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NBFC company

Neeta (Finance) (345 Points)

26 February 2010

Hello members ,, Registration of a NBFC public , can anyone plz provide a checklist for the same .. Main point i want to know in this regard;

1. Within what time limit after getting COI , the company need apply for Certificate of Commencement ?

2. Within what time limit the company need apply to RBI for registration ?

Thanx !

neeta

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3 Replies

Rasesh (CS CWA MBA (Fin) B.Com LL.B (Spl)) (6501 Points)
Replied 26 February 2010

The certificate of commencement of business has to be obtained within six months of incorporation.

As regards, the NBFC registration, the company has to apply before starting the business as an NBFC.

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 27 February 2010

Originally posted by : Rasesh
	The certificate of commencement of business has to be obtained within six months of incorporation. As regards, the NBFC registration, the company has to apply before starting the business as an NBFC.

Dear Rasesh,

Can u provide the reference of section of the Companies Act under which it is required to obtain Certificate to Commence Business within 6months of Incorporation??

Thanks

J. Manivannan (Advocate & IP) (242 Points)
Replied 02 March 2010

Pursuant to section 45-IA of RBI Act, 1934

NBFC have to make an 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 Net Owned Fund (NOF).

NOF requirement for NBFC registered:

Before 21/04/1999 = Rs.25 Lakhs

After 21/04/1999 = Rs.200 Lakhs