38C. Exemption from compulsory registration.- Notwithstanding anything contained in sub-section (1) of section 17 of the Registration Act, 1908 ,- (a) any instrument in the form of debt obligations or trust certificate of beneficial interest or any other instrument, by whatsoever name called, issued by the National Bank or the trust created by it to securitise the loans granted by it and not creating, declaring, assigning, limiting or extinguishing any right, title or interest to or in immovable property; or (b) any transfer of such instruments referred to in clause(a), shall not require compulsory registration. | 