A Private Limited Company is formed with its main objects to trade in Shares & Securities. The Company receives loan from its share holders on 15% interest and trade in shares and securities. Whether the company is under any obligation with RBI or NBFC?
Please reply soon as its very urgent.
No
You have to get yourself registered with RBI as NBFC. Pl. go through provisions of RBI Act.
Thanks.
Hi
First of all ur company is a Private Limited company then provisions of section 295 is not applicable.
Secondly your company's main object is trading in securities and not financing to other so it is not a NBFC company. Your companing taking loan with interest is a simple in nature of loan and in that case it is not requied to file any document with RBI unless the director is resident out side India.
Regards
Section 45-I(f):
“non-banking financial company” means—
(i) a financial institution which is a company;
(ii) a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lending in any manner;
(iii) such other non-banking institution or class of such institutions, as the Bank may, with the previous approval of the Central Government and by notification in the Official Gazette, specify.]
[Requirement of registration and net owned fund.
45-IA. (1) Notwithstanding anything contained in this Chapter or in any other law for the time being in force, no non-banking financial company shall commence or carry on the business of a non-banking financial institution without—
(a) obtaining a certificate of registration issued under this Chapter; and
(b) having the net owned fund of twenty-five lakh rupees or such other amount, not exceeding two hundred lakh rupees, as the Bank may, by notification in the Official Gazette, specify.
Triveni Turbine Limited
Bengaluru
CA
View Details
CAclubindia
