As per Section 2(1)(ba) of the SARFAESI Act (as amended by the Enforcement of Security Interest and Recovery of Debts Laws Amendment Act, 2016), an 'asset reconstruction company' means a company registered with which authority?

Section 2(1)(ba), inserted by the 2016 Amendment Act, defines 'asset reconstruction company' as a company registered with the Reserve Bank of India under Section 3 of the SARFAESI Act for the purpose of carrying on the business of asset reconstruction or securitisation, or both. Prior to the 2016 amendment, these were called 'securitisation companies' or 'reconstruction companies'. The RBI is the sole regulatory authority for ARCs, not SEBI or the Ministry of Finance. Registration with RBI under Section 3 is mandatory before commencement of ARC business - this is a key testable provision.