Central registry system:
- It provides a platform for registration, with CERSAI, of transactions related to securitisation and reconstruction of financial assets and the security interest created under the SARFAESI Act.
- The system maintains a data repository for information related to collateral security. The database also helps prevent fraudulent transactions carried out using the same asset for mortgaging to multiple lenders. Financial institutions can refer to this database on CERSAI registry to verify whether the asset has already been mortgaged with another lender.
- It is an efficient web-based system from where financial institutions and the general public can access information. The portal provides real-time information about the collateral mortgaged by the borrower. This information is very helpful for lenders and stake holders. For potential buyers of mortgaged assets, this system shares information regarding any encumbrances on the particular asset. The system keeps a history of charges on mortgaged assets.
CERSAI registration portal:
The applicants should register on the portal and obtain a username and a password. Once the individual’s registration is complete, he/she will receive the login details via email. This registered user will act on the behalf of the financial entity he/ she has registered for.
Class 2 digital signature certificate for CERSAI:
CERSAI has given a deadline to all bankers for obtaining class 2 digital signature certificates from Sify SafeScrypt. For CERSAI Registration, applicants need to buy digital certificates in India. It should be a class 2 digital signature certificate of the signing category. SHA2 (2048bit) class 2 or class 3 individual signer certificates are to be purchased for CERSAI registration.
While filling out the request form for issuance of a signing digital signature certificate for Central Registry of Securitisation Asset Reconstruction and Security Interest of India, the applicant must enter all the personal details as they should appear on his/ her digital certificate. The user must ensure that all the information provided by him/ her in the certificate is factually correct as digital certificates are legally valid. Before submitting the form, users are recommended to ensure that all the fields are filled. Once the user generates a request, he/ she cannot change any information provided for the digital certificate. Applicants are also advised to provide a correct and an active email address. He/ she would be unable to download the certificate or use it with an incorrect email address.
After filling out the necessary forms online, the applicants should forward their certificate request form, their online enrollment form, all the essential documents and the fees to the registration authority (RA) of their choice. The RA will initiate a verification process for issuance of a digital signature certificate to the applicant. This process take about seven working days. Once the certifying authority or the registration authority approves the request, the applicant will receive an email with his/ her authentication pin. The email will be sent to the email address provided in the enrollment form. This authentication pin is required to download the digital certificate for CERSAI registration.