{"id":3034,"date":"2021-03-06T06:24:14","date_gmt":"2021-03-06T06:24:14","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=3034"},"modified":"2021-03-06T07:17:21","modified_gmt":"2021-03-06T07:17:21","slug":"documents-required-for-nbfc-registration","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/documents-required-for-nbfc-registration\/","title":{"rendered":"What are the Vital Documents Required for NBFC Registration?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">NBFC\nor Non-Banking Financial Company is the financial organization that offers a\nrange of non-banking and banking services to the customers such as Money\nLending, Investment in Securities, Merchant Bankers, Insurance Companies, etc.\nbut not all of these are regulated by the Reserve Bank of India. RBI has\nexempted companies that come under the authority of a distinct regulator like\nIRDA, SEBI. In India, Non-Banking Financial Companies are governed and\nsupervised by RBI or the Reserve Bank of India. If anyone wants to establish\nthe Non-Banking Financial Company&#8217;s business, it is mandatory to obtain an <strong><a href=\"https:\/\/swaritadvisors.com\/nbfc-registration\" class=\"text-primary\">NBFC Registration<\/a><\/strong>\nCertificate from the Reserve Bank of India. However, for the NBFC Registration,\nthe applicant must arrange and submit all the essential documents required for\nNBFC Registration. In this blog, we discuss the documents required for NBFC\nRegistration.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a5f0f051f3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a5f0f051f3\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/documents-required-for-nbfc-registration\/#NBFC_%E2%80%93_An_Overview\" title=\"NBFC \u2013 An Overview\">NBFC \u2013 An Overview<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/documents-required-for-nbfc-registration\/#Types_of_NBFCs_in_India\" title=\"Types of NBFCs in India\">Types of NBFCs in India<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/documents-required-for-nbfc-registration\/#Vital_Documents_Required_for_NBFC_Registration_in_India\" title=\"Vital Documents Required for NBFC Registration in India\">Vital Documents Required for NBFC Registration in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/documents-required-for-nbfc-registration\/#What_are_the_steps_required_in_the_NBFC_Registration\" title=\"What are the steps required in the NBFC Registration?\">What are the steps required in the NBFC Registration?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/documents-required-for-nbfc-registration\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NBFC_%E2%80%93_An_Overview\"><\/span>NBFC \u2013 An Overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<iframe loading=\"lazy\" width=\"706\" height=\"397\" class=\"d-block mx-auto\" src=\"https:\/\/www.youtube.com\/embed\/slg_L-c-SlE\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe>\n\n\n\n<p>Before we discuss the documents required for NBFC Registration, we have first to discuss the definition of NBFC and types of NBFCs in India. NBFC (Non-Banking Financial Company) provides long-term and specialized credit facilities and attracts foreign grants. The NBFC Registration process is very long, and the applicant who wants to commence Non-Banking Financial Company is required to comply with the rules and regulations of the Reserve Bank of India. All the facilities offered by the Non-Banking Financial Company are flexible, which helps the customers in getting all the latest updates and helps in meeting a particular customer\u2019s needs. To carry out new sections, Non-Banking Financial Companies are providing a variety of products like Housing Finance, leasing, financing. With advanced technology and enhanced experience, Non-Banking Financial Companies are primarily focusing on the customer segment.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/nbfc-funding-in-india\/\">A Complete Guide on NBFC Funding In India<\/a><\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_NBFCs_in_India\"><\/span>Types of NBFCs in India<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Based\non the liabilities, there are three different types of NBFCs in India:<\/p>\n\n\n\n<ul><li>Non-Deposit taking NBFCs.<\/li><li>Deposit-taking NBFCs.<\/li><li>NBFC-ND-Systematically\nImportant.<\/li><\/ul>\n\n\n\n<p><strong>Based on Activities, there are\nten different types of NBFCs in India:<\/strong><\/p>\n\n\n\n<ul><li>NBFC-Investment and Credit\nCompany.<\/li><li>NBFC-Infrastructure Finance\nCompany.<\/li><li>NBFC-Mortgage Guarantee\nCompany.<\/li><li>NBFC-Non-Operative\nFinancial Holding Company (NOFHC).<\/li><li>NBFC-<strong><a href=\"https:\/\/swaritadvisors.com\/microfinance-company-registration\" class=\"text-primary\">Micro Finance\nInstitution<\/a><\/strong>.<\/li><li>NBFC-Systemically Important\nCore Investment Company.<\/li><li>NBFC-Infrastructure Debt Fund.<\/li><li>NBFC-Factor.<\/li><li><strong><a href=\"https:\/\/swaritadvisors.com\/nbfc-account-aggregator-license\" class=\"text-primary\">NBFC Account\nAggregator<\/a><\/strong>.<\/li><li>NBFC-Peer to Peer Lending\nPlatform.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vital_Documents_Required_for_NBFC_Registration_in_India\"><\/span>Vital Documents Required for NBFC Registration in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following\nare some essential documents required for NBFC Registration in India:<\/p>\n\n\n\n<ul><li><a href=\"https:\/\/en.wikipedia.org\/wiki\/Certificate_of_incorporation\">Incorporation Certificate<\/a> of the company.<\/li><li>Submit Memorandum of Association (MOA) and Article of Association (AOA) of the company.<\/li><li>Provide director\u2019s details and subscriber\u2019s details of the company.<\/li><li>PAN of the company.<\/li><li>Submit Board Resolution mentioning that:<\/li><\/ul>\n\n\n\n<ol><li>The\ncompany is not operating any NBFC activities and will not begin the operation\nas similar to Non-Banking Financial Companies before obtaining registration\nfrom the Reserve Bank of India.<\/li><li>As\nof the date, the company doesn&#8217;t have any customer boundary and will not have\nany interface in the future without any approval of RBI.<\/li><li>As\nper the guidelines of RBI, the company formulates fair practices code.<\/li><li>The\nUIB in the group where the director holds substantial interest; otherwise, they\nhave not accepted any public deposit in the past and is not holding the same at\npresent and will not accept it in the future.<\/li><li>The\ncompany in the past has not accepted any public funds, does not hold the same\nat present, and will not hold any public funds in the future.<\/li><\/ol>\n\n\n\n<ul><li><strong>Documents\nrequired from the Directors:<\/strong><\/li><\/ul>\n\n\n\n<ol><li>Highest qualification of the\ndirector.<\/li><li>Address proof of the director.<\/li><li>Identity proof of the director.<\/li><li>Submit experience certificate.<\/li><li>Net worth certificate.<\/li><li>Details of directorship in any\nother companies (if the director have any).<\/li><li>Business profiles.<\/li><li>CIBIL report.<\/li><li>Banker\u2019s report.<\/li><\/ol>\n\n\n\n<ul><li><strong>Documents\nrequired from the Shareholders:<\/strong><\/li><\/ul>\n\n\n\n<ol><li>Identity proof of the\nsubscriber<\/li><li>Address proof of the\nsubscriber.<\/li><li>CIBIL Report.<\/li><li>Net worth certificate.<\/li><li>Banker\u2019s Report.<\/li><\/ol>\n\n\n\n<ul><li><strong>Additional\ndocuments related to the applicant company and its working is also required:<\/strong><\/li><\/ul>\n\n\n\n<ol><li>IT\nPolicy.<\/li><li>Business\nand Loan Structure.<\/li><li>Income Tax Returns.<\/li><li>Disclosure in the Annexure I,\nII, and III.<\/li><li>Shareholding Details.<\/li><li>Details of Banker and Auditor.<\/li><\/ol>\n\n\n\n<p><strong>Note:<\/strong>\nAll the documents for NBFC Registration are required in physical form and\nonline, and the department may also ask for additional documents apart from the\ndocuments as mentioned above. And all the documents mentioned above shall be\nself-attested by subscribers and directors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_steps_required_in_the_NBFC_Registration\"><\/span>What are the steps required in the NBFC Registration?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before\nobtaining a registration certificate, you need to arrange all the\nabove-mentioned documents required for NBFC Registration and then follow the\nbelow-mentioned steps that are required before the registration:<\/p>\n\n\n\n<ol><li>Company Registration under the\nCompanies Act, 2013.<\/li><li>Net Owned Fund (NOF) should be\nRs. 2 crores.<\/li><li>To register as Non-Banking\nFinancial Company, a good CIBIL score of the director and subscriber is\nrequired.<\/li><li>One company&#8217;s director shall be\nan independent director dealing in a professional capacity.<\/li><li>COSMOS filing, i.e. submitting\nthe documents online on the website of RBI.<\/li><li>CARN will be generated once the\napplication form is filed by the applicant online, along with the necessary\ndocuments.<\/li><li>Submit a physical copy of all\nthe vital documents to the regional branch of the Reserve Bank of India.<\/li><li>Once you submit all the\ndocuments, the application is verified and examined by the Reserve Bank of\nIndia, and in case if there is no further query and verification, the\ndepartment will issue a Certificate of Registration (COR) to the applicant\ncompany.<\/li><\/ol>\n\n\n\n<p>Operating a Non-Banking Financial Company is equally important as NBFC Registration; for that, you need to fulfil the annual <a href=\"https:\/\/swaritadvisors.com\/nbfc-compliance\" class=\"text-primary\"><strong>compliances of NBFC<\/strong><\/a>. To avoid false activities and for preventing speculation, the compliance of RBI is getting harder day by day. Proper compliance and documentation are required to fulfil by the Non-Banking Financial Company to avoid penalties.<\/p>\n\n\n\n<p><strong>After the NBFC Registration, it\nis required to fulfil with the Post Registration Compliances:<\/strong><\/p>\n\n\n\n<ol><li><strong><a href=\"https:\/\/swaritadvisors.com\/income-tax-return-filing\" class=\"text-primary\">Income Tax Return<\/a><\/strong>.<\/li><li>ROC Return.<\/li><li>KYC Registration.<\/li><li>NBS Returns.<\/li><li>FIU Registration.<\/li><li>Statutory Audit.<\/li><li>Membership from the Credit\nRating Agencies.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NBFC Registration requires coordination which makes sure the better management and conformity of norms. The applicant requires to submit all the essential documents required for NBFC Registration. Proper compliance and documentation result in transparency and confidence in the people&#8217;s mind. To build a strong connection, the primary objective of Non-Banking Financial Company (NBFC) is to focus on the customer\u2019s need and fulfil all the essential compliances. For more details regarding NBFC Registration, contact Swarit Advisors; our experts will help you in NBFC Registration and Post compliances after registration.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/revised-regulatory-framework-proposed-by-rbi-for-nbfcs\/\">Revised Regulatory Framework Proposed by RBI for NBFCs<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NBFC or Non-Banking Financial Company is the financial organization that offers a range of non-banking and banking services to the customers such as Money Lending, Investment in Securities, Merchant Bankers, Insurance Companies, etc. but not all of these are regulated by the Reserve Bank of India. RBI has exempted companies that come under the authority [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":3035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[58,56],"tags":[465],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3034"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=3034"}],"version-history":[{"count":8,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3034\/revisions"}],"predecessor-version":[{"id":3044,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3034\/revisions\/3044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/3035"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=3034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=3034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=3034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}