Procedure to Change the Name Of NBFC

Procedure to Change the Name Of NBFC

For change in the Name of NBFC you need prior approval from RBI and then MCA can allow
you to amend the MOA.

What is Procedure to change the name of NBFC

The Name change procedure of NBFC is very much similar to similar to non NBFC company
except for the need of RBI Approval in advance. Name Change in a company usually is done
due to change in business activity of the company. Name change also occurs if there is
change in management of the company. If an NBC needs to change its name, it needs to
pass a special resolution in a board meeting. The minutes of the meeting needs to be
submitted to the Ministry of Corporate Affairs (MCA) with the request for name change.

Step by step analysis for change in the name of NBFC

1. You need Prior RBI approval for change in names of NBFC.

Rest procedure will be same as a normal private or public limited company.

2. Board Resolution –

The board will authorize the change in the name of the and
authorize a director or company secretary to do the necessary filing with the MCA. A
decision to convene another board meeting for a change of name (after approval) and to
make changes in the Memorandum and Articles of Association (MoA and AoA) is made in the
same meeting.

3. Name Availability

Check the name availability at MCA and on trademark website. The new name shall be in
adherence to the naming guidelines provided in the Companies Act, 2013.

4. Filing of INC-1

The necessary form needs to be filed with ROC with the attachment of RBI NOC and the
board resolution as well along with other requirements of the form to get final approval
from the concerned ROC.

5. Filing of MGT-14& INC-24

Within 30 days of passing the special resolution for a name change, the company needs to
fileform MGT-14 with MCA with the attachment of Notice of
extraordinarygeneralmeetingalongwiththeexplanatorystatements; certified true copy of
Special resolution passed; Altered MOA and AOA; and Minutes of the EGM. After filing
form MGT-14 you need to file form INC-24 with CG along with Notice of EGM along with the
explanatory statements, CTC of Special resolutions, altered MOA & AOA and Minutes of the
extraordinary general meeting;

6. Final Approval from MCA

We need to file necessary form with ROC with the attachment of RBI NOC as well along with
other requirements of the form and get final approval from the concerned ROC. After
getting the name approval from ROC, the original Certificate of Registration as issued
by the concerned Reserve Bank of India needs to be surrendered to the same department of
Non-Banking’s supervision to get new Certificate of Registrations as Non-Banking Finance
Company with new name reissued by the concerned Department.

7. Public Notice for change in the Name of NBFC

For changing the name of company, you need to publish an advertisement in the in an
English newspaper and in a Vernacular language newspaper where the registered office of
the company is situated.