What is new in Cersai Phase Two?

Central Registry of Securitisation Asset Reconstruction and Security Interest of India is a company licensed to register all securitisation transactions. Phase I of Cersai has been very difficult, especially when coupled with the slow response of server. We have to navigate to every individual page without a chance of going back to the previous page. There was a time limit for the session also. If you do not enter the informations within a specified period of time, the page will stop and you will be redirected to the homepage.

In the new Cersai We could see that there is a change in the interface.After entering the user id and password we enter the home page. In your left handside we could see the link for adding security interest.

Now we will have to choose certain Yes or No radio buttons.

The first question is whether the security interest correspond to an immovable financial asset. The second question is whether the security interest correspond to a non-agricultural financial asset. This is a new feature which was absent in the previous version. If we enter agricultural asset, we will not be permitted to proceed further. The third question is whether the financial asset is under joint security interest or consortium agreement. After selecting all this we have to select certain details from a drop down box. This specifies the nature of the property.Seven categories are included in this. If we select plots, three check boxes viz plot number, state and pin code will appear. if we select buildings,another check box namely house number also will appear.Please note that if we do not check these boxes, the page will not proceed since these are the mandatory requirements.

Some of the new changes in the newest form of Cersai is as under:

Addition of tabs

Now there are ten tabs in the homepage of Phase II cersai while there were only eight in the old one. The new tabs are Cersai Circulars and Verify signed files. Till the time of publishing this post, there were no released circulars. In the second tab, we can browse and verify files by uploading data files and signature files.

Adding Security Interest afresh and on existing asset.

A notable development which erased many anomalies and questions associated with the old version(Phase I) is addition/creation of security interest afresh and upon an existing asset.We can choose between the two. Correction and modification is still possible.

Pages

There are seven pages in total for entering the details. These pages can be accessed through seven tabs which provides easy navigability. This feature enables us to go back to any previous page. There is no NEXT button in each page. After entering the details(either in part or full) we can move to another page by clicking the respective tabs. Thus it is more convenient now. The tabs are viz Borrower, Third Parties, Nature of Security Interest, Security Interest Holder, Property Details, Property Documents and Loans.

Increased speed and time limit

The new version of Cersai has extended time limit for entering the details. It wont expire even if you go at a slow pace. This is a new improvement. Perhaps they have upgraded their server.

Correction Indicator

If the information entered in any tab(page) is not correct or required information are not given, then the tab colour changes to red from grey. If all the information are correctly given then the tab colour changes to green from grey.

Submit Button

There will be a submit button at the end tab page. When you click the submit button you will be getting a Queue Reference Number. This is the evidence for entering the details by the maker. Now the checker has to approve this. So a message shows in this regard.

Conclusion

The very convenient improvement which I notice in the new Cersai is the possibility to move to every page by clicking the tabs. This is a great relief. Note that still it got the 'Other details' space. So you can add additional details in this space at the last tab page.

There is still so much to be improved in the new Cersai and hence I am temporarily stopping this post. Thanks for reading. Share your comments please.