Incorporation of NBFC without accepting public deposit
This query is : Resolved
Vipul Kumar Singhal
(Querist)
20 February 2008
Please confirm me the minimum authorised capital required for incorporation of NBFC (not accepting public deposit) private company and the provisions of exemption from registration under RBI Act 1934
CA. GOPAL SONIKA
(Expert)
26 February 2008
All NBFCs (other than those exempted) are required to be registered with RBI and also make sure that they continue to be eligible to remain registered.
Further, for registration it is necessary that a Company should have minimum net owned funds of Rs.200 lac.
Further, for registration it is necessary that a Company should have minimum net owned funds of Rs.200 lac.
Vipul Kumar Singhal
(Querist)
28 February 2008
Sir please specify what is included in the term " other than those exempted" as my query was regarding those NBFC only
CA. GOPAL SONIKA
(Expert)
01 March 2008
Category of NBFCs which are regulated by other regulators are exempted from the requirement of registration with RBI viz. Venture Capital Fund/Merchant Banking companies/Stock broking companies registered with SEBI, Insurance Company holding a valid Certificate of Registration issued by IRDA, Nidhi companies as notified under Section 620A of the Companies Act, 1956, Chit companies as defined in clause (b) of Section 2 of the Chit Funds Act, 1982 or Housing Finance Companies regulated by National Housing Bank.
Vipul Kumar Singhal
(Querist)
04 March 2008
But sir in my view as per the law chit funds companies are required to resiter themselves under RBI act, i have also confirmed this from the RBI office in dehradun. it is only exempted if it satisfies the three conditions cumulatively
1 Not accept public deposit
2 registered under Section 25 of Companies Act 1956
Now main problem is that we have to undergo the formalities of Section 25 which in itself is a big affair
Please clarify
1 Not accept public deposit
2 registered under Section 25 of Companies Act 1956
Now main problem is that we have to undergo the formalities of Section 25 which in itself is a big affair
Please clarify
CA. GOPAL SONIKA
(Expert)
06 March 2008
In that case i would request u to get the clarifications from RBI as beacuse as per RBI Act it it is exempted.
15 March 2008
minimum authorised capital is rs. 500000/-(five lakhs) as per companies Act 1956.
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