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Mumbai, the capital city of Maharashtra, the Financial Capital of India, famously known as the city of dreams, is, without doubt, a dream city for the establishment of businesses. There is the availability of every type of market to suit for every type of business. With such opportunities for businesses, there also are opportunities for the entities providing financial assistance in form of loans, credits etc. it is for this reason that the NBFCs in Mumbai have seen a boom.
What is Non-Banking Financial Company?
A Non-Banking Financial Company (NBFC) is a registered Company conducting the principal business of loans and advances, chit business, hire and purchase, insurance, acquisition of shares/securities/debentures/ stocks/bonds, and leasing without primary involvement in any industrial, and/ or agricultural activity.
It also includes such non-banking institutions which have the principal business of receiving deposits in installments or lump sum under any scheme/ arrangement.
How are the NBFCs classified as per the Principal Business?
NBFCs are categorized as follows:
Asset Finance Company (AFC)
Infrastructure Debt Fund: Non- Banking Financial Company (IDF-NBFC)
Infrastructure Finance Company (IFC)
Investment Company (IC)
Loan Company (LC)
Non-Banking Financial Company – Factors (NBFC-Factors)
Non-Banking Financial Company – Micro Finance Institution (NBFC-MFI)
Systemically Important Core Investment Company (CIC-ND-SI)
What are the Essentials for NBFC Registration?
NBFCs in Mumbai just like the others in the country must have the following essentials to commence business as an NBFC:
Must be a Company (either Private Limited or Public Limited) incorporated under the provisions of applicable law.
Minimum Net Owned Funds must be Rs. 2 cr
Must obtain a Certificate of Registration from Reserve bank of India.
What are the steps of NBFC Registration in Mumbai?
The procedure for NBFC registration starts from a company making an application to the Reserve bank of India. If the applicants are a group of individuals, the first step shall be to incorporate a company as per the Companies Act 2013.
The application is to be made online. The suitable form as per the type of NBFCs is to be downloaded from the site and filled up with correct and suitable information. Upon completion, the form shall be submitted.
At this point, the applicant receives an Acknowledgement Number for future communications.
The hard copy of the application has to be submitted to the Regional Office (RO) of the Reserve Bank of India accompanied by the requisite documents.
The Regional Office (RO) for Mumbai and all the cities in the States of Maharashtra and Goa is situated in Mumbai.
An indicative list is provided with the application form for the documents that should be submitted by the applicant along with the application of for NBFC license.
One must then follow up with the Reserve Bank of India on a regular basis till the application is approved and NBFC license is obtained.
What are the documents required for NBFC Registration in Mumbai?
Certified copies of Certificate of Incorporation and extracts of the MOA, describing the primary financial objective of the company.
Board Resolution stating that:
The company at present is not carrying any operations/ functions of NBFC and will not commence any obtaining Certificate of registration from the RBI.
The company has a ‘Fair practices Code’ as per the guidelines set by RBI.
The company does not have a customer interface on the given date and shall not have any in the future without the prior approval of RBI.
The company has not accepted public funds in the past, does not hold any on the given date and shall not hold the same in the future without the approval of Reserve Bank of India.
Copy of Fixed Deposit receipts obtained from the bank as proof of Rs. 2 cr NOF.
A banker’s report in respect of the major interest of the applicant company, its group/ holding company/ subsidiary, related parties, and directors, in the other companies.
For the companies which are already in existence an audited balance sheet, profit & loss account, and the directors & auditor’s report, for the entire period the company is in existence, or for last 3 years shall be required to be submitted.
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