close

44. With the issue of these Directions, the instructions / guidelines contained in the following circulars issued by the Bank stand repealed (list as provided below).All approvals / acknowledgements given under the above circulars shall be deemed as given under these directions. Notwithstanding such repeal, any action taken/purported to have been taken or initiated under the instructions/guidelines having repealed shall continue to be guided by the provisions of said instructions/guidelines.

 

Sr. No.

Circular No.

Date

Subject

1

DFC(COC).No.111/ED(SG)/97

June 18, 1997

Non-Banking Financial Companies (Reserve Bank) Directions 1977

2

DNBS (COBW) No.CC 02/02.01/97-98

January 01, 1998

Non-Banking Financial Companies (Reserve Bank) Directions, 1998 - Regulations over Deposit taking Activities (vide Notification No. 114 of 2-1-1998)

3

Notification DFC.114/DG(SPT)-98

January 02, 1998

NBFC (Reserve Bank) Directions, 1998

4

DNBS PD.No.CC 04/02.01/97-98

January 31, 1998

Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998 - Modifications of Regulations (vide Notification No. 118 of 31-1-1998)

5

Notification No.DNBS.127/CGM(VSNM)-98

December 18, 1998

NBFC Acceptance of Public Deposits (Reserve Bank) Directions, 1998

6

DNBS.(PD).CC.No.11/02.01/99-2000

November 15, 1999

Amendments to NBFC Regulations

7

Notification No. DNBS.134/CGM(VSNM)-2000

January 13, 2000

NBFC Acceptance of Public Deposits (Reserve Bank) Directions, 1998

8

Notification DNBS.141/CGM(VSNM)-2000

June 30, 2000

NBFC Acceptance of Public Deposits (Reserve Bank) Directions, 1998

9

DNBS(PD)CC.No.14/02.01/2000-01

March 31, 2001

Amendments to NBFC Regulations - Ceiling on Rate of Interest

10

DNBS.(PD).CC.No.16/02.01/2000-01

June 27, 2001

Amendments to NBFC Regulations

11

DNBS(PD).CC.No.18/02.01/2001-02

January 01, 2002

RBI Regulations for NBFCs

12

DNBS.PD.CC.No.21/02.01/2002-03

October 01, 2002

Non-Banking Financial Companies - Amendments to Regulations (i) Transaction in Government Securities

13

DNBS(PD)C.C.No.27/02.05/2003-04

July 28, 2003

Nomination Rules under Section 45QB of RBI Act for NBFC Deposits

14

Notification DNBS.170/CGM(OPA)-2003

July 31, 2003

NBFC Acceptance of Public Deposits (Reserve Bank) Directions, 1998

15

DNBS (PD) C.C.No.30/02.01/2003-04

September 17, 2003

Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998 - Interest Rate on NRI Deposits

16

DNBS(PD)C.C.No.32/02.01/2003-04

October 28, 2003

Non-Banking Financial Companies (NBFCs) Miscellaneous Non-Banking Companies (MNBCs) and Residuary Non-Banking Companies (RNBCs) - Interest Rate on NRE Deposits

17

DNBS.(PD)C.C.No.33/02.01/2003-04

October 30, 2003

Non-Banking Financial Companies, Miscellaneous Non-Banking Companies and Residuary Non-Banking Companies - Interest Rate on NRI Deposits

18

DNBS (PD) CC.No.36/02.01/2003-04

April 20, 2004

Non-Banking Financial Companies, Miscellaneous Non-Banking Companies and Residuary Non-Banking Companies - Interest Rate on NRI Deposits

19

DNBS(PD)CC No.37/02.02/2003-04

May 17, 2004

Collection of Interest on SLR Securities

20

DNBS (PD)C.C.No.44/02.01/2004-05

October 05, 2004

Premature Repayment of Public Deposits or Deposits

21

DNBS.(PD).C.C.No.47/02.01/2004-05

February 7, 2005

Cover for 'Public Deposits'

22

DNBS.(PD)C.C.No.60/02.01/2005-06

December 09, 2005

Premature Repayment of Public Deposits or Deposits

23

DNBS.PD.CC.No.85/03.02.089/2006-07

December 06, 2006

Mid-Term Review of the Annual Policy 2006-07

24

DNBS(PD)C.C No.87/03.02.004/2006-07

January 04, 2007

Cover for Public Deposits - Creation of Floating Charge on Liquid Assets

25

DNBS.(PD)/CC.No.91/03.02.034/2006-07

April 04, 2007

Advertisement in Electronic Media

26

DNBS(PD)CC.No.92/03.02.089/2006-07

April 24, 2007

Amendments to NBFC Regulations - Ceiling on Rate of Interest

27

DNBS(PD)CC.No.131/03.05.002/2008-2009

October 29, 2008

Enhancement of NBFCs' Capital Raising Option for Capital Adequacy Purposes

28

DNBS (PD) CC.No.203/03.10.001/2010-2011

October 22, 2010

Long Term Infrastructure Finance Bonds issued by Infrastructure Finance Companies (IFCs) under section 80CCF of the Income Tax Act, 1961- Exemption from the definition of “public deposit”

29

DNBS.PD.CC.No.272/03.10.01/2011-12

May 11, 2012

Acceptance of Public Deposits Directions, 1998 - Eligible Credit Rating Agencies - Rating of Fixed Deposits by Brickwork Ratings Pvt Ltd (Brickwork)

30

DNBS.PD/CC.No.350/03.02.001/2013-14

July 04, 2013

Payment of Interest on Overdue Public Deposits

31

DNBS.(PD).CC.No.410/03.10.001/2014-15

September 25, 2014

Rating of Fixed Deposits of NBFCs - Eligible Credit Rating Agencies - SME Rating Agency of India Ltd. (SMERA)

32

DNBR.(PD).CC.No.018/03.10.001/2014-15

February 06, 2015

Credit Rating of Fixed Deposits of NBFCs - Change in Rating Scale of Brickwork Ratings India Private Limited (Brickwork)

33

DNBR.(PD).CC.No.021/03.10.001/2014-15

February 20, 2015

Raising Money through Private Placement of Non-Convertible Debentures (NCDs) by NBFCs

34

DNBR.010/CGM.(CDS)-2015

March 27, 2015

Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998 (Amendment)

  First Schedule

(Please see paragraph 33 of the Directions)
Area under the jurisdiction of each Regional Office of the

                                                                             RESERVE BANK OF INDIA

Name and address of the Office

Area under jurisdiction

1. Ahmedabad Regional Office,
1st Floor, Main Building,
Near Gandhi Bridge,
Ahmedabad-380 014.

State of Gujarat and Union
Territories of Daman and Diu
and Dadra and Nagar Haveli

2. Bangalore Regional Office,
10-3-8, Nrupathunga Road,
Bangalore-560 002.

State of Karnataka.

3. Bhopal Regional Office,
Hoshangabad Road,
Post Box No.32,
Bhopal-462 011.

States of Madhya Pradesh and
Chhattisgarh

4. Bhubaneswar Regional Office
Pandit Jawaharlal Nehru Marg,
Post Bag No.16,
Bhubaneswar-751 001.

State of Orissa.

5. Kolkata Regional Office,
15, NetajiSubhas Road,
Kolkata 700 001.

States of Sikkim, and West
Bengal and the UnionTerritory
of Andaman and Nicobar Islands

6. Chandigarh Regional Office,
11, Central Vista,
New Office Building
Opp. Telephone Bhavan,
Sector 17,Chandigarh-160 017.

States of Himachal Pradesh,
Punjab and the Union
Territory of Chandigarh.

7. Chennai Regional Office,
Fort Glacis, RajajiSalai,
Chennai-600 001.

State of Tamil Nadu and Union
Territory of Pondicherry.

8. Guwahati Regional Office,
Station Road, Pan Bazar,
Post Box No.120,
Guwahati-781 001.

States of Arunachal Pradesh,
Assam, Manipur, Meghalaya,
Mizoram, Nagaland and Tripura.

9. Hyderabad Regional Office,
6-1-56, Secretariat Road,
Saifabad,
Hyderabad-500 004.

State of Andhra Pradesh and
Telangana

10. Jaipur Regional Office,
Ram Bagh Circle,
Tonk Road, P.B.No.12,
Jaipur-302 004.

State of Rajasthan.

11. Jammu Regional Office,
Rail Head Complex,
Post Bag No.1,
Jammu-180 012.

State of Jammu and Kashmir.

12. Kanpur Regional Office
Mahatma Gandhi Marg,
Kanpur - 208 001

States of Uttar Pradesh and
Uttaranchal

13. Mumbai Regional Office,
Reserve Bank of India Building,
3rd Floor,
Opp. Mumbai Central Station
Byculla, Mumbai-400 008

States of Goa and Maharashtra

14. New Delhi Regional office,
6, SansadMarg,
New Delhi-110 001.

State of Haryana and
National Capital Territory
of Delhi.

15. Patna Regional Office,
South of Gandhi Maidan,
Post Bag No.162,
Patna-800 001.

States of Bihar and Jharkhand

16. Thiruvananthapuram
Regional Office,
Bakery Junction,
Thiruvananthapuram-695 033.

State of Kerala and Union
Territory of Lakshadweep.

Annex I

Timeline for Government NBFCs

Norm

Extant Provisions for other NBFCs

Govt. NBFCs Timeline

Prudential Regulation

Income recognition

As prescribed

Balance Sheet dated March 31, 2019

Asset Classification

NBFC-NDSI and
NBFCs-D 
– 90 days norm
NBFCs-ND – 180 days norm

NBFC-NDSI and NBFCs-D
120 days – March 31, 2019
90 days – March 31, 2020
NBFCs-ND
180 day norm – March 31, 2019

Provisioning requirement

For NPAs – As specified in the Directions.

As on March 31, 2019– 100% of prescribed requirement

For Standard Assets
NBFC-NDSI and NBFCs-D- 0.40%
NBFCs-ND – 0.25%

Capital Adequacy
Applicable to NDSI and NBFC –D

CRAR – 15%
Tier 1 – 10%

10% (min Tier I – 7%;

March 31, 2019

12% (min Tier I – 8%)

March 31, 2020

13% (min Tier I – 9%)

March 31, 2021

15% (min Tier I – 10%)

March 31, 2022

Leverage Ratio

Applicable to NBFC –ND

A roadmap for adherence by March 31, 2022 to be prepared by the Govt. NBFC - ND

Concentration of credit/ investment

As prescribed

Govt. companies set up to serve specific sectors may approach the Reserve Bank for exemptions, if any.  For others, the timeline will be up to balance Sheet dated March 31, 2022.

Others

Corporate Governance etc.

As prescribed

Balance Sheet dated March 31, 2019

Conduct of Business Regulations (Fair Practices Code)

As prescribed

Balance Sheet dated March 31, 2019

Acceptance of Deposit Directions

Deposit Directions

As prescribed for NBFC-D

• Investment Grade Credit rating for acceptance of public deposits- March 31, 2019.

• A Govt. NBFC-D having investment grade credit rating can accept deposits only upto 1.5 times of its NOF. Govt. NBFCs holding deposits in excess of the limit shall not access fresh deposits or renew existing ones till they conform to the limit, the existing deposits will be allowed to run off till maturity.

• All other directions shall apply from Balance Sheet dated March 31, 2019.

Statutory Provisions

Sec 45 IB

Maintenance of percentage of assets – 15% of the outstanding deposits

March 31, 2019 – 5% of outstanding deposits
March 31, 2020 – 10% of outstanding deposits
March 31, 2021 – 12% of outstanding deposits
March 31, 2022 – 15% of outstanding deposits

Sec 45 IC

Reserve Fund

March 31, 2019

 

Annex II

Draft Trust Deed

This Trust Deed is made at ………………………. this ………. day ……… 2007 between . …………………..Company Ltd. incorporated under the Companies Act,1956 having its registered office at ………………… …………………. (hereinafter referred to as "The Company") of the One Part, and ………………………………. Company Ltd. incorporated under the Companies Act, 1956/………………………Bank constituted / incorporated under the…………………………………………… Act, and having its registered office at …………. ………………………….. the trustees (hereinafter referred to as "The Trustees") of the Other Part.

Whereas by its Articles of Association, the Company is authorized to borrow, or raise and secure the payment of money by inviting deposits.

And Whereas the Directors of the Company being duly empowered by the Articles of Association of the Company have decided by a resolution passed in the meeting of the Board held on the …………….. day of ………. 200…to raise deposits from the public under various schemes.

And as per the instructions of the Reserve Bank of India ,the Company has to create charge of the Deposit Holders on the securities purchased by it under the provisions of section 45-IB of the Reserve Bank of India Act,1934 and the amount deposited in term deposits with the banks in terms of Chapter III of these Directions as amended by the Reserve Bank of India from time to time.

And Whereas the Company proposes to create charge of the Deposit Holders on the securities purchased by the Company as required under section 45-IB of the Reserve Bank of India Act 1934 and the amount deposited in term deposits with the banks in terms of Chapter III of these Directions.

And whereas the said Trustees mentioned above have consented to act as Trustee of the Deposit Holders by its resolution dated ……… passed by its Board of Directors.

NOW THIS DEED WITNESSETH AND IT IS HEREBY MUTUALLY AGREED TO AND DECLARED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

1. Unless there be something in the subject or context inconsistent therewith, the following expressions shall have the meaning hereinafter mentioned that is to say:

(a) "The Company" means M/s………………….. Company Ltd.

(b) "The Trustees" means ………………….. Company Ltd. incorporated under the Companies Act, 1956/…………… Bank constituted / incorporated under the …………Act, and having its registered Office at ……………………….. .

(c) "Deposits" means a deposit accepted by the Company for the time being outstanding and entitled to the benefits of these presents.

(d) "Deposit holders" means holders for the time being of the deposit receipt and entered in the register of deposit holders mentioned on the conditions endorsed on the deposit certificates for the holder of the deposits.

(e) "Charged Securities" means the securities owned by the Company and invested by it under the provisions of section 45-IB of the Reserve Bank of India Act, 1934 ( in CSGL Account No. ……………….. maintained with …………….. and / or in Account in Demat securities deposited with M/s ,the Depository and in physical form and / or the amount deposited in fixed deposits with the banks in terms of notifications issued by the Bank from time to time in this regard.

(f) "Act" means the Companies Act, 1956 (1 of 1956) and any modification or re-enactment thereof.

(g) "Specified bankers" means the banks in which the company keeps the charged securities and any part thereof, an intimation to which will be given to the trustees and the Reserve Bank of India.

The words denoting the singular include the plural and vice-versa, unless the contrary appears from the context.

2. The deposits entitled to the benefit of these presents shall consist of total amount already deposited by the depositors with the company and to be deposited in future to rank paripassu without preference or priority by reason of the date of issue or otherwise and secured by the charge hereby created on securities.

3. The Company hereby covenants with the trustees that the Company on the maturity of the deposits or such earlier days (the maturity of these deposits will take place after the completion of the maturity period of the respective deposits) as amounts shall become payable, will pay the deposit holders the amount secured by their deposit respectively and in the meantime will pay interest to the deposit holders on the day it become due in case, the deposit holders have opted for monthly or periodical payment of interest.

4. All payments due by the Company in respect of the deposits certificates issued hereunder whether of interest or principal shall be made by cheque / warrant / DD / pay order by the Company and the Company shall make at its own expenses all arrangements for the smooth payment of the principal as well as the interest amount on the said deposits.

5. In consideration of the deposits hereby authorized and the deposits to be collected in future the Company as the beneficial owner, hereby create charge with the trustees on all the securities purchased by it under the provisions of section 45-IB of the Reserve Bank of India Act 1934, and the amount deposited in term deposits with the banks in terms of Chapter III of these Directions amounting to Rs…………… (Rupees only) existing as well as the securities purchased by the Company in future under the provisions of section 45-IB of the Reserve Bank of India Act ,1934 and the amount deposited in term deposits with the banks in terms of Chapter III of these Directions for the benefit of deposit holders for the amounts due and all other charges, expenses and other dues, the payment of which has been secured by a charge on the securities under these presents and the charge as created has been as the floating charge. The trustees may at any time, by notice in writing to the Company, convert the said floating charge into a fixed charge and get it registered as legal charge in case the trustees are of the opinion that the said securities are in danger of being seized or sold under any sort of distress or execution leveled or threatened or in any other case.

6. The Company hereby undertakes that after the execution of these presents, it shall register the charge hereby created, with the Registrar of Companies under section 125 of the Companies Act, 1956 and furnish the information of the registration of the charge to the Trustees and the Reserve Bank of India .The Company shall also register the trustee's lien on the securities with the concerned bank / depository or any other authority and will advise the Trustees and the Reserve Bank of India about the same.

7. The Company shall hold and enjoy all the charged securities until the security hereby constituted shall become enforceable under the terms of these presents in which case the Trustees may in their discretion as next hereinafter mentioned or shall upon the request in writing of the 90% deposit holders by value take possession of the charged securities or any of them and may in the like discretion and shall sell, call in, collect and convert into money the same or any part thereof with full power to sell any of the said securities either together or in parcels, and either for a lump sum or for a sum payable by instalments or for a sum on account and a mortgage or charge for the balance and with full power sale to make any special or other stipulations as to title or evidence or commencement of the title, or otherwise, which the Trustees shall deem proper and with full powers to modify or rescind or vary any contract for sale of the said securities or any part thereof and to re-sell the same without being responsible for any loss which may be occasioned thereby and with full power to compromise and effect compositions and for the purposes aforesaid or any of them to execute and do all such assurances and things as they think fit.

8. The amounts due to the deposit holders under this indenture shall become immediately payable and the security hereby constituted shall become enforceable within the meaning of these presents in each and any of the following events :

  1. If the Company makes default in ensuring the full cover for public deposits as stipulated in Chapter III of these Directions.
  2. If the Company without the consent of the deposit holders ceases to carry on its business or indicates its intentions to do so.
  3. If an order has been passed by the Court of competent jurisdiction or a special resolution has been passed by the members of the Company for winding up of the company.
  4. If the Company makes defaults in complying with the orders passed by Company Law Board or any other authority constituted under the Companies Act, 1956 directing the company to pay the amount to the deposit holders.
  5. If in the opinion of the Trustees, the security of the deposit holders is in jeopardy.

9. As soon as the amount shall become payable and the security enforceable under the preceding clause 8 (and unless the time for payment and the security to be enforced has been expressly extended by the deposit holders by a resolution passed with simple majority), the Trustees shall take possession of the charged securities and shall forthwith take steps to realize the charged securities and distribute the amount to the deposit holders on pro rata basis.

10. Until the happening of any of the events mentioned in clauses No. 8 & 9 of this Indenture, the Trustees shall not in any manner interfere with the management of affairs of the said business except to the extent he may consider necessary for the preservation of the charged property or any part thereof or ensuring the full cover for deposits as indicated in Clause 8 (a) of these presents.

11. The Trustees shall apply the proceeds of such sale or other mode of realization in the following manner, that is to say, that the Trustees shall pay :

  1. In the first place all costs, charges and expenses in or about such sale or the performance or execution of trust or otherwise in relation to these presents or otherwise in respect of the security, including the remuneration of the trustee, if any.
  2. Secondly, the amount then due and owing to deposit holders
  3. And lastly, the surplus, if any, to the Company or its assignee.

Provided that if the said money shall be insufficient to pay all such amounts in full, then the said amounts shall be paid rateably and without preference or priority among all deposit holders according to the amount due in respect of the deposits held by them.

12. When all the amount secured by these presents been paid and satisfied, the Trustees shall forth with upon the request and at the cost of the Company and on being paid all the costs, charges and expenses properly incurred by the said Trustees in relation to the security, re-convey, reassign, release and surrender the charged securities or so much of the same as shall not have been sold or disposed of to the Company or its assigns.

13. The Company hereby covenants with the Trustees:

  1. That the moneys secured by this deed shall have the first charge on the charged securities
  2. That the Company shall keep the said charged securities and any part thereof with the specified bankers.
  3. That the Trustees will have a right to verify the charged securities at any time and the Company will give its full co-operation to the Trustees in this regard.
  4. The company shall file a copy of the return as prescribed by Department of Non-Banking Supervision to the Trustees.

14. The Company shall pay to the Trustees all legal, travelling and other costs, charges and expenses incurred by them in connection with execution of trust of these presents including costs, charges and expenses of and incidental to the approval and execution of these presents and all other documents affecting the security herein and will indemnify them against all actions, proceedings, costs, charges, expenses, claims and demands whatsoever which may arise or be brought or made against or incurred by him in respect of any matter or thing done or permitted to be done without their wilful default in respect of or in relation to the charged securities.

15. The Trustees of the deposit holders will execute and exercise all or any of the trusts power, authorities and discretion so vested in them by these presents in a judicious and fair manner and will not be held responsible except for the breach of trust knowingly and intentionally committed by them.

16. In the event of winding up of the Trustees, another Trustee will be appointed having all the powers, authorities as stated under these presents and such appointment will be made by the board of directors of the Company.

17. The Trustees may by agreement with the directors of the Company modify the terms of this deed in any manner that may be necessary to meet any requirement or contingency, provided that they are satisfied that such modifications are in the interest of the deposit holders.

18. The Company hereby covenants with the Trustees that Company will at all times during the continuance of the security carry on and conduct its business in proper and efficient manner with due diligence and efficiency and will take all possible steps to keep the charged securities intact and will keep proper books of account as required under the Act and give all information to the said Trustees in relation to discharge of his duties under these presents.

19. The Company hereby further covenants with the Trustees that the Company shall duly perform and observe the obligations, hereby imposed upon it by this Trust.

IN WITNESS WHEREOF THE COMPANY has caused its common seal to be affixed to these presents and the Trustees have hereto set their hands the day and year above written.

Witnesses

Common Seal of the Company affixed in the presence of
(Director)
(Director)
(Trustee)
(Trustee)

Annex III

Liquid Assets (Non-Banking Finance Companies) Trustees Guidelines

1. These Guidelines shall be called the Reserve Bank of India Guidelines for Trustees of deposit holders of the deposit taking NBFC.

2. No company / bank shall be entitled to act as a Trustee of deposit holders unless it is a scheduled commercial Bank or Limited company engaged in trust business with minimum capital of Rs 50 lakh and who are independent and have no relationship with the company its principal shareholders or Directors of the Company.

3. The duties of every trustee of deposit holders will be

(i) To execute the trust deed with the company for the protection of interest of the deposit holders.

(ii) To do the duties of the trustees as enshrined in the Trust Deed executed with the company.

(iii) To take possession of the property charged in accordance with the provisions of the trust deed.

(iv) Enforce security in the interest of deposit holders.

(v) To do such acts or as are necessary in the event the security becomes enforceable.

(vi) To carry out such acts as are necessary for the protection of interest of the depositors.

(vii) Ascertain and satisfy himself that the

  1. The interest due on the deposits had been paid by the company on or before the due dates.
  2. The deposit holders had been paid the monies due to them on the date of maturity of the deposit.
  3. Exercise due diligence to ensure compliance by the company of the provisions of the trust deed.
  4. To take appropriate measures for protecting the interest of the deposit holders, as soon as any breach of the trust deed comes to the notice.
  5. To inform the Reserve Bank of India as soon as any breach of the trust deed comes to his notice.
  6. To communicate with the Regional Office of RBI, under whose jurisdiction the company is registered, on half yearly basis the compliance of trust deed by the company, defaults if any in payment of interest to the deposit holders and action taken.

4. The trustees for the deposit holders shall call or cause to be called by the company a meeting of all deposit holders.

  1. On a requisition in writing signed by at least 51% of the deposit holders in value for the time being outstanding.
  2. The happening of any event which constitute a default for which in the opinion of the trustees the security of the deposit holders is in jeopardy.

A report of such meeting may be forwarded to the Regional Office of the Reserve Bank of India, Department of Non-Banking Supervision under whose jurisdiction the company is registered.

5. The trustee may inspect books of account, records, register of the company and the trust property to the extent necessary for discharging his obligations with prior intimation to the Regional Office of RBI in whose jurisdiction the NBFC is registered.

6. The trustees for deposit holders shall not make untrue statement or suppress any material in any documents, reports, papers or information furnished to the Reserve Bank of India.

7. The trustee for deposit holders shall ensure that the Reserve Bank of India is promptly informed about any action, legal proceedings etc. initiated against him in respect of any material breach or non-compliance by it, of any law, rules directions of the Reserve Bank of India or of any other regulatory authority.'

8. The trustee for deposit holders shall not delegate any of his functions to any employee or agent. However, the trustee may employ employees, agents, Advocates or any other professional for any routine or clerical functions. In case the trustee employs any employee, he will be responsible for his / their acts or omissions in respect of the conduct of his / their business.

1 Government Companies were advised vide DNBS.PD/CC.No. 86/03.02.089/2006-07 dated December 12, 2006 to submit to the Reserve Bank [Department of Non Banking Supervision – (DNBS)] a road map for compliance with the various elements of the NBFC regulations, in consultation with the Government.]