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Core Investment Company registration is one of the tedious job and CIC License is mandatory for certain class of investment company.
Core Investment companies are companies who hold shares, bonds debentures and is categorized as NBFCs by the RBI.
CIC is a non-banking financial company who carries business acquisition of shares and securities.
Every Company who want a certificate of CIC shall apply for systemically important Core Investment Company (CIC-ND-SI).
Now, what is CIC-ND-SI?
CIC-ND-SI means a core investment company who shall have total assets of not less than ₹100 crore either individually or in aggregate along with other CICs in the Group and which raises or holds public funds.
Adjusted Net Worth of a CIC-ND-SI shall at not be less than 30% of its aggregate risk weighted assets on balance sheet and risk-adjusted value of off-balance sheet items as on the date of the last audited balance sheet as at the end of the financial year.
In above, Adjusted Net Worth means the aggregate of owned found appearing in the last audited balance sheet as at the end of the financial year. Wherein owned fun means paid-up equity capital, preference shares which are compulsorily convertible into equity, free reserves, balance in share premium account and capital reserves representative surplus rising from sale proceeds of asset, which exclude reserves created by revaluation of asset, as reduced by accumulated loss balance, book value of intangible assets and deferred revenue expenditure, if any.
In above requirement on balance sheet and off-balance sheet are as defined in the notification of RBI.
In addition to provisions by Foreign Exchange Department for overseas investment, the following conditions shall be fulfilled by CIC.
The reporting requirements prescribed by Department of Non-Banking Supervision in respect of CIC-ND-SIs shall have adhered to applicable RBI & other laws.
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