NBFC Annual Compliance

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  • Annual compliance tracker
  • Development of Fair code practice in business
  • Review of Annual balance sheet
  • Annual return filling
  • Liaising with RBI
  • Annual compliance report to Board of directors
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Legal Analysis of NBFC Annual Compliance?

In recent times, RBI compliances are getting tougher for NBFCs as compared to before. There were times when Non-Banking Financial Companies had privileges over banks. In comparison to banks, compliance laid down by RBI for NBFCs were far more lenient but after the Sahara case, RBI has made new compliances for NBFCs and now it is under RBI’s continuous screening. Some of the important guidelines are Securitization of Standard Assets and Guidelines for Private Placement of NBFCs. RBI is keeping making efforts for preventing speculation in NBFCs.

RBI releases notifications for the additional compliance requirement for NBFCs.

Submission of Annual Statements and Returns

NBFC-ND-SI (Non-Deposit category) are required to submit an annual statement of capital funds, risk assets ratio etc. It can be submitted electronically as well as physically.

Further Capital Adequacy, Liquidity, and other disclosure norms have been incorporated in Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

  • Capital Adequacy of 15% to be maintained.
  • Disclosures in the Balances Sheet

CRAR

  • Exposure to Realty Sector both direct and indirect
  • Maturity Patterns for assets and liabilities

ALM Returns are required to be submitted by NBFC- ND-SI

  • ALM1- Statement of short-term dynamic liquidity- Monthly
  • ALM2- Statement of short-term structural liquidity- Half Yearly
  • ALM3- Statement of Interest Rate Sensitivity – Half Yearly

Checklist for NBFC Non-Deposit Compliances With RBI

Annual Compliance

SERIAL NO. PARTICULARS TIME LIMIT
1. Unaudited March Monthly return/NBS7 on or before 30th June
2. Audited March Monthly return/NBS7 Upon completion
3. Statutory Auditors certificate on Income & Assets on or before 30th June
4. Information about Cos having FDI/Foreign Funds on or before 30th June
5. Resolution of Non-acceptance of Public Deposit before the commencement of the new Financial year
6. File Audited Annual Balance Sheet and P&L Account One month from the date of signoff
7. Declaration of Auditors to Act as Auditors of the Company annual basis

Monthly compliance

SERIAL NO. PARTICULARS TIME LIMIT
1. Monthly Return by 7th of every month

Periodical compliances

SERIAL NO. PARTICULARS TIME LIMIT
1. Appointment of Director within 30 days of appointment
2. Resignation of Director(DIR-12 + Challan Receipt) within 30 days of resignation
3. Adoption of any notification in the ensuing Board Meeting & filing the certified copy with RBI  
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