RBI compliance for NBFCs has been more complicated lately. There used to
be a time when banks enjoyed benefits from non-banking financial firms. There was a moment when
compliance with NBFCs was much easier and lenient, but RBI drafted new compliance for NBFCs
after the Sahara case and kept them under screening. Securitization of standard assets and
instructions for a private placement of NBFCs are a portion of the important regulations. RBI
continues to bring forward attempts to resist theory in NBFCs.
Non-Banking Financial Firms are registered under the 2013 Companies Act and are engaged in the business of collecting deposits, loans and advances, buying stocks/bonds/shares, government-issued debentures, and securities. The NBFCs are actively engaged and registered in the financial operations of the Reserve Bank of India. Without getting a license from the Reserve Bank of India, no NBFC can run its business.
The annual NBFC compliance checklist defines the NBFC compliance due date and
returns that every NBFC is required to file. The list is rendered according to the RBI guidelines and
Non-banking financial companies must comply with the compliance later mentioned in this blog, as per the Non-Banking Financial Company Returns (Reserve Bank) Instructions, 2016.
Based on Liabilities
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Below we have compiled an annual NBFC compliance checklist for every Non-Deposit and Deposit Company. See below:
|1.||Undiscovered March Return / NBS-7 Return||On or before 30th June|
|2.||Statutory Auditors Certificate of Income and Assets||On or before 30th June|
|3.||Details of companies with FDI or Foreign Funds||On or before 30th June|
|4.||Inspected return for March / NBS-7||Upon completion|
|5.||The audited file of annual balance and P&L Account||One month from the date of signoff|
|6.||Reconciliation of a Public Deposit Rejection||Before the commencement of the new Financial year|
|7.||Announcement of Auditors to Annual Audit Company||Annual basis|
|1.||Monthly Return||By the 7th of each month|
|2.||Upload Monthly Return||By the 7th of each month|
|1.||Appointment of Director (Appendix-III)||Within 30 days of appointment|
|2.||Resignation of Director that is DIR-12 + Challan report||That too in 30 days of appointment|
|3.||Receipt of any notice at the next Board Meeting and filing a certified copy with the RBI|
According to Master Direction  – The NBFC-NDs-SI and NBFC-SI deposit company
must file the following refunds as set out below:
Deposit NBFCs are required to submit the following refunds:
NBFC Non-deposit type is needed to send or submit the annual statement of capital
funds, risk assets, ratio, etc. it can be submitted either digitally or physically. Moreover, capital
adequacy, Liquidity, and other disclosure norms have been consolidated in Non-Banking Financial
(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) directions, 2007.
In addition to the above compliances, there are several other compliances under the
provisions of the Companies Act, 2013 that must be observed by all NBFCs PAN-India, which are as
Compliance that applies to the whole NBFC regardless of the following functions:
In addition to the above-mentioned compliance with RBI for NBFCs with PAN-India
registration, there are some other regulations provided by RBI referred to in Chapter IV of the Master
Director. These laws are referred to as the Prudential Regulations. Again, it is mandatory for any NBFC
to comply with the regulations as follows:
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