Economics · Banking Regulations and SARFAESI Act

Consider the following statements regarding the SARFAESI Act, 2002 and related RBI guidelines: Statement 1: Under the SARFAESI Act, Asset Reconstruction Companies (ARCs) perform functions that encompass both securitisation and asset reconstruction under a unified RBI registration framework. Statement 2: A 'Qualified Buyer' under the Act includes any Category II Foreign Portfolio Investor registered with SEBI, as well as Public Financial Institutions. Statement 3: The Appellate Tribunal under the Act is the Debt Recovery Appellate Tribunal (DRAT), and a borrower filing an appeal must deposit fifty percent of the debt claimed. Statement 4: If a bank takes possession of a secured asset under Section 13(4), it must provide a notice of thirty days to the borrower before the first sale of immovable property. Statement 5: The provisions of the SARFAESI Act do not apply to a security interest created in any vessel as defined in the Merchant Shipping Act, 1958. Statement 6: For an asset to be eligible for securitisation, it can include future receivables that have arisen under an existing contract as per RBI guidelines. Statement 7: The 'Reserve Price' for the sale of a secured asset must be determined by the Authorized Officer after obtaining a valuation report from a registered valuer. Which of the following assessments is correct?