38.
Power of Central Government to make rules.-
(1) The Central Government may, by
notification and in the Electronic Gazette as
defined in clause (s) of section 2 of the Information
Technology Act, 2000 (21 od 2000), make rules
for carrying out the provisions of this Act.
(2) In particular, and without
prejudice to the generality of the foregoing
power, such rules may provide for all or any
of the following matters, namely:-
(a) the form and manner in
which an application may be filed under sub-section
(10) of section 13;
(b) the manner in which the
rights of a secured creditor may be exercised
by one or more of his officers under sub-section
(12) of section 13;
(c) the safeguards subject
to which the records may be kept under sub-section
(2) of section 22;
(d) the manner in which the
particulars of every transaction of securitisation
shall be filed under section 23 and fee for
filing such transaction;
(e) the fee for inspecting
the particulars of transactions kept under section
22 and entered in the Central Register under
sub-section (1) of section 26;
(f) the fees for inspecting
the Central Register maintained in electronic
form under sub-section (2) of section 26;
(g) any other matter which
is required to be, or may be, prescribed, in
respect of which provision is to be, or may
be, made by rules.
(3) Every rule made under
this Act shall be laid, as soon as may be after
it is made, before each House of Parliament,
while it is in session, for a total period of
thirty days which may be comprised in one session
or in two or more successive sessions, and if,
before the expiry of the session immediately
following the session or the successive sessions
aforesaid, both Houses agree in making any modification
in the rule or both Houses agree that the rule
should not be made, the rule shall thereafter
have effect only in such modified form or be
of no effect, as the case may be; so, however,
that any such modification or annulment shall
be without prejudice to the validity of anything
previously done under that rule.
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