Section 26B of the SARFAESI Act, 2002, lays a compulsion on every authority or officer of the Central Government or any State Government or local authority, responsible for carrying out the function of recovery of tax or other Government dues to file particulars of creation of security interest with Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI).
However, no such compulsion is laid on secured creditors or other creditors covered under the SARFAESI Act. Accordingly, the requirement of filing particulars of creation of security interest is mandatorily applicable only on government, local authorities or their officers. Thus, eligible NBFCs are not compulsorily required to file particulars of creation of security interest with CERSAI.