reduces the risk of litigation.
  

Whenever banks or lenders provide a loan against a property, they need to register the charges on the Central Registry. It acts as a public database accessible to all regulated lenders.

Banks generally share this data with the registry within 30 days of the transaction. If the data is not shared within the timeline, the banks will be charged with monetary penalties.

Using the public search facility, you can check whether the property that you are buying is pledged as collateral. It saves you from fraudulent transactions when buying any property.

This platform plays a vital role in safeguarding property transactions. If you wish to check records and log into the CERSAI portal, you need to register yourself.

Registration Process

Here’s how you can register:

• Visit the official website of CERSAI
  

• Select the ‘Entity Registration’ option under the tab with the same name
  

• Choose the ‘Mode of Entity Registration’ - ‘CKYC’ or ‘Digital Signature’ as per your preference
  

• Provide the requested personal details and captcha code
  

• Cross-check the details entered and click on ‘Submit’

Login Process

If you have already registered, you can directly log into CERSAI with the help of the following steps:

• Visit the official CERSAI website
  

• Click on the ‘Login’ button available on the top right corner of the home page
  

• Enter your credentials and click on the ‘Submit’ button

An organisation or institution involved in transactions creating securities interest needs to register with the Central Registry. Here is the process for the same:

Step 1: Obtain a Permanent Account Number (PAN)

Ensure your entity has a valid PAN issued by the Income Tax Department of India, as it is essential for financial transactions and registrations.

Step 2: Verify Eligibility

Confirm that your entity qualifies for registration under CERSAI guidelines. Typically, financial institutions such as banks, Non-Banking Financial Companies (NBFCs), and housing finance companies are eligible.

Step 3: Gather Necessary Documents

Prepare the following documents:

• Incorporation certificate

• Articles of Association (AoA)

• Memorandum of Association (MoA)

• Proof of identity of shareholders and directors

• Address proof

• Certificate of business commencement

• Profit and loss statement 

Step 4: Fill the Entity Registration Form

Visit the CERSAI Entity Registration page and fill out the online registration form. Provide accurate details about your entity and designate two Primary User Administrators (PUA1 and PUA2). Ensure that the PUAs have valid Class 3 Digital Signature Certificates (DSCs).

Step 5: Choose the Mode of Registration

Select between two registration modes:

• Via CKYC: Requires the Central Know Your Customer (CKYC) number and associated details.

• Via Digital Signature: Requires valid Class III DSCs for the PUAs.

Step 6: Submit the Application

After completing the form and attaching the necessary documents, submit the application online. Print the filled form, have it signed by the authorised signatories, and send the physical copies along with supporting documents to the CERSAI office.

Step 7: Await Approval

CERSAI officials will review your application and the submitted documents. Upon approval, your entity will be registered, and the designated PUAs will receive login credentials to access the CERSAI portal.

Any bank or financial institution creating securities interest can register on the portal by paying a registration charge. After the registration, banks can access information on an asset or property to check previous security interests.

The Central Registry also extends a search report to all entities to ensure a registration system free from fraudulent activities. It offers various search functionalities to help users verify security interests and prevent fraudulent transactions. These search options include:

Asset-based Search

This search allows users to check if a specific asset, such as a property, has any existing security interests registered against it. By entering details like the asset's identification number or description, users can determine if the asset is free from encumbrances.

Debtor-based Search

Through this search, users can verify if a particular individual or entity (the debtor) has any registered security interests against their name. By providing the debtor's name or identification details, users can assess their creditworthiness and existing liabilities.

AOR-based Search

The Assignment of Receivables (AOR) search enables users to find information about receivables that have been assigned to financial institutions. This is particularly useful for entities involved in trade finance, as it helps in verifying the authenticity and ownership of receivables.

These search functionalities are accessible through the CERSAI portal and are instrumental in ensuring transparency and security in financial transactions.

By accessing this repository, you can be empowered to verify if the property that you are thinking of buying is pledged as security. Here is how you can conduct an asset-based search on the platform:

• Visit the portal and click on the ‘Public Search’ category in the dashboard at the top.
  

• Choose the ‘Asset-Based’ search option and select the category of asset, for example ‘Immovable’.
  

• In this case, you will be required to choose the type of immovable asset.
  

• Enter relevant details, for example, the survey number, house/plot number, address of the property, and more.
  

• Enter the captcha and click on the ‘Submit’ button.
  

As per the regulations notified by the Government of India, financial institutions need to register home loans with a security interest on CERSAI. For this, borrowers will be liable to pay these charges:

*Disclaimer: The above-mentioned charges are subject to change at CERSAI’s discretion.

Before using this robust platform, it is crucial to know about the associated fees:

*Disclaimer: The above-mentioned charges are subject to change at CERSAI’s discretion.

In case of any complaint or query, you can reach out to concerned authorities at the registry through any of the following ways:

• Post: 

C/o Chief Operating Officer 

Central Registry of Securitisation Asset Reconstruction and Security Interest of India

Tower 1, Office Block, 4th Floor

Plate-A, Adjacent to Ring Road, NBCC 

Kidwai Nagar (East), New Delhi - 110023

• Telephone: 

You can call the helpline number at 011-24664628, 8595542303, or 8448535339

• Email: 

You can also email them at helpdesk@cersai.org.in