Auto finance co.
This query is : Resolved
Nitesh Parmar
(Querist)
25 September 2014
I want to start a pvt. ltd. co. under which i will provide real estate consultancy and auto finance business. but in this business i will not accept deposits from public but only money form share holder as a share application money. please suggest if i will not accept money from public, i required to register as a NBFC or not? as on the RBI website it is provide that deposits from shareholder by private ltd. co. is not covered under deposit. please suggest.
Nikhil Kaushik
(Expert)
25 September 2014
as I said earlier, it is not the deposit from shareholder that attracts NBFC regulations. it is the act of lending that cause NFBC regulations to apply.
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