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NBFCs have a crucial role to play in the Indian GDP. Therefore their registration process is made simpler. The company that wishes to register NBFC can approach MCA before getting RBI approval. However, many are unaware of the requirements to be fulfilled for its registration. In this article, we will discuss the prerequisites of NBFC Registration in India.
Table of Contents
Non-Banking Financial Company is a company registered under Companies Act. It is engaged in the business of loans and advances, acquisition of stocks/shares/debentures/securities issued by government or local authority. NBFCs lend and make investments and therefore their activities are similar to that of banks but there are differences as well.
The fulfilment of the following conditions is essential for availing registration from RBI:
The following documents are needed for registration:
The fee structure is classified under different types for NBFC Registration:
There are various other compliances which must be followed by the company:
Now that you have known everything about the pre-requisites, let’s now discuss the procedure of registering an NBFC.
For NBFC Registration the following procedure should be followed:
It may be noted that there are certain post compliances for an NBFC once it’s registered. There are certain guidelines that are laid down by the RBI in this regard. Income tax return should be submitted, ROC returns, Tax audit and various NBS return for deposit accepting and non-accepting companies are some of the vital statutory compliances to be followed by an NBFC.
Read our article:NBFC Registration Procedure with Reserve Bank of India
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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