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NBFC Regulation

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 March 2011 Dear all,
A Pvt ltd. co. "____ financial pvt. Ltd." namely (Incorporated on March 1995) has received a notice from RBI on March 2011 states that " from the previous years balance sheets company's activities seems to be like the NBFC activities. hence stop the bussiness & justify for... previous as company is not registred under sec. 45(1A) as NBFC.
Plz suggest what justification can be given for NBFC activities without reg. u/s 45IA
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Rasesh

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Rasesh (Expert)
23 March 2011 NBFC registration is mandated if the company carries out activities which imply that the nature of the business carried out by the company is investment in nature.

The options available with the company are:
1) To discontinue such activities
or
2) To register with RBI as an NBFC and comply with all the applicable guidelines.
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