Annual Compliance Of Nbfc Company
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Legal Scrutiny of NBFC Annual Compliance?
At present, RBI compliances are getting tougher for NBFCs as compared to earlier. There were times when Non-Banking Financial Companies had privileges over banks. In comparison to banks, compliance laid down by RBI for NBFCs were far more lenient but after the SAHARA case, RBI has made new compliances for NBFCs and now it is under RBI’s continuous screening. Some of the important guidelines are Securitization of Standard Assets and Guidelines for Private Placement of NBFCs.
- RBI is keeping making efforts for preventing speculation in NBFCs RBI releases notifications for the additional compliance requirement for NBFCs.
- Submission of Annual Statements and Returns NBFC-ND-SI (Non-Deposit category) are required to submit an annual statement of capital funds, risk assets ratio etc.
- It can be submitted electronically as well as physically.
- Capital Adequacy of 15% to be maintained. Disclosures in the Balances Sheet
Further Capital Adequacy, Liquidity, and other disclosure norms have been incorporated in Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.
Capital to Risk (Weighted) Assets Ratio (CRAR):
Capital Adequacy Ratio (CAR) is also known as Capital to Risk (Weighted) Assets Ratio (CRAR):
- Exposure to Realty Sector both direct and indirect
- Maturity Patterns for assets and liabilities
- ALM Returns are required to be submitted by NBFC- ND-SI
- ALM1- Statement of short-term dynamic liquidity- Monthly
- ALM2- Statement of short-term structural liquidity- Half Yearly
- ALM3- Statement of Interest Rate Sensitivity – Half Yearly Checklist for NBFC Non-Deposit Compliances With RBI.
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A. ANNUAL COMPLIANCE: |
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Sl. No. |
Particulars |
Time Limit |
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1. |
Unaudited March Monthly return/NBS7 |
on or before 30th June |
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2. |
Audited March Monthly return/NBS7 |
Upon completion |
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3. |
Statutory Auditors certificate on Income & Assets |
on or before 30th June |
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4. |
Information about Cos having FDI/Foreign Funds |
on or before 30th June |
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5. |
Resolution of Non-acceptance of Public Deposit |
before the commencement of the new Financial year |
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6. |
File Audited Annual Balance Sheet and P&L Account |
One month from the date of signoff |
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7. |
Declaration of Auditors to Act as Auditors of the Company |
annual basis |
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B. MONTHLY COMPLIANCE: |
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Sl. No. |
Particulars |
Time Limit |
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1. |
Monthly Return |
by 7th of every month |
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C. PERIODICAL COMPLIANCES: |
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Sl. No. |
Particulars |
Time Limit |
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1. |
Appointment of Director |
within 30 days of appointment |
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2. |
Resignation of Director(DIR-12 + Challan Receipt) |
within 30 days of resignation |
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3. |
Adoption of any notification in the ensuing Board Meeting & filing the certified copy with RBI |
within 30 days of appointment |
