Regulatory Alerts2023-09-01
Added · Updated
Circular 12 of 2023: Licensing and Allied Applications with Sponsors/Directors as Foreign Individuals/Entities
Applications for Non-Banking Finance Company licenses must specify the exact category of investment finance service, including detailed sub-categories for microfinance. Licenses or board/shareholder changes for companies with foreign sponsors, directors, or shareholders require prior security clearance from the Ministry of Interior. These requirements apply to all pending and future applications under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003, effective immediately.
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