NBFC Compliance - Overview
NBFCs are companies which are involved in the business of receiving deposits, advances and loan, and acquisition of stock, shares and bonds, debentures and securities that granted by the government and are registered under the Companies Act 2013
NBFCs are actively involved in the financial activities and are registered by the Reserve Bank of India. No NBFC can run their business without receiving the license from Reserve Bank of India. There was a time when NBFCs compliances were far simpler and lenient but after Sahara case, RBI has drafted new compliances for NBFCs and keep them under their screening
Types of NBFCs or Non-Banking Financial Companies
NBFC accepting deposits
NBFC – ND systematically important
Non deposit taking NBFCs
Investment and Credit Company (ICC)
Mortgage Guarantee Companies
NBFC-Factors
NBFC- Microfinance Companies (MFIs)
Infrastructure Finance Company (IFC)
Documents Required For Registration
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Annual Compliance of NBFCs
Unaudited March Monthly return/NBS-7 on or before 30th June
Audited March monthly return/NBS-7 filed upon completion
Statutory Auditors certificate on Income and assets with the time limit on or before 30th June
Information about companies having FDI/Foreign Funds with the time limit on or before 30th June
Resolution of Non-Acceptance of Public Deposit with the time limit of before the commencement of the new Fiscal tear
Declaration of Auditors to Act as Auditors of the Company on annual basis
File audited annual balance sheet and P&L Account with the time limit of one month from the date of signoff
Process To Register
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Types of Returns
Returns by Deposit Taking NBFC
NBS-1
NBS-2
NBS-3
NBS-4
NBS-6
ALM return
Checklist for NBFC- D(Deposit-taking)
NBS-7
NBS-2
ALM Returns
Branch info return
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