The Reserve Bank of India (“RBI”), vide its notification dated January 14, 2022, has issued the Registration of Assignment of Receivables (Reserve Bank) Regulations, 2022 (“Regulations”) pertaining to the manner of filing of particulars of transactions with the central registry (set up under section 20 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002) (“Central Registry”) by a Trade Receivable Discounting System (“TReDS”) on behalf of Factors (as defined under the Factoring Regulation Act, 2011).
Brief overview of the manner of filing the particulars with the Central Registry, the form in which the filing has to be done and payment of necessary fee, as introduced by the Regulations are detailed below:
The Regulations have come into effect from the date of their publication in the official gazette i.e. January 17, 2022.
This update has been contributed by Nidhi Arya (Partner) and Swaraj Narula (Senior Associate).
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