NBFC or Non-Banking Financial Company, is established under the Companies Act in India. It is involved in the business of providing loans and advances to the public. An NBFC company may acquire shares, stocks, bonds, debentures, and securities from the government or the local authorities or some other marketable securities. It may be engaged in hire-purchase, leasing, insurance business, chit fund business. But it should not be involved in agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.
We at NNS, provide following services in relation to NBFCs-
1. Incorporation and Registration of NBFCs
2. Post Registration with various regulators/Agencies: This includes
- Registration of Company under FIU- India
- Registration of Company under CERSAI
- Registration with NeSL
- Registration with Credit Information Agencies.
3. Advisory and Regulatory Compliance Services
- Statutory Auditor Certificates (SACs)
- Filing of Monthly/ Quarterly/ Half yearly and Annual Returns
- COSMOS Portal Services
- Drafting and filing of necessary Board Resolutions.
- Handling correspondence with RBI and other regulatory authorities.
- Liasoning with RBI and other authorities
4. Due Diligence & assistance: Due diligence refers to the investigation a NBFC does of a customer/ borrower; items that may be considered are whether the borrower has adequate resources to complete the purchase, as well as other elements that would affect the acquired entity or the NBFC after the process of lending of money has been completed.
5. Drafting and Preparation of necessary codes and policies
- Fair Practice Code
- KYC & AML guidelines policy
- Business Plan
- Business Proposal
- Non- Disclosure Agreements
- Memorandum of Understanding etc.
6. Approval related services
- Prior Approval of RBI in case of acquisition & takeover
- Prior approval of RBI in case of change in management beyond the prescribed limits.
- Prior approval of RBI in case of change in Shareholdings beyond the prescribed limits.
- Other intimations to RBI as required under various Directions/ Regulations.
7. Company law and other Corporate law matter related to NBFCs
- Advising on Company Law and allied matters.
- Providing Corporate Secretarial Services on retainer ship basis.
- Providing Corporate Secretarial Services on retainer ship basis.
- Condonation of delay in registration of charges;
- Condonation of delay in registration of charges;
- Compounding of offences;
- Relief in cases of Oppression & mismanagement;
- Removal of Auditor;
- Conversion of Company status;
- Approvals from Ministry as well as Regional director
- Conducting Secretarial Audit and due diligence.
- Due Diligence for Banks.
- XBRL conversion services, precertification and uploading.
- Internal Audit of operations of Depository Participants, Registrar & Share Transfer agents.
- Scrutinizers to e-voting , postal ballot & polling at AGM/EGM;
- Legal Drafting of Joint Venture Agreements, Shareholders Agreements, and all business agreements, vetting of legal documents.
- Services under FEMA rules and regulations
8. Liasoning with Regulators.
- Liaisoning with the Reserve Bank of India (RBI),
- Liaisoning with the Registrar of Companies (RoC), Regional Director (RD) Ministry of Corporate Affairs (MCA),
- Liaisoning with the Banks and Financial Institutions;
- Liaisoning with the CERSAI, NeSL, FIU-India
- Liaisoning with the other applicable Regulator.