NON BANKING FINANCE COMPANY FORMATION PROCEDURE
FORMATION PROCEDURE • A company with main object clause/ancillary clause for carrying out NBFC activities (check object clause) • Obtain checklist of requirements from RBI website
FORMATION PROCEDURE • Fill up prescribed form, available on RBI website, according to instructions with the requirements • Fill up the e‐form provided in excel format
FORMATION PROCEDURE • Get the required certifications of the statutory auditors/chartered auditors/chartered accountants. • Submit softcopy on RBI website before submission of the hard copy.
FORMATION PROCEDURE
• Obtain the printout of successful submission of the softcopy. • Mention the date of submission on the printout if date is not appearing on print.
FORMATION PROCEDURE • Submit the hardcopy application in duplicate to regional office of RBI • Each page in the application file should be numbered
FORMATION PROCEDURE • Prepare the application in the triplicate so that a replica is with the applicant for future reference.
COMMENCEMENT OF BUSINESS • NBFC must commence its business within 6 months from the date of CoR • If not commenced within 6 months, CoR will stand withdrawn
COMMENCEMENT OF BUSINESS • No change in control prior to commencement of its business