Sebi permits all NBFCs, HFCs to invest in security receipts by ARCs

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Sebi permits all NBFCs, HFCs to invest in security receipts by ARCs - Business Standard

Quick Summary:

Markets regulator Sebi has allowed all non-banking financial companies (NBFC), including housing finance companies, to invest in security receipts issued by Asset Reconstruction Companies (ARCs), a move aimed at encouraging investments in the bad loans space.

In a gazette notification issued on February 28, Sebi said, "all NBFCs including HFCs regulated by the Reserve Bank of India (RBI) are hereby specified as qualified buyers for the purposes of SARFAESI Act (the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002)".

ARCs are set-up to acquire bad loans from banks and financial institutions after appropriate haircuts and issue security receipts (SRs).