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Non-Banking Financial Company or NBFC is mostly involved in the principal business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority along with various marketable securities like leasing, hire-purchase, insurance business and chit business.
However, it doesn’t include any institution with the principal business of agriculture or industrial activity, purchase or sale of any goods or providing any services along with the sale/purchase/construction of immovable property.
NBFC is a company that is registered under the Companies Act, 1956 or Companies Act, 2013 and NBFC in India can be categorised into 2 sections:
Deposit accepting Non-Banking Financial Companies known as NBFC-D
Non-Deposit accepting Non-Banking Financial Companies known as NBFC-ND
Now, since the NBFC Registration is the first and foremost step to start a finance company in India, you must know the types of NBFC registrations available here.
10 types of NBFC’s in India:-
Asset Finance Company (AFC)
Loan Company (LC)
Infrastructure Finance Company (IFC)
Investment Company (IC)
Infrastructure Debt Fund: Non- Banking Financial Company (IDF-NBFC)
Systemically Important Core Investment Company (CIC-ND-SI)
Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI)
Non-Banking Financial Company – Factors (NBFC-Factors)
Mortgage Guarantee Companies (MGC)
Non-Operative Financial Holding Company (NOFHC)
Before NBFC registration, you’ll have to submit some relevant documents. These documents are submitted to RBI along with the physical application copy of your NBFC registration.
According to Section 45, I (a) of the RBI Act, 1934, a company that is already incorporated and has a minimum net owned funds of Rs. 2 crores can only register itself in India. So, with the basics out of the way, let’s look at the steps.
NBFC registration can be a hefty task. There are lots of things to be considered, rules to be followed and compliances to be filed. Here, at StartEazy, we understand how important your time is and our only goal is to make things EAZY for you!
We will take care of the entire registration process and help you obtain your NBFC licence while you can focus more on what you do best, run the business! Let us worry about the legal part. Get in touch with StartEazy today!
Once the registration procedure is completed, you’ll have to follow some guidelines placed by RBI, such as:
You’ll have to obtain membership from all the Credit rating agencies: CIBIL, Equifax, Experian and CRIF High-mark
Application for E-KYC
Income Tax Returns
File NBS-9 using COSMOS
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