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Nbfc (non deposit accepting)

Honey Gupta (Company Secretary ) (24 Points)

21 December 2013

Dear colleagues,

Can anybody help me with the checklist of NBFC (non deposit accepting) compliances. further, pls also clear my doubt that whether we need to pass resolution every year for implementation of Fair practice code and KYC& Money laundering policies framed earlier.

Awaiting for a early reply

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1 Replies

Dileep Panchal (ASSISTANT CS) (189 Points)
Replied 26 December 2013

Dear Honey, 1) All NBFCs having assets of Rs.100 Cr and above but not accepting deposits are required to file monthly return on important financial parameters of the company. 2) also such companies have to pass a BR stating that neither they have accepted or would accept any public deposit during the year. 3) Should submit a certificate from Statutory Auditors on yearly basis stating that they continue to undrtake the business of NBFC requiring holding of CoR under section 45-IA of the RBI Act, 1934. 4) other information in respect of any change in the composition of its Board, Address and any other official designation.