Module: | Introduction and Definitions
Q1: Which of the following statements are correct regarding the identity and enactment of the SARFAESI Act?
1. The full form of the Act is "Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act".
2. The Act was enacted by the Parliament of India in the year 2002.
2. The Act was enacted by the Parliament of India in the year 2002.
✅ Correct Answer: C
The SARFAESI Act (Act 54 of 2002) stands for "Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act." It was enacted in 2002 to provide a legal framework for the enforcement of security interest without court intervention.