NBFC
This query is : Resolved
09 July 2010
Hi all,
Please provide me the main object clause of MOA for NBFC.
Regards,
Abhilasha
Please provide me the main object clause of MOA for NBFC.
Regards,
Abhilasha
09 July 2010
It would really depend upon the type of NBFC proposed to be formed as there are various types like
The NBFCs that are registered with RBI are:
(i) equipment leasing company;
(ii) hire-purchase company;
(iii) loan company;
(iv) investment company.
With effect from December 6, 2006 the above NBFCs registered with RBI have been reclassified as
(i) Asset Finance Company (AFC)
(ii) Investment Company (IC)
(iii) Loan Company (LC)
So it would depend upon the nature of business proposed to be carried out.
The NBFCs that are registered with RBI are:
(i) equipment leasing company;
(ii) hire-purchase company;
(iii) loan company;
(iv) investment company.
With effect from December 6, 2006 the above NBFCs registered with RBI have been reclassified as
(i) Asset Finance Company (AFC)
(ii) Investment Company (IC)
(iii) Loan Company (LC)
So it would depend upon the nature of business proposed to be carried out.
09 July 2010
Main object of an Investment based NBFC:
To carry on as its principal Business, the business of investment Company and to invest in and acquire and hold, sell, purchase or otherwise deal in shares, stocks, bonds, obligations and securities issued or guaranteed by any company constituted or carrying on business in India or elsewhere and debentures, debenture stocks, bonds obligations and securities,issued or guaranteed by any Government, state, dominion, sovereign ruler, commissioner, public body or authority supreme, municipal, local or otherwise, whether in India or elsewhere.
You can add or modify according to your need.
To carry on as its principal Business, the business of investment Company and to invest in and acquire and hold, sell, purchase or otherwise deal in shares, stocks, bonds, obligations and securities issued or guaranteed by any company constituted or carrying on business in India or elsewhere and debentures, debenture stocks, bonds obligations and securities,issued or guaranteed by any Government, state, dominion, sovereign ruler, commissioner, public body or authority supreme, municipal, local or otherwise, whether in India or elsewhere.
You can add or modify according to your need.
09 July 2010
Thanks alot to Aditya and Srikant.
09 July 2010
The given below may also be looked at:
To carry on the business of investment company and to finance, make
investment in, acquire, hold, buy, sell, pledge, mortgage, dispose off, trade
and deal in shares, stocks, debentures, debenture stocks, bonds, obligations
and securities of all kinds of any body corporate, corporations or of any
Government or public authority, municipal or local or other interest in any
other company including movables and immovables of any kind whether in
India or abroad.
To carry on the business of investment company and to finance, make
investment in, acquire, hold, buy, sell, pledge, mortgage, dispose off, trade
and deal in shares, stocks, debentures, debenture stocks, bonds, obligations
and securities of all kinds of any body corporate, corporations or of any
Government or public authority, municipal or local or other interest in any
other company including movables and immovables of any kind whether in
India or abroad.
09 July 2010
Can anyone pls tell me where the objects of nbfc is given in law, because i have to show it to ROC with section and Act.
As I am applying for Form 1A i.e. name approval of a company with object given below and the Form has been rejected on the ground that the company deemed to be a nbfc and requires 25 Lks authorised capital, but its not a nbfc , its a normal service providing company.
"To carry on the business of providing all kinds of services including management consulting,
management services, services relating to portfolio management, agency services in the field
of insurance, broking services, distribution services, advisory services and management of
insurance funds, off-shore funds, investment funds, unit trusts, private equity or debt funds,
mutual funds, investment trust, investment products and properties or assets and liabilities of
any kind in India & other servic"
As I am applying for Form 1A i.e. name approval of a company with object given below and the Form has been rejected on the ground that the company deemed to be a nbfc and requires 25 Lks authorised capital, but its not a nbfc , its a normal service providing company.
"To carry on the business of providing all kinds of services including management consulting,
management services, services relating to portfolio management, agency services in the field
of insurance, broking services, distribution services, advisory services and management of
insurance funds, off-shore funds, investment funds, unit trusts, private equity or debt funds,
mutual funds, investment trust, investment products and properties or assets and liabilities of
any kind in India & other servic"
09 July 2010
See,
The Drafting of Memorandum of Association plays a major role here.
You need to show as main object
What should come first, what should be given priority keeing in view the longterm goal of the Company, etc.
You can Check the NBFC guidelines issued by RBI in this regard.
Second,
If you are applying for NBFC Status, you need to emphasize these Regulations first and take enough care to satisfy the Statutory Authority.
The Drafting of Memorandum of Association plays a major role here.
You need to show as main object
What should come first, what should be given priority keeing in view the longterm goal of the Company, etc.
You can Check the NBFC guidelines issued by RBI in this regard.
Second,
If you are applying for NBFC Status, you need to emphasize these Regulations first and take enough care to satisfy the Statutory Authority.
07 October 2012
Hi All,
Please provide the main objects of MoA of a NBFC - Loan Company..
Thanks in advance.
Please provide the main objects of MoA of a NBFC - Loan Company..
Thanks in advance.
08 October 2012
To reserve money on deposit at interest or otherwise for fixed periods, and to lend money on any terms that may be thought fit and particularly to customers or other persons in corporations having dealing with the Company. The Company shall not carry on any business of banking as defined by the Banking Companies Act,1949 or any statutory modification thereof.
To act as Investment Consultants, stock brokers, underwriters and to invest or subscribe for purchase or otherwise, acquire and sell, dispose of exchange, hold and otherwise deal in shares or other securities issued by any authority Central, State, Municipal, Local or otherwise and to carry on the business generally carried on by investment companies.
To act as Investment Consultants, stock brokers, underwriters and to invest or subscribe for purchase or otherwise, acquire and sell, dispose of exchange, hold and otherwise deal in shares or other securities issued by any authority Central, State, Municipal, Local or otherwise and to carry on the business generally carried on by investment companies.
08 October 2012
Thanks a lot.
08 October 2012
Main objects of NBFC Company
1. To carry on the business or businesses of a holding and investment company, and to buy, underwrite and to invest in and acquire and hold shares, stocks, debentures, debenture stock, bonds, obligation or securities of companies or partnership firms or body corporates or any other entities whether in India or elsewhere either singly or jointly with any other person(s), body corporate or partnership firm or any other entity carrying out or proposing to carry out any activity whether in India or elsewhere in any manner including but not limited to the following:
a. To acquire any such shares , stocks, debenture, debenture stock, bonds, obligation or securities by original subscription, exchange or otherwise and to subscribe for the same either conditionally or otherwise, to guarantee the subscription thereof issued or guaranteed by any government, state, public body, or authority, firm, body corporate or any other entity or persons in India or elsewhere.
b. To purchase or acquire, hold, trade and further to dispose of any right, stake or controlling interest in the shares, stocks, debentures, debenture stock, bonds, obligation or securities of companies or partnership firms either singly or jointly with any other person(s), body corporate or partnership firm carrying out or proposing to carry out any activity in India or in any other part of the world.
c. To invest and deal with the moneys of the Company not immediately required in such manner as may from time to time be determined and to hold or otherwise deal with any investment made.
d. To facilitate and encourage the creation, issue or conversion of debentures, debenture stock, bonds, obligation, shares, stocks, and securities, and to act as trustees in connection with any such securities, and to take part in the conversion of business concerns and undertakings into companies.
2. To give any guarantee in relation to the payment of any debentures, debenture stock, bonds, obligation or securities.
3. To subscribe for, conditionally or unconditionally, to underwrite issue on commission or otherwise take, hold, deal in, and convert stocks, shares and securities, of all kinds, and to enter into partnership, or into any arrangement for sharing profits, union of interest, reciprocal consession or co-operation with any person, partnership, or organize companies, syndicates, or partnerships of all kinds, for the purpose of acquiring and undertaking any property and liabilities of this company, or of any other company or of advancing, directly or indirectly, the object thereof, or for any other purpose which this company may think expedient.
4. To lend and advance money and assets of all kinds or give credit on any terms or mode and with or without security to any individual, firm, body corporate or any other entity ( including without prejudice to the generality of the foregoing any holding company, subsidiary or fellow subsidiary of , or any other company whether or not associated in any way with, the company ), to enter into guarantees, contracts of indemnity and suretyship of all kinds, to receive money on deposits or loan upon any terms, and to secure or guarantee in any manner and upon any terms the payment of any sum of money or the performance of any obligation by any person, firm or company (including without prejudice to the generality of the foregoing any holding company, subsidiary or fellow subsidiary of , or any other company associated in any way with, the company )
5. To borrow and raise money in any manner for the purpose of any business of the company or of any company in which the company is interested and to secure the repayment of any money borrowed, raised or owing by mortgage, charge, standard security, lien or other security upon the whole or any part of the Company’s property or assets (whether present or future).
6. To transact or carry on all kinds of agency business, and in particular in relation to the investment of money, the sale of property and the collection and receipt of money.
7. To Purchase or otherwise acquire, and to sell, exchange, surrender, lease, mortgage, charge, convert, turn to account, dispose of , and deal with property and rights of all kinds, and in particular, mortgages, debentures, produce, concessions, options, contracts, patents, licenses, stocks, shares, bonds, policies, book debts, business concerns, and undertakings and claims, privileges, and chooses in action of all kinds.
8. To carry on activities of leasing and /or hire-purchase.
1. To carry on the business or businesses of a holding and investment company, and to buy, underwrite and to invest in and acquire and hold shares, stocks, debentures, debenture stock, bonds, obligation or securities of companies or partnership firms or body corporates or any other entities whether in India or elsewhere either singly or jointly with any other person(s), body corporate or partnership firm or any other entity carrying out or proposing to carry out any activity whether in India or elsewhere in any manner including but not limited to the following:
a. To acquire any such shares , stocks, debenture, debenture stock, bonds, obligation or securities by original subscription, exchange or otherwise and to subscribe for the same either conditionally or otherwise, to guarantee the subscription thereof issued or guaranteed by any government, state, public body, or authority, firm, body corporate or any other entity or persons in India or elsewhere.
b. To purchase or acquire, hold, trade and further to dispose of any right, stake or controlling interest in the shares, stocks, debentures, debenture stock, bonds, obligation or securities of companies or partnership firms either singly or jointly with any other person(s), body corporate or partnership firm carrying out or proposing to carry out any activity in India or in any other part of the world.
c. To invest and deal with the moneys of the Company not immediately required in such manner as may from time to time be determined and to hold or otherwise deal with any investment made.
d. To facilitate and encourage the creation, issue or conversion of debentures, debenture stock, bonds, obligation, shares, stocks, and securities, and to act as trustees in connection with any such securities, and to take part in the conversion of business concerns and undertakings into companies.
2. To give any guarantee in relation to the payment of any debentures, debenture stock, bonds, obligation or securities.
3. To subscribe for, conditionally or unconditionally, to underwrite issue on commission or otherwise take, hold, deal in, and convert stocks, shares and securities, of all kinds, and to enter into partnership, or into any arrangement for sharing profits, union of interest, reciprocal consession or co-operation with any person, partnership, or organize companies, syndicates, or partnerships of all kinds, for the purpose of acquiring and undertaking any property and liabilities of this company, or of any other company or of advancing, directly or indirectly, the object thereof, or for any other purpose which this company may think expedient.
4. To lend and advance money and assets of all kinds or give credit on any terms or mode and with or without security to any individual, firm, body corporate or any other entity ( including without prejudice to the generality of the foregoing any holding company, subsidiary or fellow subsidiary of , or any other company whether or not associated in any way with, the company ), to enter into guarantees, contracts of indemnity and suretyship of all kinds, to receive money on deposits or loan upon any terms, and to secure or guarantee in any manner and upon any terms the payment of any sum of money or the performance of any obligation by any person, firm or company (including without prejudice to the generality of the foregoing any holding company, subsidiary or fellow subsidiary of , or any other company associated in any way with, the company )
5. To borrow and raise money in any manner for the purpose of any business of the company or of any company in which the company is interested and to secure the repayment of any money borrowed, raised or owing by mortgage, charge, standard security, lien or other security upon the whole or any part of the Company’s property or assets (whether present or future).
6. To transact or carry on all kinds of agency business, and in particular in relation to the investment of money, the sale of property and the collection and receipt of money.
7. To Purchase or otherwise acquire, and to sell, exchange, surrender, lease, mortgage, charge, convert, turn to account, dispose of , and deal with property and rights of all kinds, and in particular, mortgages, debentures, produce, concessions, options, contracts, patents, licenses, stocks, shares, bonds, policies, book debts, business concerns, and undertakings and claims, privileges, and chooses in action of all kinds.
8. To carry on activities of leasing and /or hire-purchase.
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