In any economy, financial sector consists of several intermediaries. Apart from banking entities, there are many intermediaries’ like- investment intermediaries (such as mutual funds, hedge funds, pension funds, and venture funds), risk transfer entities (such as insurance companies), information and analysis providers (such as rating agencies, financial advisers, etc), investment banks, portfolio managers and so on.
All such entities that offer financial services other than banking may be broadly called Non-Banking Financial Institutions. NBFC are essentially companies which are defined as a company registered under the Companies Act. Which provides banking services without meeting the legal definition of bank such as holding a banking license, NBFC are basically engaged in the business of loans and advances, acquisition of shares, stocks, bonds, debentures, securities issued by government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business, but does not include any institution whose principle business is that of agricultural activity or any industrial activity or sale, purchase or construction of immovable property. Trading in shares & securities in capital market is also falls under the definition of the NBFC.
NBFC cannot accept demand deposits and do not form part of the payment and settlement system. NBFC provide banking services without meeting the legal definition of a bank, that’s institutions are often still covered under a country's banking regulations.
In Simple word NBFC is a company that is not a Bank but provide Finance to others. NBFCs offer most sorts of banking services, such as loans and credit facilities, private education funding, retirement planning, trading in money markets, underwriting stocks and shares. There are two types NBFC’S
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NBFC Provides loans and credit facilities.
Trading money market instruments.
Wealth management such as managing portfolios of stock and shares.
Advise companies in merger and acquisition.
Prepare feasibility, market or industry studies for companies.
Discounting services e.g. discounting of instruments.
Certain mandatory disclosures are to be made about the company in the Application Form issued by the company soliciting.
NBFC have to make application for registration in companies Act, and with the RBI
Minimum paid up equity share capital must be 2 crore.
All NBFC required to submit a certificate from their statutory auditors every year
According to RBI guidelines, All NBFC required to filling monthly return on 7th day of next month
NBFC must commence business with in 6 month form the certificate of registration.
If company listed then it has to fulfill stock exchange and SEBI Compliances
Certain mandatory disclosures are to be made about the company in the Application Form issued by the company soliciting
The above type of companies may be further classified into those accepting deposits or those not accepting deposits.
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