{"id":1029,"date":"2019-07-24T11:33:27","date_gmt":"2019-07-24T11:33:27","guid":{"rendered":"https:\/\/lawyerinc.net\/learning\/?p=1029"},"modified":"2019-07-25T05:44:20","modified_gmt":"2019-07-25T05:44:20","slug":"top-9-things-about-nbfc-registration-process","status":"publish","type":"post","link":"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/","title":{"rendered":"Top 9 Things About NBFC Registration Process"},"content":{"rendered":"\n<p>A Non-Banking Financial Company is known as NBFC.  According to Section 45 I (f) of the RBI Act, it is a financial institution which receives deposits under any scheme or arrangement in one lump sum or installments. The whole process of NBFC registration is done under the Companies Act, 2013 and managed by RBI. <\/p>\n\n\n\n<p>They are preferred by the common masses because of their quick loan sanctioning procedure and online process for registration. <\/p>\n\n\n\n<p>Here in this article, we will look into the 9 most important things for the <a href=\"https:\/\/lawyerinc.net\/in\/nbfc-registration\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"NBFC registration (opens in a new tab)\">NBFC registration<\/a> process like types of NBFCs, the advantages of NBFC, the process of applying for NBFC, and much more.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#What_is_an_NBFC\" title=\"What is an NBFC?\">What is an NBFC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#1Advantages_of_NBFC\" title=\"1.Advantages of NBFC\">1.Advantages of NBFC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#2_What_are_the_types_of_NBFC_in_India\" title=\"2. What are the types of NBFC in India?\">2. What are the types of NBFC in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#3_How_are_NBFCs_different_from_the_Traditional_Banks\" title=\"3. How are NBFCs different from the Traditional Banks?\">3. How are NBFCs different from the Traditional Banks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#4Which_activities_are_not_covered_under_the_ambit_of_NBFC_in_India\" title=\"4.Which activities are not covered under the ambit of NBFC in India?\">4.Which activities are not covered under the ambit of NBFC in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#5_Conditional_Requirements_for_NBFC_Registration_process\" title=\"5. Conditional Requirements for NBFC Registration process\">5. Conditional Requirements for NBFC Registration process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#6_Registration_Process_for_NBFC\" title=\"6. Registration Process for NBFC\">6. Registration Process for NBFC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#7_Documents_required_for_NBFC_Registration\" title=\"7. Documents required for NBFC Registration\">7. Documents required for NBFC Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#8_Which_NBFCs_are_not_required_to_register_with_RBI\" title=\"8. Which NBFCs are not required to register with RBI?\">8. Which NBFCs are not required to register with RBI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#9_Can_I_add_a_director_in_an_NBFC_after_getting_an_RBI_License\" title=\"9. Can I add a director in an NBFC after getting an RBI License?\">9. Can I add a director in an NBFC after getting an RBI License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/lawyerinc.net\/learning\/top-9-things-about-nbfc-registration-process\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_NBFC\"><\/span><strong>What is an NBFC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to the <a rel=\"noreferrer noopener\" aria-label=\"RBI Act, 1934 (opens in a new tab)\" href=\"https:\/\/en.wikipedia.org\/wiki\/Reserve_Bank_of_India_Act,_1934\" target=\"_blank\">RBI Act, 1934<\/a>, a company is said to be an NBFC if their whole business or a part of their business are listed under Section 45 I (c) of the Act. If they are engaged in the business of loans, advances, acquisition of shares, stocks, debentures and securities which are issued by the government or any other local authority, or if they are involved in the hire purchase, finance or insurance business, chit fund activities then they are said to be NBFC. <\/p>\n\n\n\n<p>They provide financial support and services to people. The main objective is giving loans like personal or working capital loans, stocks, and debentures issued by the government or local authorities, and market place lending platform. <\/p>\n\n\n\n<p>If we compare NBFC and Banks, the former provides quick loans to individuals as well as a companies. Reserve Bank of India is the main regulator of NBFC in India, the growth rate of which is at 24.3 % per year.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/lawyerinc.net\/in\/nbfc-registration\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"728\" height=\"90\" src=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Legal-Advice-26.jpg\" alt=\"Get Legal Advice for NBFC Registration Process\" class=\"wp-image-1034\" srcset=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Legal-Advice-26.jpg 728w, https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Legal-Advice-26-300x37.jpg 300w\" sizes=\"auto, (max-width: 728px) 100vw, 728px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1Advantages_of_NBFC\"><\/span><strong>1.Advantages of NBFC<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Indian financial sector is huge, and it comprises of commercial banks as well as NBFCs. These NBFCs offer a wide variety of financial services like loans, chit- funds, etc. Following are few advantages of having an NBFC-<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Provides loans and\ncredit facilities<\/li><li>Improve employment\nopportunities<\/li><li>Strengthening financial\nmarket<\/li><li>Support investment in\nproperty<\/li><li>Advises companies in\nmerger and acquisition<\/li><li>Extends long term\ncredit to infrastructure, commerce, and trade companies.<\/li><li>They help in mobilization\nof funds, asset distribution and regulation of income. <\/li><li>Wealth management&nbsp; <\/li><li>It helps to build\ncapital for many industries.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_What_are_the_types_of_NBFC_in_India\"><\/span><strong>2. What are the types of NBFC in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The following\nare the categories of NBFC Companies:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An Asset Finance Company<\/li><li>Investment Company<\/li><li>Infrastructure Finance Company<\/li><li>Loan Company<\/li><li>Systemically important core investment company<\/li><li>Microfinance Institutions<\/li><li>Infrastructure debt fund company<\/li><li>Mortgage Guarantee companies<\/li><li>Non- Banking Financial Company- Factors<\/li><li>NBFC- Non-Operative Financial Holding Company<\/li><li>Deposit accepting NBFCs<\/li><li>Non-Deposit accepting NBFCs<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_How_are_NBFCs_different_from_the_Traditional_Banks\"><\/span><strong>3. How are NBFCs different from the Traditional Banks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following are\nthe main differences between traditional banks and NBFCs:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>NBFC has the power only to accept the public deposit, and it cannot accept demand deposit.<\/li><li>Furthermore, NBFC cannot issue the cheques drawn on itself because they are not part of the settlement or payment system.<\/li><li>It cannot guarantee insurance or a credit facility.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4Which_activities_are_not_covered_under_the_ambit_of_NBFC_in_India\"><\/span><strong>4.Which activities are not covered under the ambit of NBFC in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Institutions\nwhich have the following business activity are not covered by NBFC-<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Agricultural Activity<\/li><li>Industrial Activity<\/li><li>Sale\/Purchase of any goods<\/li><li>Services related to purchase, construction, or sale of\nimmovable property.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Conditional_Requirements_for_NBFC_Registration_process\"><\/span><strong>5. Conditional Requirements for NBFC Registration process<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The applicant has to comply with the following requirement for the <a href=\"https:\/\/lawyerinc.net\/in\/nbfc-registration\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"process of NBFC Registration (opens in a new tab)\">process of NBFC Registration<\/a>&#8211;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>They should register the company as\nper the Companies Act, 2013.<\/li><li>The applicant should indulge in\nfinancial activities. If the financial flow of the business increases by more\nthan 50 % of the total capital asset, then that company shall get NBFC\nregistration.<\/li><li>The company should have a minimum\npaid-up capital fund of Rs. 2 crores. Foreign companies and investors who want\nto set up an NBFC should have a paid p equity capital of Rs. 5 crores.<\/li><li>They should have a minimum of 1\ndirector from the same field or a senior banker as a director.<\/li><li>Most importantly, the CIBIL records\nshould be clean.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Registration_Process_for_NBFC\"><\/span><strong>6. Registration Process for NBFC<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following is a step by\nstep registration process of NBFC in India-<\/p>\n\n\n\n<p><strong>Step 1:<\/strong> Submit an Online Application for generating an application reference number through their <a href=\"https:\/\/cosmos.rbi.org.in\/COSMOS\/rbilogin.do\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">official website<\/a>.<\/p>\n\n\n\n<p><strong>Step 2:<\/strong> The applicant has to print out the application and submit a hard copy of all the documents along with application with the Regional Office of RBI. <\/p>\n\n\n\n<p><strong>Step 3:<\/strong> After the submission, the regional office sends the application to the Central Office. The officials examine the documents. <\/p>\n\n\n\n<p><strong>Step 4: <\/strong>If the company complies with section 45- I A of RBI Act, then the certificate of registration is given to the company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Documents_required_for_NBFC_Registration\"><\/span><strong>7. Documents required for NBFC Registration<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following are the list\nof documents required for the process of NBFC Registration-<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Incorporation certificate<\/li><li>Company management and administration\ndocuments<\/li><li>Article of Association and Memorandum of\nAssociation.<\/li><li>Documents verifying location<\/li><li>Company accounts<\/li><li>Information about directors and partners<\/li><li>Board resolution<\/li><li>Bank account having a minimum of Rs. 2\ncrore equity.<\/li><li>PAN Card of the company.<\/li><li>Any other additional documents.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Which_NBFCs_are_not_required_to_register_with_RBI\"><\/span><strong>8. Which NBFCs are not required to register with RBI?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The following NBFC\u2019s are not\nrequired to obtain any registration with the Reserve Bank of India:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Core Investment Companies having assets which are less than Rs. 100 crore or where public funds not taken<\/li><li>Merchant Banking Companies<\/li><li>Companies engaged in the stock-broking business<\/li><li>Housing Finance Companies<\/li><li>Companies involved in venture capital business<\/li><li>Insurance Companies (having certificate of registration issued by IRDA)<\/li><li>Chit Fund Companies<\/li><li>Nidhi Companies<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_Can_I_add_a_director_in_an_NBFC_after_getting_an_RBI_License\"><\/span><strong>9. Can I add a director in an NBFC after getting an RBI License?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per the <a href=\"https:\/\/www.rbi.org.in\/Home.aspx\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">RBI<\/a> notification dated July 09, 2015, prior approval of RBI is required for the following circumstances-<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If there is any change in control of\nNBFC, which ultimately changes the management panel.<\/li><li>When there is a change in\nshareholding of NBFC, which results in the acquisition or transfer of\nshareholding of 26 % or more of the paid-up equity capital. This is excluding\nthe shareholding going beyond 26 % due to the buyback of share or reduction in\nthe capital by the approval of competent Court. <\/li><li>When there is a change in\nmanagement, which results in a change of more than 30 % of directors excluding\nthe independent directors.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion\n<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NBFCs have a crucial role in the development of\ninfrastructure, the creation of wealth, and economic development. Establishing\nan NBFC is complex, and the government has, from time to time encouraged NBFC\nregistration since they play a vital role in channelizing the financial\nresources in the right direction. For NBFC registration you should comply with\nthe registration process. If the Reserve Bank of India is satisfied with the\ndocumentation and other compliances, they grant the certificate of registration\nin no time.<\/p>\n\n\n\n<p>For more information on <a rel=\"noreferrer noopener\" aria-label=\"NBFC Registration (opens in a new tab)\" href=\"https:\/\/lawyerinc.net\/in\/nbfc-registration\" target=\"_blank\">NBFC Registration<\/a> process contact our team of experts at <a href=\"https:\/\/lawyerinc.net\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">LawyerINC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Non-Banking Financial Company is known as NBFC. According to Section 45 I (f) of the RBI Act, it is a financial institution which receives deposits under any scheme or arrangement in one lump sum or installments. The whole process of NBFC registration is done under the Companies Act, 2013 and managed by RBI. They [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,20],"tags":[],"class_list":["post-1029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","category-nbfc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top 9 Things About NBFC Registration Process - LawyerINC<\/title>\n<meta name=\"description\" content=\"NBFC play an important role in the financial sector of our country. 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