Section 5, Bilateral Netting Qualified Financial Contracts Act, 2020 [S29-V7R]

As at 7 September 2026. In force from 16 March 2020.

In Bilateral Netting Qualified Financial Contracts Act, 2020 [A11-Q77]. This text from 16 March 2020. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 5, Bilateral Netting Qualified Financial Contracts Act, 2020 [S29-V7R]. Machine: S29-V7R.

5. Prohibition of the enforcement of security interest without licence.—No person shall undertake the enforcement of security interest except under and in accordance with the conditions of a licence granted under section 6: Provided that nothing in this section shall apply to the enforcement of security interest undertaken by or on behalf of the Central Government or a State Government.

Defined terms in this text (1)

security interest: Section 2, Bilateral Netting Qualified Financial Contracts Act, 2020 [S29V4Y] (In this Act, unless the context otherwise requires,—): "security interest" means right, title or interest of any kind upon property created in favour of a secured creditor

security interest: 17 more definitions.

Made under this section, or naming it (0)

none

Cited by (1)

Section 29, Bilateral Netting Qualified Financial Contracts Act, 2020 [S29-VZD], 16 March 2020, Band A. "section 5".

Not held (0)

none

Duties published under this section (0)

none