NBFC Registration Rules
The non-banking financial companies (NBFCs) as defined in the section 45I (a) of the Reserve Bank of India Act, 1934, have been growing in number rapidly during the late 80s and the early parts of the 90s in India, to emerge as a significant complementary to the financial sector of India. Today, three main categories of NBFCs are present in India - Asset Finance Company, Loan Company, and Investment Company. A huge number of entrepreneurs, business owners, professionals, companies, institutions, industrialists, and investors belonging to various fields of commerce and economy, have been benefited immensely by such NBFCs in India. Therefore, providing comprehensive and expert support regarding nbfc registration in every part of India, is opted innovatively by our internationally reputed legal organization based in India.The nbfc registration rules and procedure in India are described in the paragraph below:
Any company registered under the Indian Companies Act of 1956, and doing business in the areas mentioned above, can preferably apply for nbfc registration to the Reserve bank of India (RBI). If the financial assets involved in its business exceed 50% of company's total capital asset, then the Certificate of NBFC Registration is mandatory. Such as company now must have a minimum amount of capital fund equaling Rs.2 Crore (as raised from April 1999). The aspirant company will have to submit the prescribed nbfc registration form to RBI, along with other requisite documents and enclosures (in duplicate), for a comprehensive and mature consideration by RBI. If the requirements as specified in the section 45-IA of the RBI Act of 1934, are well satisfied, then RBI will grant the applicant company, the needed certificate of nbfc registration.