Enterslice help you to Incorporate NBFC Company in india.we also provide software to manage NBFC Business like NBFC Software,NBFC-ND Compilance,Money Changer Compilance,funding in NBFC and takeover of NBFC.
Enterslice help you to Incorporate NBFC Company in india.we also provide software to manage NBFC Business like NBFC Software,NBFC-ND Compilance,Money Changer Compilance,funding in NBFC and takeover of NBFC.
In India, there is a total of 10,190 operating non- banking financial companies as at September end 2018. Out of this 10,190, more than 95 per cent (10,082) are non- deposit taking NBFCs.
Kotak Mahindra_ The Strategic Shift from NBFC to BankMANTHAN CHAUHAN
How Kotak Mahindra shifted his 'tag' from NBFC (Non Banking Financial Company) to Bank is briefly explained in this presentation with help of small case study and question and answers based on it.
what is the major difference between NBFC and bank,their related companies act and Banking acts are also explained
in it.
NBFC - Non Banking Financial Company/ Non Banking Financial Corporation are companies registered under the Companies Act, 1956
Engaged in the business of
- loans and advances
-acquisition of shares
-stocks
-bonds
-debentures
-securities
but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property
All you want to know about the NBFC - EntersliceAnujRathore15
A NBFC or Non Banking Financial Company is One which performs most of the functions of a bank like providing loans ,financial leasing or hire purchase but cannot accept public deposits by allowing people to open savings or current accounts with it.A NBFC also cannot issue cheques and drafts. Know More: https://enterslice.com/nbfc-registration
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956/2013 and is engaged in the business of loans and advances, deposits, acquisition of shares stock/bonds/debentures/securities issued by Government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property. To register NBFC in India, the Company must have approval from Reserve Bank of India.
In India, there is a total of 10,190 operating non- banking financial companies as at September end 2018. Out of this 10,190, more than 95 per cent (10,082) are non- deposit taking NBFCs.
Kotak Mahindra_ The Strategic Shift from NBFC to BankMANTHAN CHAUHAN
How Kotak Mahindra shifted his 'tag' from NBFC (Non Banking Financial Company) to Bank is briefly explained in this presentation with help of small case study and question and answers based on it.
what is the major difference between NBFC and bank,their related companies act and Banking acts are also explained
in it.
NBFC - Non Banking Financial Company/ Non Banking Financial Corporation are companies registered under the Companies Act, 1956
Engaged in the business of
- loans and advances
-acquisition of shares
-stocks
-bonds
-debentures
-securities
but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property
All you want to know about the NBFC - EntersliceAnujRathore15
A NBFC or Non Banking Financial Company is One which performs most of the functions of a bank like providing loans ,financial leasing or hire purchase but cannot accept public deposits by allowing people to open savings or current accounts with it.A NBFC also cannot issue cheques and drafts. Know More: https://enterslice.com/nbfc-registration
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956/2013 and is engaged in the business of loans and advances, deposits, acquisition of shares stock/bonds/debentures/securities issued by Government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property. To register NBFC in India, the Company must have approval from Reserve Bank of India.
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This PPT contains the procedure for incorporation of banks and nbfc according to rbi guidelines. For detailed guidelines one can visit https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=2651
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 or 1956 carrying on the business listed under Section 45 I (c ) of the RBI Act, 1934, i.e.
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NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
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Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
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WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
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Legal aspects relating to registration of nbfc in india
1. Legal aspects relating to
registration of NBFCs in India
Presentation by –
Miss Neha Jain, B.A.LLB
2. What is NBFC
• NBFC is a company registered under the Companies Act , 2013 and engaged
in the business of loans and advances, acquisition of
shares/stocks/bonds/debentures/securities issued by Government, leasing,
hire-purchase, insurance business, chit business etc. but does not include
any institution whose -
• Principal business is that of agriculture activity,
• industrial activity,
• purchase or sale of any goods (other than securities) or
• providing any services and sale/purchase/construction of immovable
property.
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
3. Types of NBFC
On the basis of
type of liability
Deposit
taking(NBFC-D)
Non-Deposit
taking (NBFC-
ND)
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
4. Types of NBFC - ND
Non-deposit taking NBFCs
(NBFC-ND)
Type I - NBFC-ND not accepting
public funds1/ not intending to
accept public funds in the
future and not having customer
interface2/ not intending to have
customer interface in the future
Type II - NBFC-ND accepting
public funds/ intending to accept
public funds in the
future and/or having customer
interface/intending to have
customer interface in the future
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
5. What do we mean by “Public Funds” ?
“Public funds" shall include funds raised either directly or indirectly through
public deposits, commercial paper, debentures, inter-corporate deposits and
bank finance but excludes funds raised by issue of instruments compulsorily
convertible into equity shares within a period not exceeding 10 years from the
date of issue as defined in Regulatory Framework for Core Investment
Companies
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
6. What is “Customer Interface”?
“Customer interface” means interaction between the NBFC and its customers
while carrying on its NBFI business as defined in Non-Systemically Important
Non-Banking financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2015
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
7. Registration Requirements
The Law - NBFCs are given registration under Section 45 IA of RBI Act, 1934.The
basic requirements for registration are as follows –
1. Obtaining a Certificate of Registration (CoR) from RBI.
2. Registered Company under Section 3 of the companies Act, 2013.
3. Minimum net owned fund of ₹ 200 lakh.
4. Qualify the 50-50 test - Financial activity should be its principal business i.e when
a company’s financial assets constitute more than 50 per cent of the total assets
and income from financial assets constitute more than 50 per cent of the gross
income.
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
8. Net Owned Fund defined
• Net owned fund means–
• (a) the aggregate of the paid-up equity capital and free reserves as disclosed in the latest
balance-sheet of the company after deducting therefrom–
(i) accumulated balance of loss;
(ii) deferred revenue expenditure; and
(iii) other intangible assets;
and (b) further reduced by the amounts representing–
(1) investments of such company in shares of– (i) its subsidiaries; (ii) companies in the same
group; (iii) all other non-banking financial companies; and
(2) the book value of debentures, bonds, outstanding loans and advances (including hire-
purchase and lease finance) made to, and deposits with,– (i) subsidiaries of such company; and
(ii) companies in the same group, to the extent such amount exceeds ten per cent of (a) above.
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
9. Process for registration
• Online process.
• Portal - https://cosmos.rbi.org.in
• Registration of the Company on the portal – after the Company is registered, a
downloadable Application form in excel format is available.
• On submission of the filled in form, a Company Application Reference Number is
generated.
• Thereafter, the company has to submit the hard copy of the application form
(indicating the online Company Application Reference Number, along with the
supporting documents, to the concerned Regional Office.
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
10. Considerations of RBI while granting CoR
• Position to pay its present or future depositors in full as and when their claims accrue
• Affairs of NBFC not e conducted in a manner detrimental to the interest of its present or
future depositors;
• General character of the management or the proposed management of the NBFC shall not
be prejudicial to the public interest or the interest of its depositors;
• Adequate capital structure and earning prospects;
• Public interest shall be served by the grant of CoR to the NBFC;
• Grant shall not be prejudicial to the operation and consolidation of the financial sector
consistent with monetary stability, economic growth etc.
• Any other condition, fulfilment of which in the opinion of the Bank, shall be necessary to
ensure that there shall be no prejudice to the public interest or in the interest of the
depositors.
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
11. Deposit taking NBFCs
For becoming a deposit taking NBFC, the company has to obtain minimum
investment grade or other specified credit rating for fixed deposits from any
one of the approved credit rating agencies at least once a year.
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
12. What if RBI rejects your application for
registration ?
• Right to Appeal within a period of 30 days from the date on which such
order of rejection is communicated to the Central Government and the
decision of the Central Government where an appeal has been preferred to
it, or of the Bank where no appeal has been preferred, shall be final.
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
14. Process for acquisition/transfer of control of
NBFC
• Any sale/purchase of NBFC is governed by RBI’s Non-Banking Financial
Companies (Approval ofAcquisition or transfer of control ) Directions, 2015.
• An application to RBI has to be made in the event there is any variation in
the shareholding of an NBFC, resulting in 26% acquisition/ transfer of the
paid-up equity capital, including progressive increases over time.
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com
15. What does the application for prior approval
contain?
• Application format – Annex
• Proposed directors/shareholders information;
• Sources of funds required for acquiring shares in the NBFC by the proposed shareholders;
• A declaration by all the proposed directors/shareholders stating that they are not
associating with any entity accepting deposits;
• A declaration by all the proposed directors/shareholders stating their non-association with
any entity which has been denied a Certificate of Registration by the RBI;
• A statement of non-criminal background as well as non-conviction under section 138 of the
Negotiable Instruments Act by all the proposed directors/shareholders;
• Bankers’ Report with regard to proposed directors/ shareholders.
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16. Public notice
A public notice shall be given by both the parties post RBI approval in one
leading national and one leading local newspaper at least 30 days prior to
effecting such sale or transfer.
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17. Share Purchase Agreement
On RBI’s approval and fulfilment of all the above mentioned steps, the parties
enter into a Share purchase agreement/MoU executing the sale/purchase of
the NBFC.The entire process may take anywhere between 4-6 months.
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18. Thankyou
For any legal assistance, please connect with me at – simplex.lawsolutions@gmail.com