Mention the other functions of securitisation company or reconstruction company as per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

As per the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), a Securitisation Company (SC) or Reconstruction Company (RC) primarily engages in the business of securitisation or asset reconstruction. In addition to these core functions, Section 10 of the Act allows them to perform certain other functions: Other Functions of Securitisation Company or Reconstruction Company: Acting as Agent for Banks/FIs: An SC or RC may act as an agent for any bank or financial institution for the purpose of recovering their dues from the borrower. This is done on payment of such fees or charges as may be mutually agreed upon between the parties. Acting as Manager of Secured Assets: An SC or RC may act as a manager for the secured assets referred to in clause (c) of Sub-section (4) of Section 13 of the SARFAESI Act. This function is also performed on such fee as may be mutually agreed upon between the parties. This typically involves managing the business of the borrower, including secured assets, for the purpose of recovery. Acting as Receiver: An SC or RC may act as a receiver if appointed by any Court or Tribunal. This role involves taking possession and managing assets under the direction of the court or tribunal. Important Considerations: It is important to note that no securitisation company or Reconstruction Company shall act as a manager if acting as such gives rise to any pecuniary liability. Furthermore, an SC or RC which has been granted a certificate of registration cannot commence or carry on any business other than that of securitisation or asset reconstruction without prior approval of the Reserve Bank of India. This ensures that their primary focus remains on their core business as defined by the Act.