Registration of nbfc

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parag gudhka

parag gudhka (Querist)
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11 March 2013 How to register an NBFC? What are the provisions which are to be looked at during registration?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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12 March 2013 In terms of Section 45-IA of the RBI Act, 1934, no Non-banking Financial company can commence or carry on business of a non-banking financial institution without a) obtaining a certificate of registration from the Bank and without having a Net Owned Funds of Rs. 25 lakhs (Rs two crore since April 1999). However, in terms of the powers given to the Bank. 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, Housing Finance Companies regulated by National Housing Bank , Stock Exchange or a Mutual Benefit company.

Procedure:
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The applicant company is required to apply online and submit a physical copy of the application along with the necessary documents to the Regional Office of the Reserve Bank of India. The application can be submitted online by accessing RBI’s secured website https://secweb.rbi.org.in/COSMOS/rbilogin.do. At this stage, the applicant company will not need to log on to the COSMOS application and hence user ids are not required. ). The company can click on “CLICK” for Company Registration on the login page of the COSMOS Application. A window showing the Excel application form available for download would be displayed. The company can then download suitable application form (i.e. NBFC or SC/RC) from the above website, key in the data and upload the application form. The company may note to indicate the correct name of the Regional Office in the field “C-8” of the “Annex-Identification Particulars” in the Excel application form. The company would then get a Company Application Reference Number for the CoR application filed on-line. 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. The company can then check the status of the application from the above mentioned secure address, by keying in the acknowledgement number.

A hard copy of the application form is available at www.rbi.org.in → Site Map → NBFC List → Forms and Returns. An indicative checklist of the documents required to be submitted along with the application can be accessed from www.rbi.org.in → Site Map → NBFC List → Forms and Returns → Documents required for registration as NBFCs.

Documents required for registration as NBFCs

https://rbidocs.rbi.org.in/rdocs/Forms/PDFs/01CNA071212FL.pdf

https://rbidocs.rbi.org.in/rdocs/Forms/PDFs/02CNA071212FL.pdf

https://rbidocs.rbi.org.in/rdocs/Forms/PDFs/03CNA071212FL.pdf

https://rbidocs.rbi.org.in/rdocs/Forms/PDFs/04CNA071212FL.pdf

https://rbidocs.rbi.org.in/rdocs/Forms/PDFs/05CNA071212FL.pdf

https://rbidocs.rbi.org.in/rdocs/Forms/PDFs/CIC260411F.pdf

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