In the dynamic world of finance, Non-Banking Financial Companies (NBFCs) play a pivotal role, offering a range of services including loans, investments, and asset management. If you’re considering entering this sector, understanding the intricacies of NBFC registration is crucial. This guide will walk you through everything you need to know about NBFC registration in India, from securing your NBFC license to navigating the RBI’s regulatory framework.
What is NBFC Registration in India?
NBFC registration in India is the first step for any financial entity looking to operate in this sector. This process is overseen by the Reserve Bank of India (RBI) and involves a thorough evaluation of your company’s financials, management, and operational plans. To start, you’ll need to ensure that your company meets the RBI’s eligibility criteria and submit an application that includes detailed documentation about your business.
Navigating the NBFC License in India
Obtaining an NBFC license in India is a critical milestone. This license authorizes your company to carry out financial activities such as providing loans and accepting deposits. The process involves submitting an application to the RBI, which will review your company’s compliance with various regulations. Securing this license not only validates your business but also enhances your credibility in the financial market.
Understanding RBI Registered NBFC in India
Being an RBI-registered NBFC in India signifies that your company adheres to the stringent standards set by the Reserve Bank. This registration is essential for gaining the trust of investors and customers alike. It ensures that your operations are conducted in a transparent and regulated manner, aligning with the financial norms established by the RBI.
How to Get NBFC Registration with RBI in India
To get NBFC registration with RBI in India, you’ll need to follow a structured process. This involves preparing comprehensive documentation, undergoing a rigorous evaluation by the RBI, and complying with all regulatory requirements. The RBI’s guidelines are designed to ensure that only financially sound and well-managed companies receive the registration, thus maintaining the stability and integrity of the financial system.
Securing Your NBFC License from RBI in India
Securing your NBFC license from RBI in India is a crucial step for operating legally and effectively in the financial sector. This license is not just a formality but a testament to your company’s adherence to the regulatory standards set by the RBI. It provides you with the legal framework to conduct your financial operations and establishes your company as a credible player in the industry.
Conclusion
Navigating the process of NBFC registration in India can be complex, but with the right knowledge and guidance, you can successfully secure your NBFC license and operate under the RBI’s regulations. Whether you are a new entrant or looking to expand your financial services, understanding these key aspects will help you make informed decisions and set your business on a path to success.
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Due to their ability to offer a range of banking services outside of the purview of banks, Non-Banking Financial Companies (NBFCs) are an integral part of the Indian financial system. If you’re planning to start an NBFC in India, understanding the registration process is essential to ensure compliance with regulatory requirements and operate smoothly in the financial sector. This guide will walk you through everything you need to know about NBFC Licenses in India.
What is an NBFC Registration in India?
NBFC registration in Indiarefers to the process by which a Non-Banking Financial Company (NBFC) obtains authorization from the Reserve Bank of India (RBI) to operate and provide financial services. NBFCs are financial institutions that offer banking services such as loans, advances, acquisition of shares/stocks/bonds/debentures/securities issued by the government or local authority, leasing, hire-purchase, insurance business, or chit business but do not qualify as full-fledged banks.
Key Aspects of NBFC Registration:
Regulatory Framework: NBFCs are regulated under the provisions of the Reserve Bank of India Act, 1934, and governed by the RBI’s regulations and guidelines.
Types of NBFCs: There are different categories of NBFCs based on their activities, such as Asset Finance Company (AFC), Investment Company (IC), Loan Company (LC), and Infrastructure Finance Company (IFC), among others.
Minimum Capital Requirement: NBFCs are required to maintain a minimum level of Net Owned Fund (NOF) as per RBI regulations, which currently stands at ₹2 crores for new NBFCs.
Application Process: The process involves submitting an online application through the RBI’s dedicated portal, along with requisite documents such as incorporation certificate, business plan, KYC details of directors/shareholders, and compliance with regulatory norms.
Scrutiny and Approval: The RBI conducts a thorough scrutiny of the application, assessing the financial soundness of the promoters, the business model, and compliance with legal requirements before granting the Certificate of Registration (CoR).
Compliance and Operations: Upon receiving the CoR, the NBFC can legally commence its operations in India, subject to ongoing compliance with RBI regulations, reporting requirements, and periodic inspections.
Financial Inclusion: NBFCs cater to underserved sectors of the economy that traditional banks may overlook.
Flexibility: They enjoy operational flexibility in terms of lending practices and customer segments.
Regulatory Recognition: Being registered with the Reserve Bank of India (RBI) enhances credibility and trust among stakeholders.
NBFC Registration Process in India
Step 1: Initial Preparation
Before diving into the registration process, ensure you fulfill the basic eligibility criteria:
Minimum Net Owned Funds (NOF) of Rs. 2 crores.
Management experience in finance-related activities.
Fit and proper criteria for directors and promoters.
Step 2: Forming a Company
Start by incorporating a company under the Companies Act, 2013. Ensure it meets the necessary corporate governance standards and has a clear business plan outlining the proposed activities as an NBFC.
Step 3: Application to RBI
Once the company is formed, prepare a detailed application for NBFC registration and submit it to the RBI. The application should include:
A business plan outlining proposed activities and projected financials.
KYC documents of directors and shareholders.
Detailed information on shareholders, management, and business operations.
Step 4: Compliance and Due Diligence
RBI conducts a thorough due diligence process, including background checks on directors, shareholders, and the proposed business model. Compliance with RBI regulations and guidelines is crucial at this stage.
Step 5: Post-Approval Formalities
Upon approval, complete post-registration formalities like:
Depositing the required amount in a scheduled bank.
Compliance with ongoing regulatory requirements, including reporting and disclosure norms.
NBFC Registration Consultants in India
Navigating the complexities of NBFC registration requires expertise in regulatory compliance and financial services. Hiring an NBFC registration consultant in India can streamline the process and ensure adherence to RBI guidelines. Consultants offer services such as:
Application Preparation: Expert assistance in preparing a comprehensive application.
Compliance Support: Guidance on meeting regulatory requirements pre and post-registration.
Legal Advisory: Ensuring legal compliance throughout the registration process.
Conclusion
Navigating the process of NBFC registration in India can be complex, but it’s a crucial step for businesses aiming to enter the financial sector. Leveraging online resources and professional consultants can significantly streamline this journey. Embracing NBFC registration online in India not only simplifies the application process but also ensures that all regulatory requirements are met efficiently. By opting for online NBFC registration in India, businesses can focus more on their core operations, secure in the knowledge that they are compliant with RBI standards. Whether you are a startup or an established firm, taking advantage of these digital tools and expert services will pave the way for your success in the financial industry.
Read Our Other Blogs To Know More About NBFC Registration
As an experienced professional in the financial sector, I understand the importance of navigating the complex landscape of Non-Banking Financial Company (NBFC) registration in India. In this comprehensive guide, I will share my expertise and insights to help you unlock the potential of NBFC registration online, enabling you to establish a successful and compliant financial institution.
Understanding the Importance of NBFC Registration in India
In the dynamic Indian financial ecosystem, NBFC registration in Indiahas become a crucial step for businesses and entrepreneurs seeking to provide alternative financial services. NBFCs play a vital role in promoting financial inclusion, catering to the diverse needs of individuals and businesses that may not have access to traditional banking channels. By obtaining an NBFC license, you can tap into a growing market and contribute to the country’s financial development.
Step-by-Step Guide to NBFC Registration Online
Understand the Regulatory Framework: The first step in the NBFC registration process is to familiarize yourself with the regulatory guidelines set forth by the Reserve Bank of India (RBI). This includes understanding the various types of NBFC licenses, the eligibility criteria, and the application process.
Choose the Appropriate NBFC License: Depending on the nature of your business and the financial services you plan to offer, you will need to select the appropriate NBFC license category. This decision will have a significant impact on your operational requirements and compliance obligations.
Prepare the Necessary Documents: Gather all the required documents, such as the company’s Memorandum of Association, Articles of Association, PAN card, and other supporting documents. Ensure that these documents are in order and meet the RBI’s specifications.
Submit the Online Application: The next step is to submit the NBFC registration application online through the RBI’s portal. This process involves providing detailed information about your company, its management, and the proposed business activities.
Obtain the Certificate of Registration: Once your application is reviewed and approved, the RBI will issue a Certificate of Registration, granting you the necessary authorization to operate as an NBFC in India.
Documents Required for NBFC Registration
To ensure a seamless NBFC registration process, you will need to gather the following documents:
Company’s Memorandum of Association and Articles of Association
Proof of registered office address
PAN card of the company and its directors
Copies of the directors’ identification documents (Aadhaar, Passport, etc.)
Proof of the company’s paid-up capital
Audited financial statements for the past three years (if applicable)
Details of the proposed business activities and the management team
Choosing the Right NBFC Registration Consultant
Navigating the NBFC registration process can be complex and time-consuming, especially for first-time applicants. Partnering with a reputable NBFC registration consultant can significantly streamline the process and increase your chances of success. Look for a consultant with extensive experience in the NBFC sector, a deep understanding of the regulatory framework, and a proven track record of successful registrations.
Benefits of Obtaining an NBFC License Online
Embracing the digital transformation, the RBI has introduced the option of NBFC Licence online, which offers several advantages:
Convenience: The online application process streamlines the registration procedure, allowing you to submit the required documents and track the status of your application from the comfort of your office or home.
Time-Efficiency: By eliminating the need for physical paperwork and in-person interactions, the online NBFC registration process significantly reduces the time it takes to obtain the necessary approvals.
Cost-Effectiveness: The online registration option often comes with reduced fees and eliminates the need for travel and other ancillary expenses associated with the traditional paper-based process.
Improved Compliance: The digital platform ensures that all the required information and documents are submitted in the correct format, reducing the risk of errors and delays in the registration process.
Tips for a Successful NBFC Registration Process
Thoroughly Understand the Regulatory Requirements: Familiarize yourself with the RBI’s guidelines and the specific requirements for the type of NBFC license you are seeking.
Prepare a Comprehensive Business Plan: Develop a detailed business plan that outlines your financial projections, operational strategy, and risk management framework.
Assemble a Competent Management Team: Ensure that your NBFC has a well-qualified and experienced management team to oversee the operations and ensure compliance.
Maintain Meticulous Documentation: Carefully organize and maintain all the required documents, as the RBI may request additional information during the registration process.
Engage with a Reliable NBFC Registration Consultant: Collaborate with a knowledgeable and reputable consultant who can guide you through the entire registration process and address any challenges that may arise.
Common Challenges Faced During NBFC Registration
While the online NBFC registration process has simplified the overall procedure, there are still some common challenges that applicants may encounter:
Incomplete or Inaccurate Documentation: Ensuring that all the required documents are submitted correctly and in the appropriate format is crucial to avoid delays or rejection of the application.
Regulatory Changes and Updates: The NBFC regulatory landscape is subject to periodic changes, and it is essential to stay informed about the latest guidelines and requirements.
Obtaining Necessary Approvals: Depending on the nature of your NBFC, you may need to obtain additional approvals from various government authorities, which can add complexity to the registration process.
Compliance Challenges: Maintaining ongoing compliance with the RBI’s regulations and reporting requirements can be a significant challenge, especially for first-time NBFC applicants.
Conclusion: Unleashing the Potential of NBFC Registration Online in India
In conclusion, the online NBFC registration process in India presents a unique opportunity for entrepreneurs and businesses to tap into the growing financial services market. By leveraging the convenience, efficiency, and cost-effectiveness of the digital platform, you can streamline the registration process and focus on building a successful and compliant NBFC.
If you’re ready to take the next step in your NBFC journey, I encourage you to contact our experienced team of NBFC registration consultants. We can guide you through the entire process, from understanding the regulatory requirements to submitting a successful application and obtaining your NBFC license. Let’s unlock the potential of your financial enterprise together!
The current government introduces its third budget of the term in the upcoming 1st February 2022, several objectives of NBFC (Non-Banking Financial Companies) and Financial Technology (Fintech) start-ups have come across concerning easing of criteria related to taxation and assistance from the government in terms of giving low-cost liquidity to the retail NBFCs.
Here are the expectations of the NBFC.
Relaxing tax standards for fintech.
NBFC Low-Cost Funding Expectations.
Facilitate liquidity flows to NBFC and Fintech.
Easing GST/TDS standards.
Increased attention to MSMEs and rural development.
Relaxing tax standards for fintech.
The fintech industry expects the government to develop an ecosystem that is responsive to the growth of technology-driven launches in the fintech sector. The stalwarts from the Financial Technology industry announced that the expectation from the budget is towards motivating the lending NBFCs who are operating financial and technology grounded interventions to provide a boost to the underserved small and medium enterprises.
They said the government should work to ease the tax standards for NBFCs and give them significant liquidity assistance.
They also suggested that motivation should be given to female entrepreneurs by providing similar incentives to tax deductions, ease of access to loans, among others.
NBFCs expectations for low-cost funding.
The NBFC sector has raised a question to the government that the priority of the budget must be moved towards those Micro Small and Medium Enterprises (MSMEs) and small entrepreneurs who haven’t been suitable to generate loans at cheap rates and are in a way underbanked. This offer is expected to make the loan service process easier for them.
NBFC estimates that the Pradhan Mantri Awas Yojana programme (1) should be extended to all rural and urban areas. Benefits must be provided to those in the affordable housing sector, which will help stimulate the economy.
One of the advice is to facilitate the compliance framework for the NBFCs who are providing loans to the underbanked and unbanked small entrepreneurs and MSMEs so that they can be involved in the formal banking policy.
They also believe that liberalised, low-cost financing for retail NBFCs is really important for growth in sub-banking sectors.
Relaxation of liquidity flows to NBFCs and Fintechs.
The economy is making efforts in response to losses due to the pandemic and has developed a growth path. The government’s efforts to recognise the enhanced operations blended with the effectiveness of the fintech to fulfil the lending requirements of the underserved
and unserved sectors of society has given positive signs to the industry.
The fintech industry is awaiting that these efforts made by both the government and the fintech industry are given further motivation in the upcoming budget by publicizing measures to ease the liquidity inflow to the NBFCs and the fintech.
Still, with the right degree of regulation and liberalization of tax governance, it can also give the right ecosystem for the fintech to grow and give innovative credit results for the underserved and cash strapped borrowers, If the budget is suitable to deliver on the parameters of relaxation in the norms of liquidity.
Easing GST/TDS standards.
Fintech and the start-up industry grew phenomenally during the pandemic. These industries now expect the budget to keep them growing and keep investors confident.
Buying Point of Trade (PoS) terminals requires tax exemptions.
Exemptions from GST rates for rural banking agents who remit money between homes.
Subsidies must be granted to offset the waiving of the Merchant Discount Rate (MDR).
The benefits of digital payments have reached intelligent technology customers because of the gentle taxation in place for these independent digital customers. To ensure that the advantages of digital payments reach the lower-tech smart section of the community and accomplish the lofty goal of financial inclusion, there’s a want from the government’s side to introduce relaxations in GST and Tax Subtracted at Source (TDS) in the financial addition of services which are offered by the business outlets across India.
If the government provides the GST and TDS exemption in these services as well, it will lead to a reduction in the cost of providing financial services.
Taking into account the phenomenal development of the launch-ups in times of pandemic, another suggestion from the business is to extend the scope of the Startup India Seed Fund Scheme so that the growth of acquainted startups are given financial contribution for exploration and development, prototype development and for products and service trials.
Greater emphasis on MSME and rural development.
The financial sector considers that the budget should focus on the revival of the financial sector through the development of the rural sector and the revival of MSMEs. This in turn increases the opportunities for livelihoods. To do this, the government has to increase loans to MSMEs. The expectations of NBFCs about increased lending to the rural sector require an adjustment of regulations for NBFCs and banks, particularly about tax and collection matters. NBFCs expect to be able to grant guarantees on the same basis as banks. Other expectations of NBFCs and fintech discriminate between lending to individuals and small businesses and lending to large companies.
Conclusion
The intentions of the NBFCs and Fintechs in this budget revolve around the topics of relaxations in tax standards for the fintech, funding for NBFCs at low cost, ease liquidity flow towards the NBFCs and Fintechs, relaxation in norms connected to GST, TDS, boosted Focus on MSMEs and Rural Development. To add up the expectations of NBFCs and Fintechs is the easing of the norms of lending and funding to the small-scale sector at lower tax rates and procedure of NBFCs at par with banks in periods of issuing guarantees as the banks perform.
In 2016, the NBFC Account Aggregator framework was established, with account aggregators facilitating data allocation from various financial sector entities and acting as a consent broker. It entails the transfer of data between financial institutions, but only after the client’s agreement. The RBI had issued master instructions in this regard. Let’s go over the NBFC AA License in in detail.
The Need for an NBFC AA License Collecting disparate data, combining it, and submitting it to a financial institution while applying for a loan can be a time-consuming and perplexing task for an individual. As a result, the concept of NBFC AA was established to assist customers in obtaining a consolidated view of their financial holdings that are distributed across many financial sector authorities.
Account Aggregators are financial entities that allocate financial data from financial information providers to financial information users. The client’s permission is required.
Financial Information Providers– These are entities that give a customer’s financial information in response to a request from another entity.
Users of Financial Data
These are the organisations that acquire user information from providers in order to conduct market research, customer analysis, and so on. Both organisations and individuals are included in this category. These are governed by regulatory bodies such as SEBI, IRDA, RBI, and PFRDA.
What includes Financial Information?
As per the RBI master directions, financial information includes the following:
Different kinds of bank deposits
Debentures
Equity
ETFs
NBFC Deposits;
Bonds; Real Estate Investment Trusts Units
Mutual funds units
Units of AIFs
Tradable Government Securities.
How do I get an NBFC AA licence?
Requirements for Eligibility:
The company applying for NBFC Account Aggregator License should have a net owned fund of 2 crore rupees.
The company should have the resources required to offer such services;
The company should have adequate capital structure;
The company must be having fit and proper promoters;
The management of the company should be such that its general character must not be prejudicial to public interest;
An effective IT system plan should be laid by the company;
The leverage ratio of such company should not be beyond 7.
Procedure:
The company seeking an NBFC AA Licence should apply to the RBI[1]. Such an application should follow the guidelines outlined in Annex 1 of the RBI Master Direction.
Once the RBI is satisfied that the company meets the above-mentioned eligibility standards, it will give in-principle clearance.
The in-principle approval is valid for 12 months, during which time the company must set up a technology platform, enter into legal papers required for operations, and report compliance position to the Bank.
When the Reserve Bank is satisfied that the company is ready to begin operations and has met all of the registration requirements,
When the Reserve Bank is satisfied that the company may begin operations and is in conformity with the registration criteria, it will issue the NBFC Account Aggregator Registration Certificate.
When is the NBFC AA License revocable?
The RBI has the authority to revoke the NBFC AA’s registration if any of the following conditions are met:
The company closes account aggregators’ business;
Where the company is unable to satisfy any condition to which the certificate of registration has been issued;
In the case where the bank feels that the company can no longer hold COR;
The company breaches a condition mandatory for obtaining COR;
Where the company fails to maintain accounts or issue information or disclose information as required by banks;
Where the company fails to submit its books of accounts or other documents for assessment purposes.
What is NBFC AA’s responsibility?
The following are the responsibilities of NBFC AA:
It shall provide services to clients only with their consent; it shall not impede any customer transaction; and it shall not contract in any business other than the business of NBFC AA. It should be noted, however, that permission has been granted for the disposition of investible surplus in non-trading avenues; the information must be shared only with the customer who owns it or to other FIU as sanctioned by the customer according to the terms and conditions of the consent; and it shall have a citizens’ charter that protects customers’ rights.
Consent is required in the operation of an NBFC-AA. NBFC-AA cannot retrieve, share, or transfer any of the customer’s financial data without the customer’s consent. The notion of NBFC AA was created to assist customers in obtaining a consolidated view of their financial holdings that are distributed among many financial industry authorities. The credit approval and authorization process for lending becomes significantly more effective with an NBFC AA License.
A Non Banking Financial Company (NBFC) happens to be a company that is registered under the aegis of Companies Act, 2013 of India. It is involved in the trading of loans and advances, shares acquisition, stock, bonds, hire-purchase insurance business or chit-fund business.
Takeover of NBFC
Takeover of NBFC normally happens via the documents pertaining to the target firm. If Acquirer gets sanction to the takeover of the concerned NBFC, an MOU will be signed along with a token sum. Then Know Your Customer (KYC) Documents, Business Plan & Projection for 3 years have to be made with regard to incoming directors, as per the suggestion of the acquirer. Through this article, we intend to throw light on RBI regulation pertaining to the acquisition of NBFC.
Basic formalities
Relevant documents has to be submitted to the RBI by the acquirer. The acquirer has to reply to all RBI queries related to the takeover. After getting the approval letter from the RBI, the acquirer is required to issue a public notice in the 2 newspapers for 30 days in accordance with the RBI guidelines. This is done to invite any objection, if any, from the general public or any interested parties with regard to the change in management. The inking of Share Purchase Agreement & giving of change of management, payment of remaining considerations etc. has to happen on the 31st day of newspaper notice or as concurred by all the parties concerned.
The need of RBI Approval beforehand
Prior written consent of the RBI is needed for:
Any alteration in control of an NBFC, which might not lead to change of management;
Any change in the nature of shareholding, which would result in acquisition/ transfer of shareholding of 26 percent or more of the paid-up equity capital of NBFC. However, prior consent would not be mandatory if the nature of shareholding does not exceed 26 percent which is as a result of buy back of shares/ decrease of share capital and it has approval of the competent court. In such cases, the RBI has to be informed within 1 month from its occurrence.
Any change in the composition of the NBFC which would lead to an alteration in over 30 % of the directors, not including independent directors.
Beforehand approval is also not needed for those directors who are selected again post retirement on a rotational basis.
NBFCs will continue to concerning any alteration in their directors/ management as Financial Companies Acceptance of Public Deposits (Reserve inform the Reserve Bank required in Non-Banking Bank) Directions, 1998,
Applications pertaining to this can be submitted to the Regional Office of the Department of Non-Banking Supervision under whose authority the Registered Office of the NBFC is located.
The need of advance Public Notice regarding alteration in Control/Management
It is necessary to give public notice of at least 30 days in advance prior to conducting the sale of, or change of the ownership via selling shares, or alteration in control, either with or without the sale of shares. This type of public notice will have to be provided by the NBFCs & also by the other party or jointly by the relevant parties, post getting the advanced permission of the RBI.
The public notice should clarify the reason to sell or transfer ownership/ control, the details regarding transferee & the motive behind such sale or transfer of ownership/ control. The notice has to appear in at least one prominent national & in one popular local (covering the place of registered office) vernacular newspaper.
The guidelines mentioned above are applicable instantly i.e., the same will be valid for any takeover or acquisition of control, any diversion in the shareholding or any change in the management happening post the date of this circular.
Other laws apply as well
These guidelines will be including, & not in suppression of the essence of any other laws, rules, regulations or directions, till the time it is active.
Repeal & Saving
Non Banking Financial Company, (Approval of Acquisition or Transfer of Control) Directions 2014 dated May 26, 2014, will remain cancelled. Despite this, any thing done, purported to have been done or unleashed within the directions hereby nullified shall continue to be guided by the clauses of the stated directions.
Annex
Particulars about the suggested promoters/ directors/ shareholders of the Company
Name/s of other companies in which the person has held the post of Chairman/ Managing Director/ Director/ Chief Executive Officer
16.
Name/s of the regulators (RBI, SEBI, IRDA, PFRDA, NHB or any other foreign regulator) of the entities mentioned in which the persons hold directorships
17.
Names of the NBFC, in case, the individual is related as Promoter, MD or Director comprising a Residuary NBFC, which has not been allowed to accept deposits/ prosecuted by the RBI?
18.
Details of the tribunal, if any, pending or commenced or resultant in a conviction in the past in contradiction of the person or against any of the entities he is associated with for violation of economic laws & regulations
19.
Cases, if any, involving the person or relatives of the person or the entities in which the person is associated with, are in default or have been in evasion in the last five years in related of credit services acquired from any entity or bank
20.
In case the person happens to a member of a professional association/ body, particulars of the disciplinary action, if any, pending or commenced or leading to conviction in the past against him/ her or whether he/ she has been barred entry of any professional occupation at any time
21.
Whether the person is eligible for disqualification provided under Section 164 of the Companies Act, 2013
22.
Has the individual or any of the companies, he/ she belongs to, been under any kind of probe at the instance of the Government Department or Agency
23.
Has the person been found violating rules/ regulations/ legislative requirements by Customs/ Excise/ Income Tax// Foreign Exchange/ Other Revenue Authorities, if so, give particulars
24.
Involvement in the business of NBFC (number of years)
25.
Equity shareholding in the company No. of sharesFace valuePercentage of total paid up equity share capital of the company
26.
Name/s of the companies, firms & proprietary concerns in which the person holds substantial interest
27.
Names of the principal bankers to the concerns at 26 above
28.
Names of the overseas bankers *
29.
Whether the number of directorships held by the person goes beyond the limits permitted under Section 165 of the Companies Act, 2013
* For foreign promoters/ directors/ shareholders Note: Different form should be given with regard to each of the proposed promoters/ directors/ shareholders
Information about Corporate Promoter
Sr. No.
Particulars Required
Response
1.
Name
2.
Business Address
3.
E-mail address/ Telephone number
4.
PAN Number under Income Tax Act
5.
Name & contact details of compliance officer
6.
Line of business
7.
The details of their major shareholders (more than 10%) & line of activity, if corporates
8.
Names of the principal bankers/ overseas bankers *
9.
Name/s of the regulators (RBI, SEBI, IRDA, PFRDA, NHB or any other foreign regulator)
10.
Names of Firms in the Group as defined in the Prudential Norms Directions
11.
Names of the firms in the Group that are NBFCs
12.
Specify the names of companies in the group which have been prohibited from accepting deposits/ prosecuted by RBI?
13.
Particulars of trial, if any, pending or started or led to a conviction in the past in contradiction of the corporation for violation of economic laws & regulations
14.
Cases, if any, wherein the corporate, has defaulted or have been in default in the last 5 years with regard to credit facilities sought from any entity or bank
15.
Whether the business has been under any kind of probe by the Government Department or Agency
16.
Has the Corporate been found guilty of violating rules/ regulations/ legislative requirements by Customs/ Excise/ Income Tax// Foreign Exchange/ Other Revenue Authorities, if so, give particulars
17.
Is the promoter corporate/ majority shareholder of the promoter business, if a business, ever applied to RBI for CoR which has been rejected
