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What is a non-banking financial company (NBFC)?

What is a Non-Banking Financial Company (NBFC)?A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).2. What does conducting financial activity as “principal business” mean?Financial activity as principal business is when a company’s financial assets constitute more than 50 per cent of the total assets and income from financial assets constitute more than 50 per cent of the gross income. A company which fulfils both these criteria will be registered as NBFC by RBI. The term 'principal business' is not defined by the Reserve Bank of India Act. The Reserve Bank has defined it so as to ensure that only companies predominantly engaged in financial activity get registered with it and are regulated and supervised by it. Hence if there are companies engaged in agricultural operations, industrial activity, purchase and sale of goods, providing services or purchase, sale or construction of immovable property as their principal business and are doing some financial business in a small way, they will not be regulated by the Reserve Bank. Interestingly, this test is popularly known as 50-50 test and is applied to determine whether or not a company is into financial business.3. NBFCs are doing functions similar to banks. What is difference between banks & NBFCs?NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:i. NBFC cannot accept demand deposits;ii. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;iii. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.4. Is it necessary that every NBFC should be registered with RBI?In terms of Section 45-IA of the RBI Act, 1934, no Non-banking Financial company can commence or carry on business of a non-banking financial institution without a) obtaining a certificate of registration from the Bank and without having a Net Owned Funds of ₹ 25 lakhs (₹ Two crore since April 1999). However, in terms of the powers given to the Bank, to obviate dual regulation, certain categories of NBFCs which are regulated by other regulators are exempted from the requirement of registration with RBI viz. Venture Capital Fund/Merchant Banking companies/Stock broking companies registered with SEBI, Insurance Company holding a valid Certificate of Registration issued by IRDA, Nidhi companies as notified under Section 620A of the Companies Act, 1956, Chit companies as defined in clause (b) of Section 2 of the Chit Funds Act, 1982,Housing Finance Companies regulated by National Housing Bank, Stock Exchange or a Mutual Benefit company.5. What are the requirements for registration with RBI?A company incorporated under the Companies Act, 1956 and desirous of commencing business of non-banking financial institution as defined under Section 45 I(a) of the RBI Act, 1934 should comply with the following:i. it should be a company registered under Section 3 of the companies Act, 1956ii. It should have a minimum net owned fund of ₹ 200 lakh. (The minimum net owned fund (NOF) required for specialized NBFCs like NBFC-MFIs, NBFC-Factors, CICs is indicated separately in the FAQs on specialized NBFCs)6. What is the procedure for application to the Reserve Bank for Registration?The applicant company is required to apply online and submit a physical copy of the application along with the necessary documents to the Regional Office of the Reserve Bank of India. The application can be submitted online by accessing RBI’s secured website https://cosmos.rbi.org.in . At this stage, the applicant company will not need to log on to the COSMOS application and hence user ids are not required. The company can click on “CLICK” for Company Registration on the login page of the COSMOS Application. A window showing the Excel application form available for download would be displayed. The company can then download suitable application form (i.e. NBFC or SC/RC) from the above website, key in the data and upload the application form. The company may note to indicate the correct name of the Regional Office in the field “C-8” of the “Annex-I dentification Particulars” in the Excel application form. The company would then get a Company Application Reference Number for the CoR application filed on-line. Thereafter, the company has to submit the hard copy of the application form (indicating the online Company Application Reference Number, along with the supporting documents, to the concerned Regional Office. The company can then check the status of the application from the above mentioned secure address, by keying in the acknowledgement number.7. What are the essential documents required to be submitted along with the application form to the Regional Office of the Reserve Bank?The application form and an indicative checklist of the documents required to be submitted along with the application is available at www.rbi.org.in → Site Map → NBFC List → Forms/ Returns.8. What are systemically important NBFCs?NBFCs whose asset size is of ₹ 500 cr or more as per last audited balance sheet are considered as systemically important NBFCs. The rationale for such classification is that the activities of such NBFCs will have a bearing on the financial stability of the overall economy.B. Entities Regulated by RBI and applicable regulations9. Does the Reserve Bank regulate all financial companies?No. Housing Finance Companies, Merchant Banking Companies, Stock Exchanges, Companies engaged in the business of stock-broking/sub-broking, Venture Capital Fund Companies, Nidhi Companies, Insurance companies and Chit Fund Companies are NBFCs but they have been exempted from the requirement of registration under Section 45-IA of the RBI Act, 1934 subject to certain conditions.Housing Finance Companies are regulated by National Housing Bank, Merchant Banker/Venture Capital Fund Company/stock-exchanges/stock brokers/sub-brokers are regulated by Securities and Exchange Board of India, and Insurance companies are regulated by Insurance Regulatory and Development Authority. Similarly, Chit Fund Companies are regulated by the respective State Governments and Nidhi Companies are regulated by Ministry of Corporate Affairs, Government of India. Companies that do financial business but are regulated by other regulators are given specific exemption by the Reserve Bank from its regulatory requirements for avoiding duality of regulation.It may also be mentioned that Mortgage Guarantee Companies have been notified as Non-Banking Financial Companies under Section 45 I(f)(iii) of the RBI Act, 1934. Core Investment Companies with asset size of less than ₹ 100 crore, and those with asset size of ₹ 100 crore and above but not accessing public funds are exempted from registration with the RBI.10. What are the different types/categories of NBFCs registered with RBI?NBFCs are categorized a) in terms of the type of liabilities into Deposit and Non-Deposit accepting NBFCs, b) non deposit taking NBFCs by their size into systemically important and other non-deposit holding companies (NBFC-NDSI and NBFC-ND) and c) by the kind of activity they conduct. Within this broad categorization the different types of NBFCs are as follows:I. Asset Finance Company (AFC) : An AFC is a company which is a financial institution carrying on as its principal business the financing of physical assets supporting productive/economic activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines. Principal business for this purpose is defined as aggregate of financing real/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively.II. Investment Company (IC) : IC means any company which is a financial institution carrying on as its principal business the acquisition of securities,III. Loan Company (LC): LC means any company which is a financial institution carrying on as its principal business the providing of finance whether by making loans or advances or otherwise for any activity other than its own but does not include an Asset Finance Company.IV. Infrastructure Finance Company (IFC): IFC is a non-banking finance company a) which deploys at least 75 per cent of its total assets in infrastructure loans, b) has a minimum Net Owned Funds of ₹ 300 crore, c) has a minimum credit rating of ‘A ‘or equivalent d) and a CRAR of 15%.V. Systemically Important Core Investment Company (CIC-ND-SI): CIC-ND-SI is an NBFC carrying on the business of acquisition of shares and securities which satisfies the following conditions:-(a) it holds not less than 90% of its Total Assets in the form of investment in equity shares, preference shares, debt or loans in group companies;(b) its investments in the equity shares (including instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitutes not less than 60% of its Total Assets;(c) it does not trade in its investments in shares, debt or loans in group companies except through block sale for the purpose of dilution or disinvestment;(d) it does not carry on any other financial activity referred to in Section 45I(c) and 45I(f) of the RBI act, 1934 except investment in bank deposits, money market instruments, government securities, loans to and investments in debt issuances of group companies or guarantees issued on behalf of group companies.(e) Its asset size is ₹ 100 crore or above and(f) It accepts public fundsVI. Infrastructure Debt Fund: Non- Banking Financial Company (IDF-NBFC) : IDF-NBFC is a company registered as NBFC to facilitate the flow of long term debt into infrastructure projects. IDF-NBFC raise resources through issue of Rupee or Dollar denominated bonds of minimum 5 year maturity. Only Infrastructure Finance Companies (IFC) can sponsor IDF-NBFCs.VII. Non-Banking Financial Company - Micro Finance Institution (NBFC-MFI): NBFC-MFI is a non-deposit taking NBFC having not less than 85% of its assets in the nature of qualifying assets which satisfy the following criteria:a. loan disbursed by an NBFC-MFI to a borrower with a rural household annual income not exceeding ₹ 1,00,000 or urban and semi-urban household income not exceeding ₹ 1,60,000;b. loan amount does not exceed ₹ 50,000 in the first cycle and ₹ 1,00,000 in subsequent cycles;c. total indebtedness of the borrower does not exceed ₹ 1,00,000;d. tenure of the loan not to be less than 24 months for loan amount in excess of ₹ 15,000 with prepayment without penalty;e. loan to be extended without collateral;f. aggregate amount of loans, given for income generation, is not less than 50 per cent of the total loans given by the MFIs;g. loan is repayable on weekly, fortnightly or monthly instalments at the choice of the borrowerVIII. Non-Banking Financial Company – Factors (NBFC-Factors): NBFC-Factor is a non-deposit taking NBFC engaged in the principal business of factoring. The financial assets in the factoring business should constitute at least 50 percent of its total assets and its income derived from factoring business should not be less than 50 percent of its gross income.IX. Mortgage Guarantee Companies (MGC) - MGC are financial institutions for which at least 90% of the business turnover is mortgage guarantee business or at least 90% of the gross income is from mortgage guarantee business and net owned fund is ₹ 100 crore.X. NBFC- Non-Operative Financial Holding Company (NOFHC) is financial institution through which promoter / promoter groups will be permitted to set up a new bank .It’s a wholly-owned Non-Operative Financial Holding Company (NOFHC) which will hold the bank as well as all other financial services companies regulated by RBI or other financial sector regulators, to the extent permissible under the applicable regulatory prescriptions.11. What are the powers of the Reserve Bank with regard to 'Non-Bank Financial Companies’, that is, companies that meet the 50-50 Principal Business Criteria?The Reserve Bank has been given the powers under the RBI Act 1934 to register, lay down policy, issue directions, inspect, regulate, supervise and exercise surveillance over NBFCs that meet the 50-50 criteria of principal business. The Reserve Bank can penalize NBFCs for violating the provisions of the RBI Act or the directions or orders issued by RBI under RBI Act. The penal action can also result in RBI cancelling the Certificate of Registration issued to the NBFC, or prohibiting them from accepting deposits and alienating their assets or filing a winding up petition.12. What action can be taken against persons/financial companies making false claim of being regulated by the Reserve Bank?It is illegal for any financial entity or unincorporated body to make a false claim of being regulated by the Reserve Bank to mislead the public to collect deposits and is liable for penal action under the Indian Penal Code. Information in this regard may be forwarded to the nearest office of the Reserve Bank and the Police.13. What action is taken if financial companies which are lending or making investments as their principal business do not obtain a Certificate of Registration from the Reserve Bank?If companies that are required to be registered with the Reserve Bank as NBFCs, are found to be conducting non-banking financial activity, such as, lending, investment or deposit acceptance as their principal business, without seeking registration, the Reserve Bank can impose penalty or fine on them or can even prosecute them in a court of law. If members of public come across any entity which does non-banking financial activity but does not figure in the list of authorized NBFC on RBI website, they should inform the nearest Regional Office of the Reserve Bank, for appropriate action to be taken for contravention of the provisions of the RBI Act, 1934.14. Where can one find list of Registered NBFCs and instructions issued to NBFCs?The list of registered NBFCs is available on the web site of Reserve Bank of India and can be viewed at www.rbi.org.in → Sitemap → NBFC List. The instructions issued to NBFCs from time to time are also hosted at www.rbi.org.in → Notifications → Master Circulars → Non-banking, besides, being issued through Official Gazette notifications and press releases.15. What are the regulations applicable on non-deposit accepting NBFCs with asset size of less than ₹ 500 crore?The regulation on non-deposit accepting NBFCs with asset size of less than ₹ 500 crore would be as under:(i) They shall not be subjected to any regulation either prudential or conduct of business regulations viz., Fair Practices Code (FPC), KYC, etc., if they have not accessed any public funds and do not have a customer interface.(ii) Those having customer interface will be subjected only to conduct of business regulations including FPC, KYC etc., if they are not accessing public funds.(iii) Those accepting public funds will be subjected to limited prudential regulations but not conduct of business regulations if they have no customer interface.(iv) Where both public funds are accepted and customer interface exist, such companies will be subjected both to limited prudential regulations and conduct of business regulations.16. What does the term public funds include? Is it the same as public deposits?Public funds are not the same as public deposits. Public funds include public deposits, inter-corporate deposits, bank finance and all funds received whether directly or indirectly from outside sources such as funds raised by issue of Commercial Papers, debentures etc. However, even though public funds include public deposits in the general course, it may be noted that CICs/CICs-ND-SI cannot accept public deposits.Further, indirect receipt of public funds means funds received not directly but through associates and group entities which have access to public funds.17. What are the various prudential regulations applicable to NBFCs?The Bank has issued detailed directions on prudential norms, vide Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015 and Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015. Applicable regulations vary based on the deposit acceptance or systemic importance of the NBFC.The directions inter alia, prescribe guidelines on income recognition, asset classification and provisioning requirements applicable to NBFCs, exposure norms, disclosures in the balance sheet, requirement of capital adequacy, restrictions on investments in land and building and unquoted shares, loan to value (LTV) ratio for NBFCs predominantly engaged in business of lending against gold jewellery, besides others. Deposit accepting NBFCs have also to comply with the statutory liquidity requirements. Details of the prudential regulations applicable to NBFCs holding deposits and those not holding deposits is available in the section ‘Regulation – Non-Banking – Notifications - Master Circulars’ in the RBI website.18. Please explain the terms ‘owned fund’ and ‘net owned fund’ in relation to NBFCs?‘Owned Fund’ means aggregate of the paid-up equity capital, preference shares which are compulsorily convertible into equity, free reserves, balance in share premium account and capital reserves representing surplus arising out of sale proceeds of asset, excluding reserves created by revaluation of asset, after deducting therefrom accumulated balance of loss, deferred revenue expenditure and other intangible assets. 'Net Owned Fund' is the amount as arrived at above, minus the amount of investments of such company in shares of its subsidiaries, companies in the same group and all other NBFCs and the book value of debentures, bonds, outstanding loans and advances including hire purchase and lease finance made to and deposits with subsidiaries and companies in the same group, to the extent it exceeds 10% of the owned fund.19. What are the responsibilities of the NBFCs registered with Reserve Bank, with regard to submission on compliances and other information?A. Returns to be submitted by deposit taking NBFCsNBS-1 Quarterly Returns on deposits in First Schedule.NBS-2 Quarterly return on Prudential Norms is required to be submitted by NBFC accepting public deposits.NBS-3 Quarterly return on Liquid Assets by deposit taking NBFC.NBS-4 Annual return of critical parameters by a rejected company holding public deposits. (NBS-5 stands withdrawn as submission of NBS 1 has been made quarterly.)NBS-6 Monthly return on exposure to capital market by deposit taking NBFC with total assets of ₹ 100 crore and above.Half-yearly ALM return by NBFC holding public deposits of more than ₹ 20 crore or asset size of more than ₹ 100 croreAudited Balance sheet and Auditor’s Report by NBFC accepting public deposits.Branch Info Return.B. Returns to be submitted by NBFCs-ND-SINBS-7 A Quarterly statement of capital funds, risk weighted assets, risk asset ratio etc., for NBFC-ND-SI.Monthly Return on Important Financial Parameters of NBFCs-ND-SI.ALM returns:(i) Statement of short term dynamic liquidity in format ALM [NBS-ALM1] -Monthly,(ii) Statement of structural liquidity in format ALM [NBS-ALM2] Half yearly,(iii) Statement of Interest Rate Sensitivity in format ALM -[NBS-ALM3], Half yearlyBranch Info returnC. Quarterly return on important financial parameters of non deposit taking NBFCs having assets of more than ₹ 50 crore and above but less than ₹ 100 croreBasic information like name of the company, address, NOF, profit / loss during the last three years has to be submitted quarterly by non-deposit taking NBFCs with asset size between ₹ 50 crore and ₹ 100 crore.There are other generic reports to be submitted by all NBFCs as elaborated in Master Circular on Returns to be submitted by NBFCs as available on www.rbi.org.in → Notifications → Master Circulars → Non-banking and Circular DNBS (IT) CC.No.02/24.01.191/2015-16 dated July 9, 2015 as available on www.rbi.org.in → Notifications.20. Whether the circular on Lending against shares dated August 21, 2014 is applicable to existing loans also?The Circular is applicable from the date of the circular and therefore the Circular shall not apply on those transactions which have been entered into prior to the date of the Circular. However, the guidelines will be applicable in case of roll-over/ renewal of loans. Guidelines will not apply to transactions where documents have been executed prior to the date of the circular and disbursement is pending.21. Will the circular on Lending against shares be applicable on restructured accounts?No. the Circular will not be applicable on restructured accounts22. Will the Circular on Lending against shares be applicable on those loans where the primary security is not shares/ units of mutual funds?Loans which are against the collateral of multiple securities and it is specifically agreed to in the agreement that primary security would be something other than shares/ units of mutual funds, LTV would not be applicable. However, reporting requirements shall remain. In cases where such differentiation is not made (thereby NBFCs can off-load shares at the instance of a default), LTV would be applicable.23. Whether LTV for loans issued against the collateral of shares is to be computed at scrip level or at portfolio level?LTV would be computed at portfolio level.24. Whether PoA/ Non-Disposal undertaking structure by whatever name called is covered under the Circular on Lending against shares?Yes, the Circular would be applicable and the type of encumbrance created is immaterial.25. Does the definition of “companies in a group” as given in Systemically Important Non-Banking Financial (non-deposit accepting or holding) companies Prudential Norms Directions, 2015 apply in respect of concentration of credit/ investment norms.No, the definition of “companies is a group” is only for the purpose of determining the applicability of prudential norms on multiple NBFCs in a group.26. Whether acquisition/ transfer of shareholding of 26 per cent or more of the paid up equity capital of an NBFC within the same group i.e. intra group transfers require prior approval of the Bank?Yes, prior approval would be required in all cases of acquisition/ transfer of shareholding of 26 per cent or more of the paid up equity capital of an NBFC. In case of intra-group transfers, NBFCs shall submit an application, on the company letter head, for obtaining prior approval of the Bank. Based on the application of the NBFC, it would be decided, on a case to case basis, whether the NBFC requires to submit the documents as prescribed at para 3 of DNBR (PD) CC Kjøpesenter Gjøvik & Hamar. 065/03.10.001/2015-16 dated July 9, 2015 for processing the application of the company. In cases where approval is granted without the documents, the NBFC would be required to submit the same after the process of transfer is complete.27. NBFCs are charging high interest rates from their borrowers. Is there any ceiling on interest rate charged by the NBFCs to their borrowers?Reserve Bank of India has deregulated interest rates to be charged to borrowers by financial institutions (other than NBFC- Micro Finance Institution). The rate of interest to be charged by the company is governed by the terms and conditions of the loan agreement entered into between the borrower and the NBFCs. However, the NBFCs have to be transparent and the rate of interest and manner of arriving at the rate of interest to different categories of borrowers should be disclosed to the borrower or customer in the application form and communicated explicitly in the sanction letter etc.28. RBI permits NBFCs to hedge their exposure through dealing in IRFs. Currently, IRFs are on single stock 10 yr 8.40% 2024 security. The Composition of Balance Sheet is mix of fixed/ floating interest rate and different credit profile. Whether 10 yr single security can be used for hedging 2-3 yr liability and asset (Duration adjusted) or can be used for investment in other long tenor securities or corporate bonds. Alternatively, whether IRFs can be used holistically for hedging assets and liabilities in dynamic interest rate scenarios within total Balance Sheet amount and within hedging definition?IRF may be used to hedge interest rate risk associated with single asset/ liability or a group of assets/ liabilities. Hence, NBFCs are permitted to use duration based hedging for managing interest rate risk.29. Whether NBFCs as trading member can participate in the IRF market only for hedging or can also take trading position?As per extant guidelines NBFCs with asset size of ₹ 1,000 cr and above are permitted to participate in IRF as trading members. While, trading members of stock exchanges are permitted to execute trades on their own account as well as on account of their clients, banks and PDs have been allowed to deal in IRF for both hedging and trading on own account and not on client’s account. Similarly, NBFCs as trading members are permitted to execute their proprietary trades and not to undertake transactions on behalf of clients.C. Residuary Non-Banking Companies (RNBCs)30. What is a Residuary Non-Banking Company (RNBC)? In what way it is different from other NBFCs?Residuary Non-Banking Company is a class of NBFC which is a company and has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner and not being Investment, Asset Financing, Loan Company. These companies are required to maintain investments as per directions of RBI, in addition to liquid assets. The functioning of these companies is different from those of NBFCs in terms of method of mobilization of deposits and requirement of deployment of depositors' funds as per Directions. Besides, Prudential Norms Directions are applicable to these companies also.31. We understand that there is no ceiling on raising of deposits by RNBCs, then how safe is deposit with them?It is true that there is no ceiling on raising of deposits by RNBCs. However, every RNBC has to ensure that the amounts deposited with it are fully invested in approved investments. In other words, in order to secure the interests of depositor, such companies are required to invest 100 per cent of their deposit liability into highly liquid and secure instruments, namely, Central/State Government securities, fixed deposits with scheduled commercial banks (SCB), Certificate of Deposits of SCB/FIs, units of Mutual Funds, etc.32. Can RNBC forfeit deposit if deposit instalments are not paid regularly or discontinued?No. Residuary Non-Banking Company cannot forfeit any amount deposited by the depositor, or any interest, premium, bonus or other advantage accrued thereon.33. What is the rate of interest that an RNBC must pay on deposits and what should be maturity period of deposits taken by them?The minimum interest an RNBC should pay on deposits should be 5% (to be compounded annually) on the amount deposited in lump sum or at monthly or longer intervals; and 3.5% (to be compounded annually) on the amount deposited under daily deposit scheme. Interest here includes premium, bonus or any other advantage, that an RNBC promises to the depositor by way of return. An RNBC can accept deposits for a minimum period of 12 months and maximum period of 84 months from the date of receipt of such deposit. They cannot accept deposits repayable on demand. However, at present, the only RNBCs in existence (Peerless) has been directed by the Reserve Bank to stop collecting deposits, repay the deposits to the depositor and wind up their RNBC business as their business model is inherently unviable.D. Definition of deposits, Eligible / Ineligible Institutions to accept deposits and Related Matters34. What is ‘deposit’ and ‘public deposit’? Is it defined anywhere?The term ‘deposit’ is defined under Section 45 I(bb) of the RBI Act, 1934. ‘Deposit’ includes and shall be deemed always to have included any receipt of money by way of deposit or loan or in any other form but does not include:i. amount raised by way of share capital, or contributed as capital by partners of a firm;ii. amount received from a scheduled bank, a co-operative bank, a banking company, Development bank, State Financial Corporation, IDBI or any other institution specified by RBI;iii. amount received in ordinary course of business by way of security deposit, dealership deposit, earnest money, advance against orders for goods, properties or services;iv. amount received by a registered money lender other than a body corporate;v. amount received by way of subscriptions in respect of a ‘Chit’.Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits ( Reserve Bank) Directions, 1998 defines a ‘ public deposit’ as a ‘deposit’ as defined under Section 45 I(bb) of the RBI Act, 1934 and further excludes the following:a. amount received from the Central/ State Government or any other source where repayment is guaranteed by Central/ State Government or any amount received from local authority or foreign government or any foreign citizen/ authority/ person;b. any amount received from financial institutions specified by RBI for this purpose;c. any amount received by a company from any other company;d. amount received by way of subscriptions to shares, stock, bonds or debentures pending allotment or by way of calls in advance if such amount is not repayable to the members under the articles of association of the company;e. amount received from directors of a company or from its shareholders by private company or by a private company which has become a public company;f. amount raised by issue of bonds or debentures secured by mortgage of any immovable property or other asset of the company subject to conditions;fa. any amount raised by issuance of non-convertible debentures with a maturity more than one year and having the minimum subscription per investor at ₹ 1 crore and above, provided it is in accordance with the guidelines issued by the Bank.g. the amount brought in by the promoters by way of unsecured loan;h. amount received from a mutual fund;i. any amount received as hybrid debt or subordinated debt;j. amount received from a relative of the director of an NBFC;k. any amount received by issuance of Commercial Paper.l. any amount received by a systemically important non-deposit taking non-banking financial company by issuance of ‘perpetual debt instruments’m. any amount raised by the issue of infrastructure bonds by an Infrastructure Finance CompanyThus, the directions exclude from the definition of public deposit, amount raised from certain set of informed lenders who can make independent decision.35. Which entities can legally accept deposits from public?Banks, including co-operative banks, can accept deposits. Non-bank finance companies, which have been issued Certificate of Registration by RBI with a specific licence to accept deposits, are entitled to accept public deposit. In other words, not all NBFCs registered with the Reserve Bank are entitled to accept deposits but only those that hold a deposit accepting Certificate of Registration can accept deposits. They can, however, accept deposits, only to the extent permissible. Housing Finance Companies, which are again specifically authorized to collect deposits and companies authorized by Ministry of Corporate Affairs under the Companies Acceptance of Deposits Rules framed by Central Government under the Companies Act can also accept deposits also upto a certain limit. Cooperative Credit Societies can accept deposits from their members but not from the general public. The Reserve Bank regulates the deposit acceptance only of banks, cooperative banks and NBFCs.It is not legally permissible for other entities to accept public deposits. Unincorporated bodies like individuals, partnership firms, and other association of individuals are prohibited from carrying on the business of acceptance of deposits as their principal business. Such unincorporated bodies are prohibited from even accepting deposits if they are carrying on financial business.36. Can all NBFCs accept deposits? Is there any ceiling on acceptance of Public Deposits? What is the rate of interest and period of deposit which NBFCs can accept?All NBFCs are not entitled to accept public deposits. Only those NBFCs to which the Bank had given a specific authorisation and have an investment grade rating are allowed to accept/ hold public deposits to a limit of 1.5 times of its Net Owned Funds. All existing unrated AFCs that have been allowed to accept deposits shall have to get themselves rated by March 31, 2016. Those AFCs that do not get an investment grade rating by March 31, 2016, will not be allowed to renew existing or accept fresh deposits thereafter. In the intervening period, i.e. till March 31, 2016, unrated AFCs or those with a sub-investment grade rating can only renew existing deposits on maturity, and not accept fresh deposits, till they obtain an investment grade rating.However, as a matter of public policy, Reserve Bank has decided that only banks should be allowed to accept public deposits and as such has since 1997 not issued any Certificate of Registration (CoR) to new NBFCs for acceptance of public deposits.Presently, the maximum rate of interest an NBFC can offer is 12.5%. The interest may be paid or compounded at rests not shorter than monthly rests. The NBFCs are allowed to accept/renew public deposits for a minimum period of 12 months and maximum period of 60 months. They cannot accept deposits repayable on demand.37. In respect of companies which do not fulfill the 50-50 criteria but are accepting deposits – do they come under RBI purview?A company which does not have financial assets which is more than 50% of its total assets and does not derive at least 50% of its gross income from such assets is not an NBFC. Its principal business would be non-financial activity like agricultural operations, industrial activity, purchase or sale of goods or purchase/construction of immoveable property, and will be a non-banking non-financial company. Acceptance of deposits by a Non-Banking Non-Financial Company are governed by the rules and regulations issued by the Ministry of Corporate Affairs.38. Why is the RBI so restrictive in allowing NBFCs to raise public deposits?The Reserve Bank's overarching concern while supervising any financial entity is protection of depositors' interest. Depositors place deposit with any entity on trust unlike an investor who invests in the shares of a company with the intention of sharing the risk as well as return with the promoters. Protection of depositors' interest thus is supreme in financial regulation. Banks are the most regulated financial entities. The Deposit Insurance and Credit Guarantee Corporation pays insurance on deposits up to ₹ One lakh in case a bank failed.39. Which are the NBFCs specifically authorized by RBI to accept deposits?The Reserve Bank publishes the list of NBFCs that hold a valid Certificate of Registration for accepting deposits on its website: www.rbi.org.in → Sitemap → NBFC List → List of NBFCs Permitted to Accept Deposits. At times, some companies are temporarily prohibited from accepting public deposits. The Reserve Bank publishes the list of NBFCs temporarily prohibited also on its website. The Reserve Bank keeps both these lists updated. Members of the public are advised to check both these lists before placing deposits with NBFCs.40. Whether NBFCs can accept deposits from NRIs?Effective from April 24, 2004, NBFCs cannot accept deposits from NRIs except deposits by debit to NRO account of NRI provided such amount does not represent inward remittance or transfer from NRE/FCNR (B) account. However, the existing NRI deposits can be renewed.41. Can a Co-operative Credit Society accept deposits from the public?No. Co-operative Credit Societies cannot accept deposits from general public. They can accept deposits only from their members within the limit specified in their bye laws.42. Can a Salary Earners’ Society accept deposits from the public?No. These societies are formed for salaried employees and hence they can accept deposit only from their own members and not from general public.43. Is nomination facility available to the Depositors of NBFCs?Yes, nomination facility is available to the depositors of NBFCs. The Rules for nomination facility are provided for in section 45QB of the Reserve Bank of India Act, 1934. Non-Banking Financial Companies have been advised to adopt the Banking Companies (Nomination) Rules, 1985 made under Section 45ZA of the Banking Regulation Act, 1949. Accordingly, depositor/s of NBFCs are permitted to nominate one person to whom the NBFC can return the deposit in the event of the death of the depositor/s. NBFCs are advised to accept nominations made by the depositors in the form similar to one specified under the said rules, viz Form DA 1 for the purpose of nomination, and Form DA2 and DA3 for cancellation of nomination and change of nomination respectively.44. How does the Reserve Bank come to know about unauthorized acceptance of deposits by companies not registered with it or of NBFCs engaged in lending or investment activities without obtaining the Certificate of Registration from it?NBFCs that ought to have sought registration from RBI but are functioning without doing so are committing a breach of law. Such companies are liable for action as envisaged under the RBI Act, 1934. To identify such entities, RBI has multiple sources of information. These include market intelligence, complaints received from affected parties, industry sources, and exception reports submitted by statutory auditors in terms of Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008. Further, the State Level Co-ordination Committees (SLCC) is convened by RBI in all the States/UTs on quarterly basis. The SLCC is now chaired by the Chief Secretary/ Administrator of the concerned State/UT and has, as its members, apart from the Reserve Bank, the Regional Directorate of the MCA/ ROC, local unit of SEBI, NHB, Registrar of Chits, ICAI, Economic Intelligence Unit of the State Police and officials from Law and Home Ministries of the State Government. As all the relevant financial sector regulators and enforcement agencies participate in the SLCC, it is possible to quickly share the information and agree on an effective course of action to be taken against entities indulging in unauthorized and suspect businesses involving funds mobilization from public.45. Can Proprietorship/Partnership Concerns associated/not associated with registered NBFCs accept public deposits?No. Proprietorship and partnership concerns are un-incorporated bodies. Hence they are prohibited under the RBI Act 1934 from accepting public deposits.46. There are many jewellery shops taking money from the public in instalments. Is this amounting to acceptance of deposits?It depends on whether the money is received as advance for delivering jewellery at a future date or whether the money is received with a promise to return the same with interest. The money accepted by Jewellery shops in instalments for the purpose of delivering jewellery at the end of the period of contract is not deposit. It will amount to acceptance of deposits if in return for the money received, the jewellery shop promises to return the principal amount along with interest.47. What action can be taken if such unincorporated entities accept public deposits? What if NBFCs which have not been authorized to accept public deposits use proprietorship/partnership firms floated by their promoters to collect deposits?Such unincorporated entities, if found accepting public deposits, are liable for criminal action. Further NBFCs are prohibited by RBI from associating with any unincorporated bodies. If NBFCs associate themselves with proprietorship/partnership firms accepting deposits in contravention of RBI Act, they are also liable to be prosecuted under criminal law or under the Protection of Interest of Depositors (in Financial Establishments) Act, if passed by the State Governments.48. What is the difference between acceptance of money by Chit Funds and acceptance of deposits?Deposits are defined under the RBI Act 1934 as acceptance of money other than that raised by way of share capital, money received from banks and other financial institutions, money received as security deposit, earnest money and advance against goods or services and subscriptions to chits. All other amounts, received as loan or in any form are treated as deposits. Chit Funds activity involves contributions by members in instalments by way of subscription to the Chit and by rotation each member of the Chit receives the chit amount. The subscriptions are specifically excluded from the definition of deposits and cannot be termed as deposits. While Chit funds may collect subscriptions as above, they are prohibited by RBI from accepting deposits with effect from August 2009.E. Depositor Protection Issues49. What are the salient features of NBFC regulations which the depositor may note at the time of investment?Some of the important regulations relating to acceptance of deposits by NBFCs are as under:The NBFCs are allowed to accept/renew public deposits for a minimum period of 12 months and maximum period of 60 months. They cannot accept deposits repayable on demand.NBFCs cannot offer interest rates higher than the ceiling rate prescribed by RBI from time to time. The present ceiling is 12.5 per cent per annum. The interest may be paid or compounded at rests not shorter than monthly rests.NBFCs cannot offer gifts/incentives or any other additional benefit to the depositors.NBFCs should have minimum investment grade credit rating.The deposits with NBFCs are not insured.The repayment of deposits by NBFCs is not guaranteed by RBI.Certain mandatory disclosures are to be made about the company in the Application Form issued by the company soliciting deposits.50. What precautions should a depositor take before placing deposit with an NBFC?A depositor wanting to place deposit with an NBFC must take the following precautions before placing deposits:That the NBFC is registered with RBI and specifically authorized by the RBI to accept deposits. A list of deposit taking NBFCs entitled to accept deposits is available at www.rbi.org.in → Sitemap → NBFC List. The depositor should check the list of NBFCs permitted to accept public deposits and also check that it is not appearing in the list of companies prohibited from accepting deposits, which is available at www.rbi.org.in → Sitemap → NBFC List → NBFCs who have been issued prohibitory orders, winding up petitions filed and legal cases under Chapter IIIB, IIIC and others.NBFCs have to prominently display the Certificate of Registration (CoR) issued by the Reserve Bank on its site. This certificate should also reflect that the NBFC has been specifically authorized by RBI to accept deposits. Depositors must scrutinize the certificate to ensure that the NBFC is authorized to accept deposits.The maximum interest rate that an NBFC can pay to a depositor should not exceed 12.5%. The Reserve Bank keeps altering the interest rates depending on the macro-economic environment. The Reserve Bank publishes the change in the interest rates on www.rbi.org.in → Sitemap → NBFC List → FAQs.The depositor must insist on a proper receipt for every amount of deposit placed with the company. The receipt should be duly signed by an officer authorized by the company and should state the date of the deposit, the name of the depositor, the amount in words and figures, rate of interest payable, maturity date and amount.In the case of brokers/agents etc collecting public deposits on behalf of NBFCs, the depositors should satisfy themselves that the brokers/agents are duly authorized by the NBFC.The depositor must bear in mind that public deposits are unsecured and Deposit Insurance facility is not available to depositors of NBFCs.The Reserve Bank of India does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.51. Does RBI guarantee the repayment of the deposits collected by NBFCs?No. The Reserve Bank does not guarantee repayment of deposits by NBFCs even though they may be authorized to collect deposits. As such, investors and depositors should take informed decisions while placing deposit with an NBFC.52. In case an NBFC defaults in repayment of deposit what course of action can be taken by depositors?If an NBFC defaults in repayment of deposit, the depositor can approach Company Law Board or Consumer Forum or file a civil suit in a court of law to recover the deposits. NBFCs are also advised to follow a grievance redress procedure as indicated in reply to question 57 below. Further, at the level of the State Government, the State Legislations on Protection of Interest of Depositors (in Financial Establishments) empowers the State Governments to take action even before the default takes place or complaints are received from depositors. If there is perpetration of an offence and if the intention is to defraud, the State Government can even attach properties.53. What is the role of Company Law Board in protecting the interest of depositors? How can one approach it?When an NBFC fails to repay any deposit or part thereof in accordance with the terms and conditions of such deposit, the Company Law Board (CLB) either on its own motion or on an application from the depositor, directs by order the Non-Banking Financial Company to make repayment of such deposit or part thereof forthwith or within such time and subject to such conditions as may be specified in the order. After making the payment, the company will need to file the compliance with the local office of the Reserve Bank of India.As explained above, the depositor can approach CLB by mailing an application in prescribed form to the appropriate bench of the Company Law Board according to its territorial jurisdiction along with the prescribed fee.

How can I get funding for starting my own business in Nigeria?

The article you will find below should guide you step by step and through the process. I wish you good luck though!You may still visit Page on macrosecnominees.comCopyright © Abraham & Co.A GUIDE TO DOING BUSINESSIN NIGERIA Doing Business in Nigeria2CONTENT PageForms of Business Enterprise 3Registration of a Company and Application for 5Start-up ApprovalsThe Tax System 8Checklist for Establishing Business in Nigeria 9 Doing Business in Nigeria3FORMS OF BUSINESS ENTERPRISEBusiness activities may be undertaken in Nigeria through any of the followingvehicles; that is:(i) Private or Public limited liability Company;(ii) Unlimited liability company;(iii) Company limited by Guarantee;(iv) Foreign Company (branch or subsidiary of a foreign company);(v) Partnership/Firm;(vi) Sole Proprietorship;(vii) Incorporated Trustees;(viii) Representative Office.All business enterprises, both local and foreign must be registered with theRegistrar-General of the Corporate Affairs Commission (“Registrar ofCompanies”), and must comply with the internal regulations applicable toparticular businesses. The law governing the formation and regulation ofbusiness enterprises in Nigeria is the Companies and Allied Matters Act, 1990(“CAMA”), and under this law is the Corporate Affairs Commission, which isthe body responsible for the registration and regulation of companies.Foreigners may invest and participate in the operation of any enterprise inNigeria. By virtue of the provisions of the CAMA, a foreign investor, wishingto set up business operations in Nigeria is obliged to take all steps necessaryto obtain local incorporation of a Nigerian company, or branch or subsidiaryof an existing company, which would be a separate and distinct entity fromits parent company. Until so incorporated, a foreigner may not carry onbusiness in Nigeria or exercise any of the powers of a registered company.The CAMA, however, sets out exceptions to the general rule that all foreigninvestors doing business in Nigeria must incorporate in Nigeria. Theseexceptions include companies engaged by the Federal Government toexecute specific projects, companies undertaking approved loan projects onbehalf of donor countries or international organizations, and foreigngovernment owned companies engaged wholly in export promotionactivities. Doing Business in Nigeria4These exemptions are granted for a fixed period of time (usually threeyears), are hardly ever renewed and may be revoked by the FederalExecutive Council. Investors envisaging a long-term existence in Nigeria aretherefore well advised to incorporate a local company.Foreign companies may also set up Representative Offices in Nigeria. ARepresentative Office however, cannot engage in business, concludecontracts or open or negotiate any Letters of Credit. It can only serve as apromotional and/or liaison office. In this circumstance, its local operationalexpenses have to flow in from the foreign company. A Representative Officealso must be registered with the CAC. Doing Business in Nigeria5REGISTRATION OF A COMPANY AND APPLICATION FOR START-UPAPPROVALSAs stated earlier, under the Companies and Allied Matters Act, 1990(“CAMA”) the body responsible for the registration and regulation ofcompanies is the Corporate Affairs Commission (“CAC”), which has its headoffice in Abuja, the Federal Capital Territory.Procedure for Company IncorporationAn application for incorporation is made to the Registrar-General of the CAC.Prior to the application being made, submitting a written application to theCAC, and paying a prescribed fee may reserve the name of the proposedcompany. Subsequently the application to the Registrar-General is submittedin the prescribed form along with the following documents:• A copy of the Memorandum and Articles of Association of theCompany (which must be subscribed to by at least two persons,together holding at least 25% of the company’s authorized sharecapital together with evidence of payment of stamp duty.• A statement of the authorized share capital of the company togetherwith evidence that the stamp duty payable in respect of the amountof share capital has been paid.• A statement of the particulars of the initial directors of the company,of which there must be at least two.• A notice of the situation of the registered office of the company.• A declaration, sworn to by a Lawyer that all matters preliminary to theregistration of the company have been complied with.Stamp duty and filing fees are payable to the Federal Commissioner forStamp Duties and the Registrar - General of Companies respectively. If theapplication is approved, a Certificate of Incorporation will be issued and thecompany can commence business subject to its having obtained thenecessary investment approvals. Doing Business in Nigeria6Investment Authorizations and ApprovalsThe principal laws regulating foreign investment in Nigeria are, the NigerianInvestment Promotion Commission (“NIPC”) Act No. 16 of 1995, and theForeign Exchange (Monitoring and Miscellaneous Provisions) Act No. 17 of1995.Once registration is completed, there are other approvals that the foreignInvestor would require, to secure enhanced returns from an investment andremit the proceeds of such investment. Some of these approvals aremandatory, others are only required where the company wishes to employexpatriates or take advantage of certain incentive schemes. The nonmandatoryapprovals are asterisked (*).Registration with the NIPCThe Nigerian Investment Promotion Commission (“NIPC”) was establishedunder the Nigerian Investment Promotion Commission Act, 1995, whichprovides that any enterprise in which there is foreign participation must beregistered with the NIPC. The NIPC Act permits foreigners to own up to100% of any business enterprise with the exception of enterprises on the“negative list” of the Act. The negative list includes enterprises involved inthe production of and dealing in arms, ammunition, narcotic drugs andpsychotropic substances.Procedure for obtaining NIPC Registration• Application is made to the Nigerian Investment Promotion Commission• Completed copies of the NIPC Form 1 (Original and 3 copies)• Original copy of receipt of purchase of NIPC Form 1 (and threecopies)• A copy of COMPANYs’ Certificate of Incorporation (and three copies)• Evidence that COMPANY has a minimum share capital of=N=10million. (3 copies)• COMPANYs’ Allotment of shares and Particulars of Directors (3 copies)• Details of the shareholding structure of COMPANY (3 copies)• Joint Venture, Shareholders’ or Partnership Agreement, whereapplicable (3 copies). Doing Business in Nigeria7Business PermitIn order for an enterprise in which there is foreign participation to undertakeany business in Nigeria, it must obtain a business permit from the Ministry ofInternal Affairs. A business permit will only be granted in respect ofcompanies having an authorized share capital of at least =N=10,000,000.00(approximately 80,000 US Dollars). One of the documents that a companyapplying for business permit is required to submit is a Certificate if CapitalImportation to evidence the importation of the foreign investor’scapital/equity contribution into Nigeria.Procedure for obtaining Business Permit• Application is made to the Ministry of Internal Affairs• Completed copies of the NIPC Form 1 (Original and 3 copies)• Original copy of receipt of purchase of NIPC Form 1 (and threecopies)• A copy of COMPANYs’ Certificate of Incorporation (and three copies)• Evidence that COMPANY has a minimum share capital of=N=10million. (3 copies)• COMPANYs’ Allotment of shares and Particulars of Directors (3 copies)• Details of the shareholding structure of COMPANY (3 copies)• Joint Venture, Shareholders’ or Partnership Agreement, whereapplicable (3 copies).Certificate of Capital ImportationInvestors who wish to be able to remit dividends to non-residentshareholders or repatriate capital on disinvestments must ensure that theyobtain a Certificate of Capital Importation from the Nigerian bank throughwhich the payment is transferred into Nigeria.Procedure for Obtaining Certificate of Capital importation (CCI)• Application will be made to COMPANY’s bankers• The foreign shareholders will instruct their bank (“the remitting bank”)by telex to transfer the necessary funds either directly to COMPANY’sbankers or to their foreign affiliate; Doing Business in Nigeria8• The transfer must be accompanied by a telex stating that the moneybeing remitted to the bank is for the account of COMPANY and thatthe money represents the foreign investors’ capital contribution to theequity of COMPANY;• Upon confirmation that the funds have been remitted to Nigeria,COMPANY is required to send a formal letter of application to thereceiving bank to issue a CCI in respect of the equity contribution.• The following documents must be submitted together with the letterof application:o A Board resolution of COMPANY authorizing the foreigninvestment;o A letter from COMPANY stating the purpose for which themoney has been remitted;o A copy of the certificate of incorporation of COMPANY;o A copy of the swift message from the remitting bank.• If satisfied with the documentation the receiving bank will issue a CCIin respect of the funds. The receiving bank is required to notify theCBN whenever it issues a CCI.Expatriate Quota*A company wishing to employ expatriates must obtain an Expatriate Quotaposition for each expatriate it wishes to employ. The Expatriate Quotaestablishes the maximum number of expatriates that the enterprise mayemploy. A company having a paid-up share capital of not less that=N=10,000,000.0 (Ten million Naira only) (approximately 80,000 US Dollars)is entitled to one automatic quota positions, while a company capitalized at=N=20,000,000.00 (twenty million Naira only) (approximately 155,000 USDollars) is entitled to four automatic quota positions.Procedure for obtaining Expatriate Quota• Application is made to the Ministry of Internal Affairs• In addition to the requirements listed under Business Permitapplication, the following requirements have to be met for ExpatriateQuota applications:• Evidence of acquisition of operational machinery and equipment Doing Business in Nigeria9• Management and Technical Services Agreement• Minimum authorized share capital of =N=10million• Tax Clearance Certificate• Company applying for Permanent Until Reviewed (PUR) Quota slotsmust show evidence of payment of tax for minimum of =N=1 million.• Names, addresses, qualifications and positions to be occupied by theexpatriate• Project Implementation Program• Training Program for Nigerians and a Management SuccessionScheduleApproval for Transfer of Technology and other Agreements*By virtue of the provisions of the National Office for Technology Acquisitionand Promotion Act, 1992 any agreement under which a foreigner is toprovide foreign technology, management, or assistance, to a Nigeriancompany must be approved by the National Office for Technology Acquisitionand Promotion (“NOTAP”). Fees payable for the provision of suchtechnology or services must also be approved by the NOTAP.Registration with the Department of Petroleum Resources*Companies that wish to engage in petroleum operations in Nigeria arerequired to register with the Department of Petroleum Resources (“DPR”).The DPR issues Permits, upon application, in respect of oil exploration andproduction activities, as well as oil service activities. Fees payable depend onthe category of operations for which the company applies.THE TAX SYSTEMThe Tax Structure and Taxing AuthoritiesThe federal, state, and local governments levy taxes. The Federal Board ofInland Revenue (“FBIR”) administers Federal Taxes through its operationalarm called the Federal Inland Revenue Service (“FIRS”), State taxes areadministered by the Internal Revenue Boards of respective States, while thevarious councils administer local Government taxes. Doing Business in Nigeria10Principal TaxesTaxes on income and gains• Companies Income Tax• Personal Income Tax• Capital Gains Tax• Petroleum Profits TaxTaxes on transactions• Value Added Tax• Stamp Duty• Customs and Excise DutyOther taxes• Sales Tax (Lagos State only)• Local Government taxesDouble Taxation ReliefNigeria currently has seven comprehensive double tax treaties. Treaties onincome and capital gains are currently in force with:• United Kingdom and Northern Ireland• Canada• France• Netherlands• Belgium• Romania• PakistanCHECKLIST FOR ESTABLISHING A BUSINESS IN NIGERIA9 Incorporate Local Company9 Register with Tax Authorities and Obtain First Tax ClearanceCertificate Doing Business in Nigeria119 Open Corporate Bank Account/s in the name of the Local Companyand obtain a Certificate of Capital Importation from the Bank inrespect of any imported capital sum9 Apply for Business Permit and Expatriate Quota9 Obtain Residence Permits for Expatriate Staff9 Register with Appropriate Regulatory Authorities Relevant to theCompany’s Business (such as NCC, DPR, NAFDAC, etc.)9 Secure Office Space/ residential accommodation for Expatriate StaffThese are the first steps to be taken by any person that wishes toestablish business in Nigeria. At the end of the first financial year, thecompany would be required to file Tax and Annual Returns. In addition,the Company would be required to appoint External Auditors and aCompany Secretary.For further information and help contact:[email protected] is the company secretarial arm of Abraham & Co. (Solicitors & Advocates)

What is the process of admission into B.Arch colleges after the NATA exam?

please Chk dis link n if its copyrighted n disappears check wid collegeduniya .com n careers360 .com but in short i can say go for NATA counselling only thete u can find all relevant info on d colleges admission criteria etcNATA Counselling 2019APPLICATIONS OPEN NOWHindustan University- B.Tech AdmissionsApplyUPES - School of Engineering B.Tech.ApplyNATA Counselling 2019 - The Council of Architecture (COA), which is the exam conducting body, doesn’t conduct counselling of NATA. Instead, candidates have to apply in the desired institute among the participating institutes separately based on their NATA scores for admission to B.Arch course. To be eligible for participation in NATA 2019 counselling, candidates have to score the minimum cutoff marks in the two individual components and also in aggregate. Additionally, the NATAapplicant would also have to meet all the other eligibility criteria specific to the institute. Again, since there is no centralized counselling of NATA 2019, there is no uniformity in the counselling processes adopted by these institutes. Go through the rest of the article to learn the full details of NATA counselling 2019.Latest:NATA 2019 response sheetavailable now; send reviews till May 15Latest:NATA result 2019available nowNATA 2019 Counselling CalendarEventsDatesNATA 2019 (for first attempt)April 14, 2019NATA 2019 (for second attempt)July 7, 2019Declaration of Result (for first attempt)May 3, 2019Declaration of Result (for second attempt)July 21, 2019Commencement of NATA 2019 CounsellingTo be notifiedKey points related to NATA Counselling 2019APPLICATIONS OPEN NOWJindal School of Art and ArchitectureB.Arch and Built Environment Studies B.A. (Hons.) Admissions openApplySRM B.Arch Admissions 2019Apply for B.Arch @ SRM Group of Institutions | Highest CTC 39.5L+CTC | QS I-GAUGE Diamond rated InstituteApplyCOA doesn’t conduct admission counselling. It is only responsible for conducting NATA, which is the qualification exam for admission to B.Arch courseThe participating institutes of NATA conduct separate counselling sessions.To be eligible for counselling conducted by these institutes, one needs to qualify NATA 2019. In other words, the candidate has to meet the aggregate and also component-wise minimum marks determined for the exam.Each institute is free to decide their own counselling norms, so the mode and process may vary from one institute to another. For example, apart from the eligibility criteria prescribed by COA, the candidate will also have to meet any additional eligibility criteria that the institute may demand.There are some 477 institutes that offer admission to their B.Arch courses based on NATA scores.Component-wise and overall qualifying marks of NATA 2019SubjectQualifying MarksTotal MarksMathematics & General Aptitude30120Drawing2080Aggregate marksWill be based on post-exam statistics200Loopholes in current system and proposed national-level NATA counsellingThe Council of Architecture in a recent press conference has stated that there are some loopholes in the current decentralized counselling process.Since in current system one has to apply separately to each institute, it is time consuming. There are also lot of logistics and cost involved, with the candidate frequently having to college hop.Also, a number of seats goes vacant in colleges. Considering how so many deserving candidates miss out on a seat, such wastage of seats is criminal.In view of these loopholes, COA is planning to conduct a national-level common for NATA 2019 qualified candidates. In a common counselling system, the candidate will be able to apply to all participating institutes through one common portal. Also, seats that goes waste in current system will be offered to other state candidates, provided merit list of local candidates is fully accommodated.The final decision on the proposed changes haven’t been taken yet. So, we have to wait and watch whether COA will go ahead with it planes. And if it does and makes changes to NATA 2019 counselling process, details will be updated on this page.NATA Counselling 2019 - Documents ChecklistAdmit Card of NATA 2019Score Card of NATAMark sheets and pass certificates of Class 10 and 12Category Certificate (if applicable)Medical Certificate for PwD CertificateResidence certificate (if applicable)Transfer certificate (if applicable)The candidate also must bring with them two sets of photocopies of the above documents.NATA Participating Institutes 2019The participating institutes of NATA 2019 are the colleges and universities that used NATA scores for admitting candidates to their B.Arch course. NATA 2019 participating institutes currently conduct their own counselling, so process differs across these institutes. Also, candidates planning to take admission to any of these institutes have to apply to each one of them separately.State-wise admission through NATAhttp://S.NoStateSeat Intake1Karnataka8962Maharashtra51673Kerala7074Gujarat17105West Bengal886Punjab707UP15608MP3309Chhattisgarh13810Goa14011Haryana61012Himachal4013Rajasthan27014Tamil Nadu3010University-wise admission through NATAS. NoUniversitySeat Intake1VIT University402SRM803PES404Christ University, Bangalore405Jawaharlal Nehru Architecture and Fine Arts856Guru Gobind Singh Indraprastha University, Delhi807KIIT408Chandigarh University80To check complete list of participating institutes with seat intake - Click HereCounsellingApplications Open NowUPES - School of Engineering ...ApplyChandigarh University- http://B.E.Ad...ApplyBennett University B.Tech Adm...ApplyGLA UNIVERSITY B.Tech Admissi...ApplyAccurate - B.Tech AdmissionsApplyK.R. Mangalam UniversityApplyIIMT-College of EngineeringApplyView All Application FormsQuestions related to NATAresult of nata exam in july will have any value because many colleges fill their seats before it???Ayush1 Hour agoIt will certainly have a great value because even if the seats are filled by July, some seats are available and are kept reserved for this result...Read MoreI got 62 in Maths and 19 in drawing in April and 87% in +2. Can I apply in colleges now and improve in JUly NATA ?Ayush1 Hour agoYes, you can apply now for the college which you are getting. Once the result of the second examination is declared and you get a better ranked c...Read MoreI had supplementary exam this month I am qualifeid in nata from 76 marks can I get admission through kcet after getting suppementary resultÑÍthesh8 Hours agoHii You can get admission oy if you have atleast a provisional certificate while the documents verification is done where as you can't get the...Read MoreHow can a non Maharashtra student can apply for CET ?Khojasteh Mirza12 Hours agoit is basically for Domiciles of Maharashtra,but for those students who have recently moved to Maharashtra and have appeared for their 12th bo...Read MoreI got 118 marks in Nata and qualified for jee paper2 and 69.88%in pu board exam what ranking can I getDiya Mondal8 Hours agototal nata score is determined by nata marks and class 10+2 percentile. it is calculated as nata marks/2+ 10+2 marks. thus for getting good ranki...Read MoreView All QuestionsGot questions about NATA?AskMore like NATAView All News and Articles⌃Get UpdatesApplications OpenDownload the Careers360 App on your Android phoneRegular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile150M+Students23,000+Colleges500+Exams1500+E-booksAboutHiringMagazineNewsBlogContactTop ExamsCollegesPredictors & E-booksResourcesSitemapDisclaimerComment PolicyPrivacy Policy

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