Multiple choice

Which of the following has the authority under SARFAESI Act to prescribe income recognition, accounting standards, and provisioning norms for Securitisation or Reconstruction Companies?

  1. RBI

  2. RoC

  3. SEBI

  4. Company Law Board

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A Correct answer
Explanation

Reserve Bank of India has the authority under SARFAESI Act to prescribe income recognition, accounting standards, and provisioning norms for Securitisation or Reconstruction Companies. The provisions of the guidelines and directions shall apply to SC/RC registered with the RBI under Section 3 of the SARFAESI Act, 2002.