Section 8 of the SARFAESI Act grants an exemption to security receipts from compulsory registration requirements under Section 17(1) of which Act?

Section 8 of the SARFAESI Act provides that, notwithstanding anything contained in sub-section (1) of section 17 of the Registration Act, 1908, two categories of instruments shall NOT require compulsory registration: (a) any security receipt issued by an ARC under Section 7(1) that does not create, declare, assign, limit or extinguish any right, title or interest in immovable property (except in so far as it entitles the holder to an undivided interest afforded by a registered instrument); and (b) any transfer of security receipts. Section 17(1) of the Registration Act, 1908 normally mandates compulsory registration of documents creating rights in immovable property. Section 8 of SARFAESI carves out security receipts from this requirement, facilitating the securitisation market.