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NON BANKING FINANCE COMPANY FORMATION PROCEDURE

FORMATION PROCEDURE • A company with main object clause/ancillary clause for carrying out NBFC activities (check object clause) • Obtain checklist of requirements from RBI website

FORMATION PROCEDURE • Fill up prescribed form, available on RBI website, according to instructions with the requirements • Fill up the e‐form provided in excel format

FORMATION PROCEDURE • Get the required certifications of the statutory auditors/chartered auditors/chartered accountants.

• Submit softcopy on RBI website before submission of the hard copy.

FORMATION PROCEDURE • Obtain the printout of successful submission of the softcopy.

• Mention the date of submission on the printout if date is not appearing on print.

FORMATION PROCEDURE • Submit the hardcopy application in duplicate to regional office of RBI

• Each page in the application file should be numbered

FORMATION PROCEDURE • Prepare the application in the triplicate so that a replica is with the applicant for future reference.

COMMENCEMENT OF BUSINESS • NBFC must commence its business within 6 months from the date of CoR • If not commenced within 6 months, CoR will stand withdrawn

COMMENCEMENT OF BUSINESS • No change in control prior to commencement of its business