Page 290 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
Venture Capital: Companies regulated by the Securities and Exchange Board of India (SEBI).
Securitisation/Reconstruction: Companies involved in securitisation and reconstruction.
Core Investment: Non-systemically important Core Investment Companies as defined in the Core Investment
Companies (Reserve Bank) Directions, 2016.
Alternative Investment: Alternative Investment Fund (AIF) Companies.
Housing Finance: Institutions regulated by the National Housing Bank.
Micro Finance: Specified Micro Finance Companies.
Stock Exchanges: Also regulated by SEBI.
Stock-Broking/Sub-Broking: Companies in this business are regulated by SEBI.
Insurance: Companies regulated by the Insurance Regulatory and Development Authority (IRDA).
Chit Companies: Defined under section 2(b) of the Chit Funds Act, 1982.
Nidhi Companies: Regulated by the Ministry of Corporate Affairs, Government of India.
Mutual Benefit: Mutual Benefit Companies.
Asset-Based Exemption: Core Investment Companies with assets less than ₹100 crore.
Public Funds Exemption: Companies with assets of ₹100 crore and above but not accessing public funds are
also exempt from RBI registration.

(CNO—NBFC.120) CLASSIFICATION OF NBFC
These four layers are NBFC – Base Layer (NBFC-BL), then NBFC- Middle Layer (NBFC-ML), NBFC
Upper Layer (NBFC-UL) and lastly NBFC – Top Layer (NBFC-TL).
The Top layer is ideally expected to be empty and will be filled by RBI based on required need.
etails of NBFCs populating the various layers is mentioned below:

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