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  • SBR FS Disclosures Snippet April 20 2022

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    NBFCs will need to include additional disclosures in their annual financial statements beginning with the financial year ending March 31, 2023. [1] These include disclosures on related party exposures, complaints received, and a corporate governance report. [2] Disclosures vary based on the NBFC layer - base, middle or upper - and include sectors exposed to, intra-group exposures, and divergences from RBI on asset classification and provisioning. [3] The objective is to increase transparency through these supplemental disclosures.

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    NBFCs will need to include additional disclosures in their annual financial statements beginning with the financial year ending March 31, 2023. [1] These include disclosures on related party exposures, complaints received, and a corporate governance report. [2] Disclosures vary based on the NBFC layer - base, middle or upper - and include sectors exposed to, intra-group exposures, and divergences from RBI on asset classification and provisioning. [3] The objective is to increase transparency through these supplemental disclosures.

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    3 views1 page

    SBR FS Disclosures Snippet April 20 2022

    Uploaded by

    abhishek
    NBFCs will need to include additional disclosures in their annual financial statements beginning with the financial year ending March 31, 2023. [1] These include disclosures on related party exposures, complaints received, and a corporate governance report. [2] Disclosures vary based on the NBFC layer - base, middle or upper - and include sectors exposed to, intra-group exposures, and divergences from RBI on asset classification and provisioning. [3] The objective is to increase transparency through these supplemental disclosures.

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    Additional disclosures under Scale Based Regulation for NBFCs Additional disclosures in

    RBI Circular dated April 19, 2022 Annual Financial


    Statements
    [as per Scale Based
    Effective for annual financial statements for year ending March 31, 2023 and onwards
    Regulations (para 3.2.2.f)]

    NBFC Base NBFC Middle NBFC Upper


    Layer Layer Layer Corporate Governance
    Report

    Related Party Disclosure of Corporate Governance Other disclosures


    Exposures Report (new)
    Disclosure on modified
    Disclosure (new) Complaints opinion, impact &
    • (new) Breach of views
    • Exposure to real • Related party – as • Received from • Listed NBFC: as per
    estate sector covenant of loan
    per Companies Act, customer SEBI LODR
    availed/debt
    • Exposure to capital 2013 and applicable • (new) Received from Regulations
    securities
    market accounting standard the office of • Unlisted NBFC: Items of income and
    • (new) Divergence in expenditure of
    • Sectoral exposure • Disclosures include: Ombudsman • As per formats Asset Classification exceptional nature
    • (new) Intra-group Borrowings#, • (new) Top five given in this and Provisioning.
    exposures deposits#, grounds of Circular which
    advances#, • Based on the
    complaints received includes Board &
    • (new) Unhedged assessment by
    investments#, from customers committees’ Breaches in covenants
    foreign currency RBI/NHB including incidences of
    purchase/sale of (indicative list has also composition
    exposure & policies • Roadmap for default
    assets, interest been provided) • Details of non-
    to manage currency compliance with
    paid/received, etc. compliances,
    induced risk disclosure
    # The outstanding at the penalties, etc.,
    year end and the requirements of
    shareholding of Divergence in asset
    maximum during the year SEBI LODR (only for classification and
    are to be disclosed. directors, no. of NBFC-UL)
    meetings. provisioning.
    These are additional disclosures and do not substitute disclosures
    specified under other laws, regulations, or accounting and financial
    reporting standards. However, if the disclosure is already covered in
    other places the same may not be required to be repeated again. Vinod Kothari Consultants | finserv@vinodkothari.com

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