Topmost for NBFC in Gurgaon & Delhi NCR

  • NBFC Registration & Deals
  • CoR Application with RBI
  • Prepare Business Plan
  • Provide Market Analysis
  • Complete Assistance in Getting NBFC License
  • This field is for validation purposes and should be left unchanged.

NBFC

An NBFC is a company that is engaged in the business of giving loans and advances, leasing, hire-purchase, insurance business, chit-fund business, acquisition of shares, bonds, debentures, stocks, and Government or local authority bonds/ securities which are marketable in nature, etc. The business is similar to that of banks but NBFCs are different from banks. Because though they both deal with money, yet NBFCs do not need to have a full bank license. The business is similar to that of banks but NBFCs are different from banks. Because though they both deal with money, yet NBFCs do not need to have a full bank license. Include:
  • Leasing business
  • Insurance business
  • Mortgage guarantee
  • Investment Company
  • Asset finance and loan finance
  • Chit business
  • Hire-purchase
  • Non-operating financial holding
  • Infrastructure Finance Company
  • Acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other similar marketable securities
Do Not Include:
  • Agriculture activity
  • Industrial activity
  • Purchase or sale of any goods (excluding securities)
  • Providing any services concerned with the sale/purchase/construction of an immovable property.

NBFC Business in Gurugram

Gurgaon, the most preferred investment destination for domestic and international investors. A glistening business and economic hub, the city of Gurgaon has been built almost wholly by private sector companies. Businesses have driven the growth of this north Indian city. The place offers numerous advantages including proximity to NCR, state-of-the-class infrastructure, liberal policies, skilled manpower, digitally connected, and a responsive regime. These are the parameters by which any businessperson would judge a city. Does it attract businesses, is it innovative, is it does it nurture future leaders, is it well-connected? Well, the answers to all the above questions, or other similar ones, are a big YES, when it comes to Gurgaon. The city is the epitome of the digital lifestyle and the connections are quick & stable. This is critical as all businesses, rely on internet and data connectivity to carry out day-to-day operations. All these facilities have helped to define its future and rise as the place where everyone wants to be. This is how this city attracts business. Most major national and global companies have their offices here. That has helped attract the best talent from across the country and abroad, which in turn has made the city an innovative one. Its fast-paced expansion has led to fast-emerging opportunities for the financial services sector. Where the organised players have always been too few to cope with the demands. That, in turn, has led to NBFC in Gurgaon to play a very important role in facilitating various business activities. It was renamed as Gurugram in 2016. This turned out to be a change on paper only, the city is still called Gurgaon affectionately.

Who can open an NBFC in Gurugram

Essentials Exclusions
A company enlisted under the Companies Act, 2013(or 1956). Does not offer interest rates higher than the ceiling rate directed by RBI from time to time.
Registration from the RBI is compulsory, to carry on the business. Cannot issue cheques drawn on itself.
Have a net owned fund of at least Rs. 200 lakhs. Cannot offer gifts, incentives or any other additional benefits to the depositors.
Can accept, renew public deposit for minimum 12 months and maximum 60 months. Cannot accept demand deposits.

Types of NBFCs

NBFCs are generally differentiated:
  • Based on the type of liabilities –
    1. Deposit or
    2. Non-Deposit taking NBFCs.
  • Based on their activity –
    1. Investment & Credit Company (NBFC-ICC) (this includes Asset Finance Company, Loan Company, and Investment Company as per earlier categorization)
    2. Infrastructure Debt Fund (NBFC-IDF),
    3. Mortgage Guarantee Companies (MGC),
    4. Infrastructure Finance Company (NBFC-IFC),
    5. Systemically Important Core Investment Company (CIC-ND-SI),
    6. Non-Operative Financial Holding Company (NOFHC),
    7. Micro Finance Institution (MFI), and
    8. Factors (NBFC-Factors), etc.

Necessary Requirements to Register NBFC in Gurugram

As per Section 45 (1A) of the RBI Act, following provisions must be fulfilled for a company to get the license of an NBFC in Gurgaon:

  • Registration of NBFC in Gurgaon:

The business should be registered either under the Companies Act 2013 or the previous Companies Act 1956. Whether as a private or a public limited company. NBFC Registration in Gurugram

  • Comprehensive Business Plan:

For NBFC registeration in gurugram the Company must have a detailed business plan laid out for operations in the next 5 years.

  • Net Owned Fund (NOF) for NBFC in Gurgaon:

It must have at least Rs. 2 crore as its NOF. Only equity paid-up share capital is appraised and not the preference share capital. It should be calculated according to the last audited balance sheet of the company. And it should not be a borrowed fund. The minimum NOF is different for specialized NBFCs such as NBFC-MFIs, NBFC Factors, and NBFC-CICs. 

  • FDI Compliant NBFC in Gurgaon:

If the institution is expecting investment from foreign shores, it should comply with the provisions of the FEMA Act.

  • Director’s Qualifications:

At least 1/3rd of the Directors must be experienced in Finance for at least around 10 years. And such Director should be employed full time with the company.

  • Decent Credit History:

The CIBIL and Credit score of the company, the Directors and the members must be clear. They must have had no write-offs or intentionally defaulted on the repayment of loans or credit.

NBFC Registration Process in Gurgaon

After the basic requirements have been fulfilled, that is the company has been incorporated and the minimum NOF acquired, you need to follow the below steps to get registered as an NBFC:
    1. An online application form is to be submitted along with the required documents. Submission of the application generates a CARN or Company Application Reference Number. This number is to be used as reference number during all future enquiries and communications.
    2. The hard copy of the documents and the application form that were submitted above are to be sent to the Regional Office of the RBI, where the organization is located.
    3. For registration of an NBFC in Gurugram, the region is North Region. And the office is situated at 6, Sansad Marg, Sansad Marg Area, and New Delhi-110001. This serves all northern zones such as Delhi, Chandigarh, Jammu and Lucknow.
    4. Once the submitted documents are approved, the regional office will forward the application to the central office of the RBI. The application and the documents are reviewed and a thorough check is conducted about the past performance of the company.
    5. If the company is meeting all the terms and conditions specified u/s 45-I A of the RBI Act, your company will get registered as a Non-Banking Financial Company. And a CoR be issued.
Please make sure that the required minimum capital is kept in a deposit account, free from any claims. Generally, such amount is maintained in an FD (Fixed Deposit). RBI will verify this deposit amount of the company with the concerned bankers.

Documents Required for NBFC License

  • ID, Address Proofs, Education & Experience of Directors and partners
  • Company Incorporation Certificate
  • Address proof for the company
  • Bank statement of the company
  • Audited Balance Sheet and Profit & Loss Account of the Company
  • Income tax registration – TAN
  • GST registration
  • Memorandum of Association (MoA)
  • Article of Association (AoA)
  • Brief summary about business activity
  • Auditor’s report for the complete period of the company’s existence, or for the last 3 years, whichever is less
  • Banker’s report constituting details of deposits and loan balances as on the date of application and the conduct of the account

Compliance Requirements for NBFCs after CoR

All NBFCs have to meet separate regulations provided under the Companies Act and the RBI Act. Both have to be complied with by an NBFC registered under these 2 Acts. Below are the basic compliances of a company registration:
    • Appointment of Statutory Auditor (a practicing CA with 5+ years of experience),
    • Mandatory Audits,
    • Tax Audits,
    • Filing GST Returns,
    • Income Tax Returns Filing,
    • ROC legalities to be met,
    • All other Compliances & Returns as required by a competent authority.

Compliances for NBFCs by RBI

  • Registration with COSMOS,
  • Registration with C-KYC,
  • CERSAI Registration,
  • Working under the Fair Practice Code,
  • Compliant with KYC Anti-money Laundering,
  • FIU-IND Registration,
  • Registration with CIC,
  • NBS-9 Filing by using the Online Platform of RBI (COSMOS),
  • Secretarial compliances.

Penalty of Non-Compliance with RBI Regulations

Strict regulative action can be imposed by RBI if a company has not taken a Certificate of Registration (CoR) of NBFC, and is still running the business of lending, accepting deposits or making investments. RBI can impose heavy penalty or fine. The business can even be prosecuted in a court of law. RBI urges members of the general public, to report any organization, if it is involved in non-banking financial activity, but is not listed in the list of registered NBFCs on the RBI website. Action will be taken, as found proper, for violating the regulations of the RBI Act, 1934. Moreover, RBI monitors market intelligence reports, complaints, and exception reports from statutory auditors of the companies, receives information through State Level Co-ordination Committee (SLCC) meetings, etc. to find those companies out that violate the norms. This data is also shared with other regulators and enforcement agencies of the financial industry in India, during the SLCC meetings.

Why Choose NBFC License India

With our team of experts providing all kinds of company-related services, you can rest assured you would be assisted in all matters. Not only before and during the registration. But also in all later requirements compliances. 

We also aid in buying, take-over or selling, etc.

Besides, the process involved in obtaining CoR from the RBI is actually not as simple as it sounds. Extra caution has to be taken while filling up all the forms. At the time of submitting supporting documents such as banker’s reports, business plan, the proofs of the directors, etc., care is recommended. The application and the documents should be filled flawlessly to clear the high parameters set by the RBI. Therefore, taking help from a professional is a must. And NBFC License India, with over 10 years of experience in this field, can help you during all these complex challenges.

At NBFC License India, we pay special attention to first overcome the crucial elements such as outlining company policies, business strategies, drafting MoA & AoA, etc. 

We ensure that you are not bothered to do follow-up rounds of the RBI offices, just to check the status of the application.

We support in all kinds of:

    • New Registrations
    • Mergers/Demergers
    • Takeovers
    • Business Re-structuring
    • Meeting RBI Compliance
    • Internal Audit Services
    • Setting up Business Plans & Policies
    • Contract Drafting
    • Approval for Management Change from RBI
    • Designing Financial Services
    • Marketing Digital Loan Products