Money & Banking
RBI simplifies registration of new NBFCs
The Reserve Bank of India on Friday simplified the registration process for new non-banking financial companies (NBFCs).
 
"The application form for the registration of new NBFCs has been revised to make the process smoother and hassle-free. The number of documents to be submitted by the NBFC applicants has also been reduced from existing 45 to 7-8," the RBI said in a statement.
 
Henceforth, there will be two types of applications for non-deposit accepting NBFCs, based on sources of funds and customer interface, the statement said.
 
The applications for new NBFCs need to be submitted to the RBI's Non-banking Regulation Department in Mumbai, it said.
 
However, the RBI may, if necessary, call for more documents to satisfy itself on the firm's eligibility to seek registration as an NBFC, following which the company must respond within a month, it added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

User

HDFC Life in discussions to take over Max Life Insurance
In one of the biggest consolidations to happen in the Indian life insurance sector, Max Life Insurance and Max Financial Services have signed agreements to evaluate a potential merger with HDFC Standard Life Insurance Company Ltd.
 
A regulatory filing in the BSE by Housing Development Finance Corporation Ltd (HDFC) on Friday said the Board of Directors of HDFC Standard Life Insurance at a meeting on June 17, 2016, has approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a proposal for a potential combination through a merger of Max Life Insurance Company Limited and Max Financial Services Limited with HDFC Life by way of a scheme of arrangement.
 
The proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts and other approvals.
 
HDFC Standard Life is a joint venture between HDFC with 61.63 per cent stake, Standard Life (Mauritius Holdings) 2006 Ltd with 35 per cent stake and the rest by others.
 
Earlier this month, HDFC had announced that its general insurance company HDFC ERGO General Insurance's board had approved the acquisition of L&T General Insurance Company for Rs 551 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Company law tribunal orders panel to oversee FTIL's asset sale

The National Company Law Tribunal (NCLT) has ordered the central government to set up a five-member committee to oversee the sale of investments of Financial Technologies (India) Ltd (FTIL).

The members of the panel would be a retired Supreme Court judge, two independent directors of FTIL, the managing director of FTIL and a nominee of the Ministry of Corporate Affairs.

According to the NCLT order, the managing director and the nominee of the Ministry of Corporate Affairs will have veto powers individually.

According to the order, the committee will consider sale of investments held by FTIL in compliance with orders passed by any regulatory or statutory authority in India or abroad as and when such sale is proposed by the company management.

The committee will also oversee the treasury operations of FTIL like investment of surplus funds or altering/switching of investments of surplus funds when proposed by the company management.

The committee will also oversee the funding of working capital requirements of FITL's subsidiaries when proposed by the company management.

According to NCLT order, the proceeds of sale of investments shall be deposited in a fixed deposit account to be used with the permission of the tribunal.

Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)