Regulations
RBI sets up Central Registry to prevent property loan frauds

The records maintained by the Central Registry will be available for search by any lender or any other person desirous of dealing with the property. Availability of such records would prevent frauds involving multiple lending against the security of same property, the RBI said

The Reserve Bank of India (RBI) in a notification on Wednesday, announced the operationalisation of a central registry that will have details of all properties against which loans have been taken.

Towards this end-The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI)-a government company licensed under the Companies Act.1956, has been incorporated to operate and maintain the Central Registry under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

Initially transactions relating to securitisation and reconstruction of financial assets and those relating to mortgage by deposit of title deeds to secure any loan or advances granted by banks and financial institutions, as defined under the SARFAESI Act, are to be registered in the Central Registry. The records maintained by the Central Registry will be available for search by any lender or any other person desirous of dealing with the property.

Availability of such records would prevent frauds involving multiple lending against the security of same property as well as fraudulent sale of property without disclosing the security interest over such property, the RBI said in a statement.

RV Verma, chairman and managing director, National Housing Bank, has been given additional charge as the registrar of the Central Registry for three months, and he will also be the managing director and CEO of CERSAI.

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2G case: Court reserves order on Cineyug director Morani’s bail plea

During the arguments on bail, CBI prosecutor AK Singh said that Mr Morani facilitated the transaction of Rs200 crore from DB Realty to Kalaignar TV, in which Dravida Munnettra Kazhagam (DMK) MP Kanimozhi holds 20% stake

New Delhi: A Delhi court on Thursday reserved its order on the bail plea of Cineyug Films director Karim Morani, an accused in the 2G spectrum case, reports PTI.

“Put up for order for 30th May,” special Central Bureau of Investigation (CBI), India’s premier investigation agency, judge OP Saini said.

During the arguments on bail, CBI prosecutor AK Singh said that Mr Morani facilitated the transaction of Rs200 crore from DB Realty to Kalaignar TV, in which Dravida Munnettra Kazhagam (DMK) MP Kanimozhi holds 20% stake.

The CBI said Mr Morani took Rs6 crore for facilitating this Rs200 crore transaction.

Senior advocate Sidharth Luthra, appearing for Mr Morani, submitted that the CBI should not oppose the bail plea of his client as they had not arrested him during the investigation of the case.

He said that Mr Morani has no links with the public servants who are among the accused in the case.

Mr Morani had filed his regular bail plea on 24th May after the court had denied anticipatory bail and directed him to appear before it.

The CBI, in its second charge-sheet in second generation (2G) spectrum allocation case, had alleged Swan Telecom and Dynamix Realty promoters Shahid Usman Balwa and Vinod Goenka channelled Rs200 crore to DMK-run Kalaignar TV through Kusegaon Fruits and Vegetables Pvt Ltd and Mr Morani’s Cineyug Films Pvt Ltd.

The court had earlier dismissed Mr Morani's anticipatory bail plea on medical grounds, saying that as per 19th May reports received from the department of cardiology and neurosurgery of Mumbai’s JJ Hospital, his condition is “stable and normal’.

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Broken Arrow: IT staff can wreak havoc even after leaving the job

According to a survey undertaken by Venafi, organisations need to quickly come to terms with how crucial encryption keys are to safeguarding the entire enterprise, as well as the heightened need for automated key and certificate management with access controls, separation of duties and improved policies

Data security and managed encryption services provider Venafi Inc says about 40% of IT staff have admitted that they could hold their employers hostage-even after they've left for other employment-making it difficult or impossible for their bosses to access vital data by withholding or hiding encryption keys. This is due to the lack of oversight and poor management of their organisation's encryption keys.

In a survey, conducted during the InfoSecurity 2011, Venafi said around 82% of companies now use digital certificates and encryption keys, and 43% admitted to being locked out from their own information, because people had left the organisation or keys were lost, and 76% said they would use automation if they knew it existed.

When organisations rely on the Internet and its corporate networks to conduct global business and facilitate worldwide communications, they deploy multiple layers of IT security hardware and software technologies-all designed to protect networks from unauthorised intrusion, cyber attacks and regulatory compliance violations.

However, due to the absence of automated management processes, solutions and practices, many organisations fail to gain complete control of its data encryption keys and certificate inventories.

Jeff Hudson, chief executive, Venafi, said in a statement, "It (data encryption and management) is no longer rocket science. Yet recently, costly breaches at Sony, Epsilon and elsewhere reinforce the need for both more encryption and effective management."

The data is based on a survey sample of 500 IT security specialists that was undertaken at the InfoSecurity 2011 event in April.
 
The survey reveals that organisations are taking huge risks with mission critical and sensitive business data. This risk is reminiscent of the situation Anglo Irish Bank found itself in when ex-employees held the organisation's encryption keys ransom after they left the organisation.

A third of the survey respondents said that their knowledge of and access to encryption keys and certificates, used for both system authentication and data protection, means they could bring the company to a grinding halt with minimal effort and little to stop them.

"Astonishingly, they claim that even after they have left, they still could cause havoc with their knowledge of the encryption keys, shared passwords and weak controls. 40% of respondents admitted that they would still have access to vital information and could manipulate it to their own ends-both to their company's financial and reputational detriment," the survey found out.

Venafi stated that 31% of the respondents said they could still access organisational data because they could easily retain the encryption keys when they left and access the information remotely.

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COMMENTS

Rabatan

6 years ago

The fat salaries given as demanded to the over-pampered IT and sales people vis-a-vis the otheremployees in big IT companies will play a Fukushima-loke havoc without warning. All round greed both of the owners/management and the so-called IT geniuses (who are otherwise expendable to the civil society) and the wide difference between the really dedivcated and loyal employees' recompense and the wealth given to the IT/Sales liaison MBAs is really going to sound the deathknell of these copmpanies. All good things have to come to an end one day!

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