Professional Documents
Culture Documents
NBFC
Rules,
2003 Establishment of NBFC
Under
section
282 A (a)
Same
license
Investment
Investment Housing Asset Discounting
Leasing Finance Management Services
Advisory VCI
Finance Services
New!
]
|
Administrator
Liquid Net worth
Net capital
Risk Assets
Small Entrepreneurs
"
Brokerage business
Discounting services
Major shareholder
Promoter / sponsor
Regulations
$
Asset management services extended to
collective investment schemes
Connected persons include:
The managing NBFC to the Collective investment
scheme
The trustee/custodian to the collective inv scheme
Custodian now includes
Trust Co that is subsidiary of Banking Co
NBFC engaged in IFS & approved by SEC
Other Co. approved by SEC
$
%
Equity now includes
subordinated loans
Redeemable preference shares
Less: accumulated losses
Conditions of:
Minimum tiers of capital, 25% capital allotted to
promoters, Promoters / directors to hold shares
in blocked CDC a/c,
%
RULE TITLE AMMENDMENT
IAS 50 30 35 40 50
VCI - 50 - - -
]
,
*]|
+
-
2
1
0
/ ]
.
5 &
*]|
+
Internal audit department mandatory.
Reporting to BoD
Compliance with NBFC rules/regulations/company policy
Periodic returns as specified by SEC
Compliance with code of conduct of Association
Steps to be taken to comply with Money laundering regulations
including:
Account Opening forms in name of each new a/c holder
KYC, verify identities
Avoid illegal money transactions
Monitor customer status, account movement
Cash payment / receipt for one transaction <Rs 50,000
Appointment/ change in directors / CEO to be approved by SEC
± Complete application to be received 14 days before change
± Any deficiency to be completed within 14 days of intimation
|
(
&
&
&
New
$
- 6
2 6
1 6
6
0 6
/ 6
. 6
9
6
6
- 6
6
7 8
?
?
7
Investment in shares
Of one company < 10% equity of NBFC/Co
AMC
Investment
Fund manager
Committee
trustee trustee trustee Sharia
!
!
!
"
#
! $
"%?
&
!
$
Registration as a notified entity
Application to be accompanied also by undertaking of AMC
guaranteeing investment
3 months notice for winding up by AMC / Cancellation by SEC
Ads to be approved by SEC & circulated within 60 days of
approval
Offering document / prospectus to include investment policy, type
of securities it will invest in and the risk associated.
Closed end schemes: securities offered at par if investment is
arranged by IA and the offer is underwritten
Open end schemes:
Investment made after conclusion of issue of units
4 regular dealings per week
Offer price and redemption price
Redemption to be completed in 6 working days
$
By CIS to1 person < 10% Net Assets of scheme/
10% of issued capital of person
DESCRIPTION BY TO AMOUNT
AMC CIS AMC 5yrs: 3% of Avg. annual
remuneration net assets of CIS
Afterwards, 2%
Annual fee AMC SEC 0.1% of AANA