Minimum authorised capital required to incorporate company

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Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2012 dear ones,

I need to incorporate a private company whose main object is carrying agent or intermediaries for insurance company . for this i need the minimum capital requirement under IRDA to use the word insurance services in the name of the company .

please any one help me .......

Ajay Mishra

Ajay Mishra (Expert)
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16 June 2012 Hi

NBFC have to make application for registration with RBI and shall not commence or carry on business of a non-banking financial institution without obtaining registration from RBI and maintaining NOF.
NOF requirement for NBFC registered
Before 21/04/1999 = Rs.25 lacs
On or after 21/04/1999 = Rs.200 lacs

Ajay Mishra

Ajay Mishra (Expert)
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16 June 2012 In terms of Section 45-IA of the RBI Act, 1934, it is mandatory that every NBFC should be registered with RBI to commence or carry on any business of non-banking financial institution as defined in clause (a) of Section 45 I of the RBI Act, 1934.

However, to obviate dual regulation, certain categories 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.

CA Karun Gupta

CA Karun Gupta (Expert)
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17 September 2012 Requirement of Rs.200 lacs NOF is for Deposit taking NBFC. What is the minimum capital requirement for non-deposit taking NBFCs?
Correct me if I am wrong..