{"id":104530,"date":"2021-10-12T17:13:53","date_gmt":"2021-10-12T11:43:53","guid":{"rendered":"https:\/\/legalwindow.in\/?p=104530"},"modified":"2021-10-13T10:34:30","modified_gmt":"2021-10-13T05:04:30","slug":"non-banking-financial-company-nbfc-compliances","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/non-banking-financial-company-nbfc-compliances\/","title":{"rendered":"Brief Overview of Non-Banking Financial Company (NBFC) Compliances"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-104542 size-full\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Non-Banking-Financial-Company-NBFC-Compliances.png\" alt=\"Non-Banking Financial Company (NBFC) Compliances\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Non-Banking-Financial-Company-NBFC-Compliances.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Non-Banking-Financial-Company-NBFC-Compliances-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Non-Banking-Financial-Company-NBFC-Compliances-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Non-Banking-Financial-Company-NBFC-Compliances-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Non-Banking-Financial-Company-NBFC-Compliances-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Non-Banking Financial Company is a financial institution having activities that are similar to bank and provides banking services without requiring holding a banking license. <a href=\"https:\/\/legalwindow.in\/all-you-need-to-know-about-nbfc-registration\/\" target=\"_blank\" rel=\"noopener\">NBFC\u2019s in India<\/a> are supervised and regulated by Reserve Bank of India. Thus it\u2019s mandatory for such company to obtain a certificate of registration from RBI before commencing the business. The NBFC Company gets registered under the Companies Act, 2013 and is regulated by RBI under Section 45 I (a) of RBI Act, 1949. The predominant activities of NBFC\u2019s financial activities related to investments, giving loans and advances, hire-purchase, insurance business, leasing, chit-fund business, acquisition of shares, bonds, debentures, stocks and government or local authority bonds\/ securities which are marketable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The<a href=\"https:\/\/legalwindow.in\/nbfc-company\/\" target=\"_blank\" rel=\"noopener\"> NBFC<\/a> compliances mean the due date and returns that is required to be filed by NBFC\u2019s. The list is provided as per the guidelines issues by RBI.\u00a0 NBFC\u2019s are required to comply with the compliances, as provided under the non-banking financial company returns instruction of 2016.\u00a0\u00a0<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Meaning\"><span style=\"font-weight: 400;\">Meaning of NBFC<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Governing\"><span style=\"font-weight: 400;\">Governing authority\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Types\"><span style=\"font-weight: 400;\">Types of Non-Banking Financial Company<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Difference\"><span style=\"font-weight: 400;\">Difference between NBFC\u2019s and banks<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Advantages\"><span style=\"font-weight: 400;\">Advantages of incorporating a NBFC<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Documents\"><span style=\"font-weight: 400;\">Documents required for NBFC\u2019s registration\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Process\"><span style=\"font-weight: 400;\">Process of registration<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Registration\"><span style=\"font-weight: 400;\">Registration fees<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#NBFC\"><span style=\"font-weight: 400;\">NBFC\u2019s submission on compliances and other information\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Essential\"><span style=\"font-weight: 400;\">Essential NBFC compliances checklist\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#RBI\"><span style=\"font-weight: 400;\">RBI compliances that is applicable to every NBFC\u2019s irrespective to the nature of the business\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Final\"><span style=\"font-weight: 400;\">Final words\u00a0<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Meaning\"><b>Meaning of Non-Banking Financial Company (NBFC)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A Non-Banking Financial Company is a company which is engaged in the business of loans and advances, acquisition of share, stocks, bonds, debentures issued by the government or local authority or other marketable securities of nature such as leasing, hire-purchase, insurance, chit business but will not include business with the nature such as agriculture, industrial, purchase or sale of any goods.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In simper words a Non-Banking Financial Company\u2019s preeminent business is to receive deposits under any scheme in one lump sum or in instalments.\u00a0<\/span><\/p>\n<h2 id=\"Governing\"><b>Governing authority\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Being similar to that of banking sector, the business of NBFC\u2019s are governed under chapter III B and C and chapter V of Reserve Bank of India. But the registration of NBFC\u2019s is similar to that of incorporating a company. Thus, the NBFC companies can get incorporated under<a href=\"https:\/\/legalwindow.in\/buy-back-of-shares-under-companies-act-2013\/\" target=\"_blank\" rel=\"noopener\"> Companies Act, 2013<\/a> if it complies with Section 3 of Companies Act.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In terms of Section 45-IA of RBI, Act, 1934 no Non-Banking Financial Company can commence or carry on business without\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Obtaining certificate of registration from bank and without holding INR 2 crore.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In case of venture capital, merchant banking companies are registered with SEBI.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance company should acquire registration of certificate from IRDA.\u00a0<\/span><\/li>\n<\/ul>\n<h2 id=\"Types\"><b>Types of Non-Banking Financial Company<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Asset finance company<\/b><span style=\"font-weight: 400;\"> \u2013 an AFC is a financial institution carrying on its principle business by financing for tangible assets for the growth of economic and income arising there from, such as automobiles, industrial machines etc.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Investment Company<\/b><span style=\"font-weight: 400;\"> \u2013 acquisition of securities are the principle business of the investment companies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loan company<\/b><span style=\"font-weight: 400;\"> \u2013 the companies which is a financial institution carrying on its business by providing financial assistance in the means of loans or monetary advances.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Infrastructure finance company<\/b><span style=\"font-weight: 400;\"> \u2013 is a non-finance company, with 75% of its total assets in infrastructure loans, minimum net owned funds INR 300 crore, minimum credit rating of A, CRAR OF 15%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Systematic important core investment company (CIC-ND-SI)<\/b><span style=\"font-weight: 400;\"> \u2013 the nature of the business is by acquiring shares and securities with the asset size of INR 100 crore or above. The company should hold 90% of its assets in form of shares, the value of <a href=\"https:\/\/legalwindow.in\/procedure-of-transfer-of-equity-shares-in-india\/\" target=\"_blank\" rel=\"noopener\">equity shares<\/a> should not be less than that of 60%, the company can make an investment in bank deposits, money market instruments, government securities, loan to and investments in debt issuances of group companies or guarantee issued on behalf of group companies.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Infrastructure debt fund<\/b><span style=\"font-weight: 400;\"> \u2013 these companies are to facilitate a long term loan debt into infrastructure projects.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Micro finance institution<\/b><span style=\"font-weight: 400;\"> \u2013 NBFC-MFI doesn\u2019t have 85% of its assets in the nature of qualifying assets satisfying the following criteria \u2013\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The borrower of the loan shouldn\u2019t have an annual income of INR 1, 00, 000 in rural household and INR 1, 60, 000 in semi-urban household.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Total indebtedness of the borrower doesn\u2019t exceed INR 1, 00, 000.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tenure of the loan doesn\u2019t exceed 24 months for loan amount in excess of INR 15, 000 with repayment facility without penalty.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Repayment of the loan is subjective to the repayable capacity of the borrower.\u00a0<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/legalwindow.in\/nbfc-company\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-104545 size-full\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/imgpsh_fullsize_anim-6.jpg\" alt=\"NBFC Annual Compliance in India\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-6.jpg 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-6-600x120.jpg 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-6-300x60.jpg 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/imgpsh_fullsize_anim-6-768x154.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<h2 id=\"Difference\"><b>Difference between NBFCs and banks\u00a0<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBFC\u2019s cannot accept demand deposits\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBFC\u2019s cannot issue cheques or draw on itself<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deposit insurance and credit guarantee is not available and can\u2019t be availed as possible in banks.<\/span><\/li>\n<\/ul>\n<h2 id=\"Advantages\"><b>Advantages of NBFC\u2019S \u2013\u00a0<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Low cost and time<\/b><span style=\"font-weight: 400;\"> \u2013 it is an easy task to register a NBFC as compared in registering a bank. The time and cost are both an excess in terms of opening a bank.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Easy recovery of loans<\/b><span style=\"font-weight: 400;\"> \u2013 since NBFC\u2019s are very systematic and they offer considerably less loan amount with flexible return period making the recovery from the borrower easy.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fast distribution of fund<\/b><span style=\"font-weight: 400;\"> \u2013 availing a loan from NBFC is far simpler with less paper works and documentation than compared with the procedure that involves traditional banking process.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest rate<\/b><span style=\"font-weight: 400;\"> \u2013 as compared to the traditional banking, NBFC\u2019s offers competitively less rates of interest on business loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Eligibility<\/b><span style=\"font-weight: 400;\"> \u2013 customer despite having a low credit score one can easily qualify for a 100% of loan from an NBFC.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Since NBFC\u2019s are governed by RBI, such companies can\u2019t carry on business unless and until an incorporation certificate been obtained. Though NBFC\u2019s are governed by RBI, the company\u2019s incorporation is to be compiled under section 3 of the Companies Act, 2013. It must meet the requirement of minimum of INR 2 crore of Net Owned Funds (except for NBFC-MFI, CIC). Calculation of net owned fund can be done from last audited balance sheet of the firm.\u00a0<\/span><\/p>\n<h2 id=\"Documents\"><b>Documents required for NBFC registration\u00a0<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Incorporation certificate\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Detailed information on the company along with their prospectus<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Copy of PAN and CIN number of the company\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Address proof\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Certified copy of Articles of Association and Memorandum of Association\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">List of directors\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit or CIBIL report of the directors\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Resolution of board\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Certificate issued by auditor that the company is not holding the public deposit and does not accept it as well and ownership specifying funds on date of application\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Information relating to bank accounts, loan, balances etc are to be complied\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Self attested <a href=\"https:\/\/legalwindow.in\/itr-filing-for-company\/\" target=\"_blank\" rel=\"noopener\">ITR returns of the company<\/a> by the director<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business plan for consecutive three years, cash flow, and income statement has to be compiled.\u00a0<\/span><\/li>\n<\/ul>\n<h2 id=\"Process\"><b>Registration process of NBFC\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The applicant company is required to apply online as well submit a physical copy of the application with the required documents to the Regional Office of the Reserve Bank of India. The application can be accessed via RBI portal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 1 \u2013 Registration of the company under Companies Act, 2013\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 2 \u2013 Minimum Net Owned Funds of a company should be INR 2 crores or more<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 3 \u2013 appointment of director from same experience. The appointed director shall be an independent director.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 4 \u2013 Good CIBIL score of the director will reflect on registration of an NBFC<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 5 \u2013 filing up application form of COSMOS with the RBI official portal<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 6 \u2013 Submitting the required documents with the application form<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 7 \u2013 CARN will be generated\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 8 \u2013 Hard copy of the documents needs to be submitted with RBI\u2019s regional branch\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 9 \u2013 After scrutinizing the application the licence shall be given to the company\u00a0<\/span><\/p>\n<h2 id=\"Registration\"><b>Registration fees\u00a0<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">During the course of registration, the company has to remit<a href=\"https:\/\/www.mca.gov.in\/content\/mca\/global\/en\/home.html\" target=\"_blank\" rel=\"noopener\"> Ministry of Corporate Affairs (MCA)<\/a>. The amount shall be based on company\u2019s authorized capital.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SPICe+ should be filled by the company to pay fees.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The fee can be remitted by the acting authority such as directors, by entering the details such as DIN and DSC will be required for making the fees.\u00a0<\/span><\/li>\n<\/ul>\n<h2 id=\"NBFC\"><b>NBFC\u2019s submission on compliances and other information with RBI<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">NBFC-ND-SI (Non- Deposit Category) is required to submit an annual statement of capital funds, risk assets ratio etc. The submission can be made electronically as well physically to the registrar of regional RBI.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Further to it the capital adequacy and other disclosure norms have been incorporated in NBFC company norms direction, 2007.\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Capital adequacy of 15% to be maintained\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Disclosure of Balance Sheet\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\">CRAR<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maturity patterns for assets and liabilities <\/span><\/li>\n<\/ul>\n<\/li>\n<li>ALM Returns are required to be submitted by NBFC-ND-SI\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly &#8211; ALM1 \u2013 Statement of short term dynamic liquidity\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Half-yearly &#8211; ALM2 \u2013 Statement of short term structural liquidity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Half-yearly &#8211; ALM3 \u2013 Statement of interest rate sensitivity\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><b>Essential NBFC compliances checklist\u00a0<\/b><\/h2>\n<h3><b>Quarterly compliances \u2013<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF-1 \u2013 quarterly returns on deposits on first schedule. NBFC\u2019s having asset size between INR 50 Crores to INR 100 crores.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF-2- quarterly return on prudential norms is required to be submitted by NBFC which accepts public deposits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF 2: CA &amp; CEO Cert \u2013 certifying NBS 2<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF-3 &#8211; quarterly return of liquid assets by the deposit taking NBFC.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF 3A \u2013 quarterly return of liquid assets (residuary non-banking company)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF-7- quarterly statement of capital fund, risk weighted assets and risk assets ration etc along with unaudited monthly returns and statutory auditors certificate on income and assets to be filed on or before June 30<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF 7: SA &amp; CEO Cert. \u2013 Certifying NBF 7\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>Annual<\/b><b> <\/b><b>Compliances<\/b><b> \u2013<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF-4- annual return of critical parameters by a rejected company holding public deposits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF-8- annual return filed by non-deposit taking NBFC\u2019s with asset sized from INR 100 crore to INR 500 crore.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF-9 \u2013 annual return on NBFC-ND-SI with asset size below INR 100 crore.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF_ALM1 \u2013 statement of short term dynamic liquidity (within 10 days of the end of every month)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ALM return \u2013 Asset liability mismatch and interest rate exposure.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF_ALM 1- statement of short term dynamic liquidity to be filed within 10 days of the closer month.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF_ALM 2- Details of any mismatch in assets, liabilities and interest rate exposure. The filing of such form has to be made within 20 days of the closure of half year.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NBF_ALM 3 \u2013 interest rate sensitivity.\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>Monthly compliance \u2013\u00a0<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">NBF-6- monthly return on exposure to capital market by deposit taking NBFC with total assets of INR 100 crore or more. The compliance has to be made on or before 7<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> of the month.\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>NBFC compliances under Companies Act, 2013\u00a0<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">MGT 7 \u2013 Annual return has to fill within 60 of AGM.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">\u00a0AOC 4 \u2013 Filing of annual financials ie. Filing of balance sheet and profit and loss statement should be compiled within 30 days before AGM.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">\u00a0DIR 12- DIR 12 has to be filed within 30 days in case of any change in regards to the appointment of new or removal of directors.<\/span><\/li>\n<\/ul>\n<h2><b>Return and compliance\u00a0<\/b><\/h2>\n<ul>\n<li><strong>NBFC registered with RBI\u00a0<\/strong>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NBS 1 RETURN<\/b><span style=\"font-weight: 400;\"> \u2013 NBFC that receive or manage public funds is required to file NBS 1. The objective behind filing this return is to take financial information like profit and loss account, assets and liabilities, disclosure in sensitive area etc.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NBS 2 RETURN<\/b><span style=\"font-weight: 400;\"> \u2013 NBFC that receive public funds file a quarterly refund to prudential norms. The objective behind filing this return is to comply with different strategic principles such as the division of assets, financial sufficiency etc.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>\u00a0NBS 3 RETURN<\/b><span style=\"font-weight: 400;\"> \u2013 the objective behind this is to find the information about the official investment in liquid assets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NBS 4 REIMBURSEMNT<\/b><span style=\"font-weight: 400;\"> \u2013 the form for reimbursement should be filed by the rejected company. Earlier it was done on NBS 5 and now it stands suspended.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Half yearly ALM returns by NBFC should be filed by NBFC\u2019s having public deposits more than INR 20 Cr. Or when asset size exceeds INR 100 Cr.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Non- Deposit NBFC\u2019s should submit return as follows<\/b><span style=\"font-weight: 400;\"> \u2013\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NBF 7<\/b><span style=\"font-weight: 400;\"> \u2013 the details of quarterly statement that lays down information related to risk asset ratio, capital fund etc.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>ALM RETURN<\/b><span style=\"font-weight: 400;\"> &#8211;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly &#8211; ALM1 \u2013 Statement of short term dynamic liquidity,\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Half-yearly &#8211; ALM2 \u2013 Statement of short term structural liquidity,\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Half-yearly &#8211; ALM3 \u2013 Statement of interest rate sensitivity. <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Branch info return<\/b> \u2013 quarterly return on the important financial parameters of non-deposit taking NBFC with assets of more than INR 50 Cr but less than INR 100 Cr.<\/li>\n<\/ul>\n<\/li>\n<li><b>NBFC return for NBFC\u2019s with an asset size below INR 500 Cr.<br \/>\n<\/b>According to RBI regulation have changed and all non-deposit taking NBFC\u2019s with assets less than INR 500 Crores. It must submit two annual returns<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NBS 8<\/b><span style=\"font-weight: 400;\"> \u2013 for every NBFC with asset size between INR 100 Cr. to INR 500 Cr. are required to file this return.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NBS 9 <\/b><span style=\"font-weight: 400;\">\u2013 for every NBFC with asset less than INR 100 Cr. are required to file this return.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The deadline to file both the returns is May 30<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> or within 60 days from the end of every year. The main objective of NBS 8 &amp; NBS 9 is to get the financial details like profit and loss, assets and liabilities, branch information. <\/span><\/li>\n<li><b>RBI returns for Non Residuary banking companies<br \/>\n<\/b><b>ARC RETURN<\/b> \u2013 NBFC ARC should file the return to get various operational details and to acquire the financial parameters of the company.<br \/>\n<b>NBS 1A and NBS 3A<\/b> \u2013 All residuary financial institution must submit these returns. These refer to return on financial indicators to capture the statutory investment in liquid asset, profit and loss etc.<\/li>\n<\/ul>\n<h2 id=\"RBI\"><b>RBI compliances that is applicable to every NBFC\u2019s irrespective of nature of business\u00a0<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Filing annual report<\/b><span style=\"font-weight: 400;\"> \u2013 every NBFC is required to provide the annual report within 15 days before holding an AGM along with the audited financial statements of the company.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Statutory auditors certificate<\/b><span style=\"font-weight: 400;\"> \u2013 all NBFC\u2019s should provide an annual certificate from a statutory auditor with certificate of registration (CoR) denoting that the company carries on business as a NBFC company.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Change in direction or principle officer<\/b><span style=\"font-weight: 400;\"> \u2013 within one month of duration the NBFC has to intimate RBI in regards the change of directors or a principle officer. The intimation has to be made in writing compressing information such as\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Name(s) of the appointed director or principle officer\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Designation of the appointed person<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Name and residential status of the director\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Specimen signature of the appointed officer.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 id=\"Final\"><span style=\"font-weight: 400;\">\u00a0<\/span><b>Final words<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">NBFC though easy to incorporate and regulate, it\u2019s compliances are complicated and peer scrutiny should be made before filing the compliances as laid down by the Reserve Bank of India. Thus, NBFCs should adhere to the above said compliances and file their returns promptly. In case of failure the companies are subjected to heavy fine and penalties.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Non-Banking Financial Company is a financial institution having activities that are similar to bank and provides banking services without requiring holding a banking license. NBFC\u2019s in India are&hellip;<\/p>\n","protected":false},"author":9,"featured_media":104541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-104530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nbfc-registration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brief Overview of Non-Banking Financial Company (NBFC) Compliances<\/title>\n<meta name=\"description\" content=\"Read about Non-Banking Financial Company (NBFC) Compliances, Meaning of NBFC, Types, Advantages, Process of registration, etc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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