NBFC Registration Process and Requirements
NBFC registration involves specific steps and documentation as per RBI guidelines. The process includes minimum net owned funds, director background check, CIBIL score, application form submission to RBI, and verification for license issuance. Required documents range from incorporation certificates to financial statements and bankers' reports for existing companies. Ensure compliance with regulations for successful NBFC registration.
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CS HANSRAJ JARIA CS, LLB, M.COM, CAIIB, Insolvency Professional, Registered Valuer (SFA) Practicing Company Secretary & Corporate Consultant Ex-Company Secretary of a Tata Steel Group Company Past Chairman Hooghly Chapter of ICSI
Registration of Non- Banking Financial Company (NBFC)
NBFC Registered in India 9471 NBFC Registered in Kolkata 4317 NBFC Registration Cancelled 5521 NBFC Registration Cancelled in Kolkata - 1931 (As on Feb 28, 2023)
Process for Registration of Non-Banking Financial Company: Register a Company under the Companies Act 2013. Minimum Net Owned Funds of a Company should be Rs. 2 Crores or more. There must be at least 1 Director in a Company from the NBFC background. Good CIBIL score must required to present to register as NBFC. Next, to visit RBI s official website and fill in an application form. For online registration, visit to our XBRL website https://xbrl.rbi.org.in Submit the required documents, along with an application form. Once we have submitted an application form, a Reference number will be generated. Send a hard copy of the application to the regional branch of RBI. After an application is checked and verified, the License shall be given to the company.
Documents Required for NBFC Registration: Certificate of Company Incorporation Certified copies of extract of only the main object clause in the MOA relating to the financial business. Certified copy of the Articles of Association (AOA) and Memorandum of Association (MOA) Board resolution stating that: - the company is not carrying on any NBFC activity/stopped NBFC activity and will not carry on/commence the same before getting registration from RBI - the UIBs in the group where the director holds substantial interest or otherwise has not accepted any public deposit in the past /does not hold any public deposit as on the date and will not accept the same in future - the company has formulated Fair Practices Code as per RBI Guidelines (Substantial Interest means shareholding more than 10%) - the company has not accepted public funds in the past/does not hold any public fund as on the date and will not accept the same in the future without the approval of Reserve Bank of India - the company does not have any customer interface as on date and will not have any customer interface in the future without the approval of Reserve Bank of India
Documents Required for NBFC Registration: Copy of Fixed Deposit receipt & bankers certificate of no lien indicating balances in support of NOF For companies already in existence, the Audited balance sheet and Profit & Loss account along with directors & auditors report or for the entire period the company is in existence, or for last three years , whichever is less, should be submitted Banker s report in respect group/subsidiary/associate/holding directors of the applicant company having substantial interest in other companies The Banker s report should be about the dealings of these entities with these bankers as a depositing entity or a borrowing entity. of applicant company/related company, its parties, Note: Please provide bankers report from all the bankers of each of these entities and provide the report for all the entities. The details of deposits and loans balances as on the date of application and the conduct of the account should be specified. Detailed information about management along with a brochure of the Company
Documents Required for NBFC Registration: A copy of PAN or Corporate Identity Number (CIN) of the company Documents related to the office location/address Information on Management (Annexure III) for each Director needs to be submitted and it must be duly signed by each director. Please ensure that names and addresses tally with DIN allotment letter. Application should bear common seal of the company and certified by the Statutory Auditors. Certificate issued by the statutory auditor stating that the company is not holding the public deposit and does not accept it as well. Certificate specifying owned funds as on the date of an application from the Statutory Auditor is required. A self-certified copy of a bank statement and Income Tax Returns are required. Information regarding the bank account, loans, balances, credits, etc. is to be furnished. Information detailing a company s future plan, generally for the next three years, and the projection of balance sheets, cash flow statements, and income statements. Application should be signed by any of the following officials authorised by the Board of Directors, in this behalf (viz., Chairman, MD, CEO, CS, WTD or any other official).
Documents Required for NBFC Registration: A brief background note on the activities of the company since inception and the reasons for applyingfor NBFC registration Details of latest shareholding pattern (with %). Provide details about the line of activity of corporate stakeholders. Net-worth of shareholders holding substantial interest (more than 10%) in the company. If the company or any of its directors / shareholders / major functionaries / principal officers have ever defaulted in timely repayment of deposit and payment of interest, a list of all such pending cases and the action taken in respect of each case should be furnished. The company should also submit a list containing the details of all the court cases pending against it, including those pending in consumer forum.
Deregistration of Non- Banking Financial Company (NBFC)
Introduction RBI vide its Press Release dated 1st of December 2022 for Voluntary Surrender of CoR by NBFCs. In order to streamline the process of voluntary cancellation of CoR, the Reserve Bank of India has prescribed application form and checklist of documents to be submitted by the NBFCs. The enclosing the documents mentioned therein, to the Regional Office of the RBI under whose jurisdiction the NBFC is registered. applicant NBFCs may furnish the application
The company is empowered to surrender the NBFC registration in the following cases: NBFC ceases to carry on a business of NBFI (Non-Banking Financial Institution) in India NBFC has failed to comply with any condition of Certificate of Registration specified under the Act and additional conditions specified by the RBI at the time of issue of Certificate of registration NBFC fails to fulfill the conditions mentioned with respect to the affairs and capital of the Company. NBFC fails to comply with any of the direction issued by the Reserve Bank of India NBFC fails to maintain the book of accounts in accordance with the requirements of any law or provisions of the Act or RBI directions NBFC fails to submit or offer for inspection its books of account and other relevant documents NBFC has been prohibited from accepting the deposits by the order made by the Bank under the provisions of this Chapter, and such order has been in force for a period of not less than 3 months.
Documents required for Deregistration of NBFC Company 1) Application in prescribed format consisting of details about company and reasons for surrender of CoR; 2) Latest Audited financial statements to be submitted; 3) Board Resolution indicating that: - In principal approval of Board of directors; - It has repaid all the existing public deposits, stopped accepting fresh public deposits and will not accept the same in future (applicable only for deposit taking NBFCs/ HFCs); - the company has stopped NBFI activity w.e.f. ____ (indicate date) and will not carry out the same in future; the company will approach the Reserve Bank for CoR afresh, in future, in case it intends to carry out NBFI/ HFI activity;
Documents required for Deregistration of NBFC Company 4). Auditor Certificate (SAC) indicating that: the company has repaid all the existing public deposits and stopped accepting fresh public deposits (applicable only for deposit taking NBFCs/ HFCs); the company has stopped NBFI activity w.e.f. ____(indicate date). As on ___ (indicate date of latest financials), the Financial Assets/ Total Assets and Financial Income/Gross Income is at __ % and __ % respectively; 5). Write-up in brief on the details of the business of the company that it proposes to undertake post cancellation of CoR. 6). i) It will apply to RoC, MCA within 30 days post cancellation of CoR for suitably changing its Name and Industrial Activity Code, which will not represent carrying out financial business. (ii) It will amend its Memorandum of Association (MoA) deleting clauses related to financial business from its Main objects, within 30 days post cancellation of CoR. (iii) It will submit the audited financials for next 2 fiscal years to the Reserve Bank, within 30 days post finalization of annual accounts, but not later than 31st December.
REGULATORY APPROVAL Change in Management
Reg 24. Information with respect to change of address, directors, auditors, etc. to be submitted Every applicable NBFC shall communicate, not later than one month from the occurrence of any change in: (i) the complete postal address, telephone number/s and fax number/s of the registered/ corporate office; (ii) the names and residential addresses of the directors of the company; (iii) the names and the official designations of its principal officers; (iv) the names and office address of the auditors of the company; and (v) the specimen signatures of the officers authorised to sign on behalf of the company to the Regional Office of the Department of Supervision of the Bank under whose jurisdiction it is registered.
Reg 61. Acquisition / Transfer of Control of Applicable NBFCs An applicable NBFC, shall require prior written permission of the Bank for the following: a) any takeover or acquisition of control of the applicable NBFC, which may or may not result in change of management; b) any change in the shareholding of the applicable NBFCs, including progressive increases over time, which would result in acquisition / transfer of shareholding of 26 per cent or more of the paid-up equity capitalof the applicable NBFC. Provided that, prior approval would not be required in case of any shareholding going beyond 26 per cent due to buyback of shares/ reduction in capital where it has approval of a competent Court. The same is to be reported to the Bank not later than one month from its occurrence; c) any change in the management of the applicable NBFC which would result in change in more than 30 per cent of the directors, excluding independent directors. Provided that, prior approval would not be required in case of directors who get re-elected on retirement by rotation.
FAQ on Change in Management Q. Whether prior approval is required for resignation or cessation of Director? A. Resignation or cessation of Director do not require prior approval. Only intimation with regard to resignation or cessation is sufficient. Q. Whether approval is required for appointment of ID? A. No. Only intimation is required post appointment. Q. Whether approval required for re-appointment of director retire by rotation? A. No. Prior approval is required only at the time of fresh appointment or appointment for the first time. Q. Whether approval is required for appointment of Nominee Director? A. Yes
FAQ on Change in Management Q. How to determine 30% change in Directors? A. Proposed New Directors / Total Existing Director *100 Q. appointment of each Director? Whether separate application is required for A. No. Single application can be filed for obtaining approval of more than 1 person at a given point of time. However, details of each director in separate annexures should be clearly outlined.
Reg. 63. Application for prior approval (1) Applicable NBFCs shall submit an application, in the company letter head, for obtaining prior approval of the Bank, along with the following documents: (a) Information about the proposed directors / shareholders as per the Annex XI; (b) Sources of funds of the proposed shareholders acquiring the shares in the applicable NBFC; (c) Declaration by the proposed directors/ shareholders that they are not associated with any unincorporated body that is accepting deposits; (d) Declaration by the proposed directors/ shareholders that they are not associated with any company, the application for CoR of which has been rejected by the Bank; (e) Declaration by the proposed directors/ shareholders that there is no criminal case, including for offence under section 138 of the Negotiable InstrumentsAct, againstthem; and (f) Bankers' Report on the proposed directors/shareholders. (2) Applications in this regard shall be submitted to the Regional Office of the Department of Supervision of the Bank in whose jurisdiction the RegisteredOffice of the applicable NBFC is located.
Reg. 64. Requirement of Prior Public Notice about change in control/ management (1) A public notice of at least 30 days shall be given before effecting the sale of, or transfer of the ownership by sale of shares, or transfer of control, whether with or without sale of shares. Such public notice shall be given by the applicable NBFC and also by the other party or jointly by the parties concerned, after obtaining the prior permission of the Bank. (2) The public notice shall indicate the intention to sell or transfer ownership/ control, the particulars of transferee and the reasons for such sale or transfer of ownership/ control. The notice shall be published in at least one leading national and in one leading local (covering the place of registered office) vernacular newspaper.
RBI NOC in case of Merger / Amalgamation involving NBFC Information Generally asked RBI (DNBS) Shareholding pattern of the transferee and transferor companies, pre and post proposed merger along with auditor s certificate in this regard. Information about the proposed shareholders/directors (with photos affixed) as sought in Para 3 of RBI circular DNBR (PD) CC.No. 065/03.10.001/2015-16 dated July 09, 2015. Declaration from the Director/Proposed Shareholders/ Promoters to the effect that they have not been associated with NBFCs that have not complied with the provisions of Section 45 S of the RBI Act, 1934 or been on the Board of any NBFC whose registration was cancelled on supervisory concerns, whose applicable for registration was rejected or which has been declared as a vanishing company by the Bank or other regulators and that that they are not involved in any criminal case, including under section 138(1) of the Negotiable Instruments Act 1881 and Companies Act, 1956 and 2013.
RBI NOC in case of Merger / Amalgamation involving NBFC Transferee company to submit business plan for next 3 years. Reasons for amalgamation. Balance sheet and Profit & Loss of all the companies involved in the process of amalgamation. Board Resolution of all the companies on merger/amalgamation. Certified copy of the proposed Scheme of Amalgamation signed by the director on each page To submit an attested copy of the Memorandum and Article of Association of the company reflecting the main activities of the business of the company and Certificate of incorporation issued by the regulatory authority of the nature of business in respect of the transferor company. (in case of transferee non-NBFC) SAC and NOF of the Transferee NBFC
RBI NOC in case of Merger / Amalgamation involving NBFC Banker s reports/ CIBIL directors/shareholders/promoters. Reports of all the Documents supporting the fact whether the company has obtained membership of all the four CICs as per RBI guidelines dated February 06, 2015. Sources of funds of the proposed shareholders acquiring the shares in the merged entity. Projected post-merger balance sheet of the merged entity certified by auditor. Upload applicable returns on XBRL for FY ..
Compliances and Returns to be filed by the Non- Banking Financial Company (NBFC)
Major Requirements in complying with NBFC Compliances The Reserve Bank of India has migrated the existing supervisory return online filing process from COSMOS platform to the XBRL system. XBRL website https://xbrl.rbi.org.in Therefore, NBFCs are required to have the following in order to file returns on the all new XBRL portal (FY 19-20 and onwards) : Get the User ID and Password from RBI; Installation of XBRL RBI I-file required Update profile on the XBRL portal on regular basis.
Form (XBRL) Compliance Due Date ASSET SIZE BELOW 100 CR DNBS 02 (Annual) Important Financial Parameters - To captures components of liabilities as well as compliance with various prudential norms for non-deposit taking NBFCs. Statutory Auditor Certificate - To ensure continued compliance for all NBFCs. 60 Days from the end of FY details assets like and non-NDSI DNBS 10 (Annual) 1 month from the date of finalisationof B/S. Not later than 31st Dec. 15 Days from the end of each quarter regulatory DNBS 13 (Quarterly) Overseas Investment Details - To capture details investment for all NBFCs having overseas investment. of overseas
Form (XBRL) Compliance Due Date ASSET SIZE 100 CR AND ABOVE DNBS 02 (Annual) Important Financial Parameters - like components of assets and liabilities as well as compliance with various prudential norms for non- deposit taking non-NDSI NBFCs. Statutory Auditor Certificate - To ensure continued regulatory compliance for all NBFCs. To captures details 60 Days from the end of FY DNBS 10 (Annual) 1 month from the date of finalisation of BS. Not later than 31st Dec. 15 Days from the end of each quarter DNBS 13 (Quarterly) Overseas Investment Details - To capture details of overseas investment for all NBFCs having overseas investment. Short Term Dynamic Liquidity - To capture the details of mismatch in projected future cash inflows and outflows basedon the business projections. Structural Liquidity & Interest Rate Sensitivity - To capture (i) The details of mismatch in projected future cash inflows and outflows based on the maturity pattern of assets and liabilities at the end of the reporting period for NBFCs-NDSI; (ii) The details of interest rate risk. DNBS 04A (Quarterly) 15 Days from the end of each quarter DNBS 04B (Monthly) 10 Days from the end of each month
Form (XBRL) Compliance Due Date ASSET SIZE 500 CR AND ABOVE (SYSTEMATICALLY IMPORTANT SI) DNBS 01 (Quarterly) Important Financial Parameters - captures financial details, viz. components of Assets and Liabilities, Profit and Loss account, Exposure to sensitive sectors etc. The return 15 Days from the end of each quarter DNBS 03 (Quarterly) Important Prudential Parameters - The return captures compliance with various prudential norms, e.g. Capital Classification, Provisioning, NOF etc. 15 Days from the end of each quarter Adequacy, Asset DNBS 08 (Monthly) CRILC information on aggregate exposure of 5 Crore and above to a single borrower. Main Return - To capture credit 15 Days from the end of each quarter CRILC RDB - To capture details of aggregate exposure of 5 Crore and above to a single borrower reported in default for the week DNBS 09 (Weekly) As and when the default occurs
RETURNS FOR CORE INVESTMENT COMPANIES - CIC Form Types of NBFC Description Due Dates The financial components of Assets as well as Liabilities, Profit & Loss account, Exposure to sensitive sectors etc., return captures details, viz. NBFC-CIC-ND-SI (Asset Size 100 Cr and above) 15 Days from the end each quarter DNBS-11 (Quarterly) of The compliance prudential norms, for e.g. Capital Adequacy, Classification, Provisioning, NOF etc. return captures with DNBS-12 (Quarterly) NBFC-CIC-ND-SI (Asset Size 100 Cr and above) 15 Days from the end each quarter of Asset
RETURNS FOR PEER TO PEER (P2P) Online Lending Platform Form Types of NBFC Description Due Dates The financial components and liabilities as well as compliance with various prudential NBFCs-P2P. return captures details of like assets 15 Days from the end of each quarter DNBS-14 (Quarterly) NBFC P2Ps norms for
OTHER REPORTING FOR NBFCs Form Types of NBFC Description Due Dates Every NBFC shall require to report transaction to all the four CICs On 10th succeeding month and before day CIC Reporting its loan of All NBFCs Every regulated entity (including NBFCs) shall do KYC while disbursing loans or creating account relationship. Within 10 days from the date of account relationship CKYC All NBFCs All are required to report its financial debt to NESL in case of any default by the borrower Within a week from the date of succeeding month NESL ALL NBFCs
Registration with Other Agencies Agency Purpose CKYC For KYC of Customers /Clients Registration of Entity, Designated Director, Principal Officer and Reporting of certain transaction (CTR & STR) to FIU-IND agency mentioned under rule 3 of PMLA rules 2005 FIU-IND For reporting of every retail loan taken by a consumer to all four credit information bureaus. CIC CIBIL, Equifax, Experian and CRIF. For mortgage / security interest. reporting of information regarding CERSAI
Credit Information Companies (Regulation) Act, 2005 (CIC Act)
Credit Information Company (CIC) Equifax Experian Trans Union CIBIL CRIF High Mark
Background In India there are four credit information bureaus Equifax, TransUnion CIBIL, Experian, and CRIF High Mark. These credit information bureaus are directly regulated by the Reserve Bank of India s Department of Banking Operations and Development. As per the provisions of 2005 Credit Information Companies (Regulations) Act (CICRA), all banks, financial institutions and NBFCs are required to report every retail loan taken by a consumer to all the four credit information bureaus. It is mandatory for all financial institutions and commercial bank which provides/lending money and Credit Institutions (CIs) shall become members of all four CICs and submit data (including historical data) to them.
Registration Make application for registration with respective CIC Upon receipt of the same they will process the same Make payment of requisite charges : Membership fee: INR 10,000/- (plus taxes @18%) Annual fee: INR 5,000/- (plus taxes @18%) CIC will register the entity and provide credentials for login and filing report Every year the membership needs to be renewed Once registration done successfully, the entity can access all the data available with CIC. Upon Registration the entity needs to file the monthly report with the CIC within 10 days of end of each month.
Information provided by CIC to the Lender A detailed description of a borrower s credit pattern across all loan accounts held. The repayment history/behaviour of a borrower as reported by the lenders. The identification information like name, address and other information of the potential borrower as mentioned by member companies Information supported the info provided by the contributing members Access to CIC Portal (upon registration) which enables member institutions to look at all the above information. on prospective borrower creditworthiness
List of Documents Required for Registration with CIC The list of documents required for registration are as follows: 1. Company Permanent Account Number (PAN) and GST Number. Details Corporate Identification Number (CIN), 2. Reserve Bank of India (RBI) Registration Certificate 3. Name and Contact Details of (email id and mobile number) of Nodal Officer, Authorised Signatory, Billing Contact Person and users to be created for Data Submission to CIC. 4. Mode of Payment, there are four mode of payments i.e., Net Banking, Debit Card, Credit Card and UPI 5. Application needs to be made in the specified format of respective CIC.
Fingate Registration/ FINnet 2.0/ FIU Registration (Financial Intelligence Unit)
Introduction Financial Intelligence Unit-India (FIU-IND) is the central national agency for receiving, processing, analysing and disseminating information relating to suspect financial transactions. FIU-IND is also responsible for coordinating and strengthening efforts of national and international intelligence, enforcement agencies in combating money laundering, associated predicate offencesand terrorist financing. investigation and FIU has introduces FINGate Portal to provide quality financial intelligence for safeguarding the financial system from the abuses of money laundering, terrorism financing, and othereconomicoffenses. The FINGate system shall consist of multiple reporting mechanisms to ensurecomplianceand facilitatequick and easy reporting. To access the FINGate portal, navigate to https://fiuindia.gov.in/.
Obligations of Reporting Entities under PMLA Under PMLA, every reporting entity (banking company, financial institution, intermediary or person carrying on designated business and profession) is required: a) To register itself with the FINGate Portal b) To appointa Principal Officerand provide detailsat Fingate Portal c) To appoint a Designated Director and provide details at Fingate Portal d) To communicate their names, designations and addresses to FIU- IND. The reporting entity is also obligated to client due diligence, maintain record of specified transactions for the prescribed period and furnish reportof the prescribed transactions to FIU-IND.
Client Due Diligence The reporting entity is required to (i) identify its clients, verify their identity, obtain information on the purposeand intended natureof the business relationship (ii)to determine whether a client is acting on behalf of a beneficial owner, and (iii)identify the beneficial owner and take all steps to verify the identity of the beneficial owner. The client due diligence (CDD) has to be done at the time of opening of an account as well as periodically during the tenure of the business relationship.
Reporting under FIU-IND CTR Reporting 1. All Cash Transactions> Rs. 10 Lakhs 2. Within 15 days from the end of quarter STR Reporting 1. Suspicious Transactions 2. Within 7 days of suspicion getting confirmed Fine for not complying with the obligations under PLMA. Director, FIU-IND can impose a range of sanctions on the reporting entity for non-compliance including monetary penalty ranging from Rs.10,000/- to Rs.1,00,000/- for each failure.
Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI)
CERSAI CERSAI is a Government of India company, licensed under section 8 of the Companies Act, 2013. The company has been incorporated with majority shareholding of the Central Government, Public Sector Banks and National Housing Bank initially for the purpose of operating a Registration System under the provisions of Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Later, CERSAI was entrusted upon the responsibility of operating and maintaining a KYC Registry, governed under PML Rules 2005 (Maintenance of Records). The Security Interest Registry, which was incorporated in 2011, made a humble beginning by filing of Security Interest of Immovable Properties, it has today matured into a complete registry encompassing security interest of immovable, movable, intangible properties and assignment of receivables. It now provides access to all kind of creditors and also provides facility for filing of attachment orders and court orders, so as to provide a complete picture of any encumbered / attached property. The importance of Security Interest Registry and its contribution In Ease of Doing Business (EoDB) score of thecountry under the sub-head Getting Credit has been significant. The Central KYC Record Registry, which started operating from 2016, caters to Reporting Entities (REs)of all four major regulators of financials sector i.e. RBI, SEBI, IRDAI & PFRDA.As on 31st March 2023, CKYCRR hosts more than 70 crore KYC records and the growing number of KYC Records downloaded by REs from CKYCRR signify the benefit and ease this repository has provided to the REs and theircustomers.
Objectives and Applicability of CERSAI The main objective of Central Registry of Securitisation Asset Reconstruction and Security Interest of India are: 1. CERSAI was set up to maintain and operate the central registration system for security interests generated over fair and equitable mortgages (mortgage by deposit of title deeds) to prevent fraudulent activities and financial scams. 2. CERSAI permits financial institutions like NBFCs or Banks to register all kinds of transactions related to securitisation and reconstruction of assets. 3. In 2012, the scope of CERSAI was further extended through the Factoring Regulation Act 2011, which mandated the registration of any security interests created through the assignment of factoring and account receivables. 4. Any security interests or loans created on all types of mortgages prevalent in India must be registered with CERSAI providing all the information related to secure guarantees. All lenders must complete the registration process within 30 days of realising the security interests. 5. Any person can search and investigate the records maintained under CERSAI by making prescribed payments undercentral Registry Rules, 2011.
Procedure for CERSAI Registration of NBFC Website of CERSAI www.cersai.org.in Minimum two person require, Maximum 3 Authorised by the Company as Nodal Officer, USER-1 & USER-2 (Nodal officer can be one of the user) Digital Signature of Nodal Officer Users Email, mobile, Copy of PAN (for DOB & Father s Name), employee code & Photo. BR for his authorisation as Nodal Officer
Relevant Forms required for CERSAI Registration for NBFC: The Government of India has prescribed forms for CERSAI registration for NBFC as follows:- Process for Registration Prescribed Forms For creation and modification of Charge (only immovable property) FORM I For particulars of satisfaction of Security Interest FORM II For Reconstruction or Securitisation of Assets FORM III For satisfaction of Securitisation or Reconstruction of Assets FORM IV
