Statutory compliance checklist

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Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2015 Request you to provide me a statutory compliance checklist while opening a new branch office in any city of India by NBFC. Such as Under Shop & Establishment Act, Companies Act, SEBI Act, RBI Act. Please guide me urgently.

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2015 Please give me an answer of thiss question

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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25 July 2025 Sure! Here’s a **basic statutory compliance checklist** for opening a new branch office of an NBFC (Non-Banking Financial Company) in any city in India. I’ve covered key laws like the **Companies Act**, **RBI regulations**, **Shop & Establishment Act**, and others relevant to NBFCs.

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### Statutory Compliance Checklist for NBFC Branch Office

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#### 1. **Company Law (Companies Act, 2013)**

* **Board Resolution:** Approval for opening new branch office.
* **Intimation to ROC:** File **Form INC-22** (Notice of Situation or Change of Registered Office) if the branch is outside the registered office city/state.
* Maintain branch office records as per the Act.
* Annual filings to include branch office details.

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#### 2. **RBI Act and NBFC Regulations**

* **Approval from RBI:**
Check if prior approval is required from RBI for opening a new branch (some NBFCs need RBI’s permission).
* **Registration with RBI:**
Update branch details with RBI via the **NBS-6 Return** (half yearly).
* **Compliance with NBFC Master Directions:**
Follow RBI’s norms on KYC, AML, reporting, and fair practices.
* **Branch Audit:**
Ensure branch audit as per RBI guidelines (some NBFCs require branch-wise audit).

---

#### 3. **Shop and Establishment Act (State-specific)**

* **Registration:**
Register the branch office under the local **Shop and Establishment Act** of the respective state.
* **Obtain license/registration certificate:**
As per state law.
* **Compliance:**
Follow local labor laws, timings, leave policies, and employee welfare provisions.

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#### 4. **Taxation Compliance**

* **PAN and TAN:**
Verify if a separate PAN or TAN is needed for the branch.
* **GST Registration:**
Obtain GST registration for the branch location if applicable (turnover or services supplied from branch).
* **TDS Compliance:**
Deduct and deposit TDS for payments made from the branch.
* **Professional Tax:**
Register and comply with state professional tax laws (if applicable).

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#### 5. **Labour and Employment Laws**

* Comply with applicable labor laws at the branch location (PF, ESIC, minimum wages, etc.).
* Register for Provident Fund and Employees State Insurance if employees at the branch qualify.

---

#### 6. **Local Municipal and Other Licenses**

* Obtain **local municipal trade license** if required.
* Ensure compliance with **fire safety, health, and safety regulations**.
* Display statutory notices as required.

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#### 7. **SEBI Regulations (If applicable)**

* If the NBFC is also registered as an intermediary with SEBI, intimate SEBI about new branch as per relevant regulations.

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### Suggested Action Plan

| Step | Action | Timeline |
| ---- | ------------------------------------------- | -------------------------- |
| 1 | Board approval for branch office | Before starting |
| 2 | Apply for Shop & Establishment registration | Within 30 days of starting |
| 3 | File Form INC-22 with ROC (if applicable) | Within 30 days |
| 4 | Inform RBI and update branch details | Within 30 days |
| 5 | Obtain GST registration | Before any taxable supply |
| 6 | Comply with labor laws | Ongoing |
| 7 | Maintain statutory registers at branch | Ongoing |
| 8 | Periodic returns (ROC, RBI, GST, tax) | As per due dates |

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If you want, I can help draft a **detailed checklist template** with specific forms and timelines for your NBFC branch. Would that help?

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