Remarks for INC-1 of Chit fund company

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Deepak Sadhu

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Mar 22, 2016, 6:58:16 AM3/22/16
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Dear All

I have recd the below re-submission from ROC for name:

"Proposed names are indicating chit fund activity but para 14a is not selected as Yes and approval of regulator information is not filled up. The proof of such regulatory authority is required to be submitted at the time of incorporation. Accordingly the form is not proper. Further your attention is invited to FAQ issued by RBI on NBFC dated 06.10.2015 available at MCA website www.mca.gov.in under link RBI Guidelines for Registration of NBFI/NBFC company. The Proposed first name is falling under a registered trademark class 2056783 36 B S. The Proposed names are matching with the similar existing company name BEE S CHIT FUND PRIVATE LIMITED. Accordingly Please resubmit the form."

I understood the name part, but for chit fund name is RBI approval required, please confirm.

This is urgent please advice.

Regards


CS Deepak Sadhu
DEEPAK SADHU & Co,
Company Secretaries
Bangalore

M: 98860 - 96664 / 88843 - 11947

CS_SrikanthReddyKolli

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Mar 22, 2016, 7:19:09 AM3/22/16
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Hi

Is it necessary that every NBFC should be registered with RBI?

In terms of Section 45-IA of the RBI Act, 1934, no Non-banking Financial company can commence or carry on business of a non-banking financial institution without a) obtaining a certificate of registration from the Bank and without having a Net Owned Funds of ₹ 25 lakhs (₹ Two crore since April 1999). However, in terms of the powers given to the Bank, to obviate dual regulation, certain categories of NBFCs which are regulated by other regulators are exempted from the requirement of registration with RBI viz. Venture Capital Fund/Merchant Banking companies/Stock broking companies registered with SEBI, Insurance Company holding a valid Certificate of Registration issued by IRDA, Nidhi companies as notified under Section 620A of the Companies Act, 1956, Chit companies as defined in clause (b) of Section 2 of the Chit Funds Act, 1982,Housing Finance Companies regulated by National Housing Bank, Stock Exchange or a Mutual Benefit company.


Please read more @ https://www.rbi.org.in/Scripts/FAQView.aspx?Id=92

Deepak Sadhu

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Mar 22, 2016, 7:41:54 AM3/22/16
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Hi Sir

I understood the chit fund cos are exempt for registration under RBI, but what about approval of name is RBI approval required

Regards


CS Deepak Sadhu
DEEPAK SADHU & Co,
Company Secretaries
Bangalore

M: 98860 - 96664 / 88843 - 11947

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Deepak Sadhu

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Mar 22, 2016, 9:08:35 AM3/22/16
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Can anyone help me in this regard

Regards 

CS Deepak Sadhu 
DEEPAK SADHU & Co, 
Company Secretaries 
Bangalore 

M: 98860 - 96664 / 88843 - 11947 
W: www.deepaksadhu.com
E: dee...@deepaksadhu.com 
    csdeepa...@gmail.com

srikanthreddykolli .

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Mar 22, 2016, 9:15:24 AM3/22/16
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Hi

to my knowledge, chit fund business falls under micro finance and requires RBI approval and for further information please see in the given link @ https://www.rbi.org.in/Scripts/FAQView.aspx?Id=102

other views are welcome

With Regards
Srikanth Reddy Kolli
Company Secretary

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Deepak Sadhu

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Mar 22, 2016, 11:32:13 PM3/22/16
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Can anyone throw light on this issue. Please its urgent

Regards 

CS Deepak Sadhu 
DEEPAK SADHU & Co, 
Company Secretaries 
Bangalore 

M: 98860 - 96664 / 88843 - 11947 
W: www.deepaksadhu.com
E: dee...@deepaksadhu.com 
    csdeepa...@gmail.com

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Ganesan Ramakrishnan

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Mar 22, 2016, 11:33:26 PM3/22/16
to Deepak Sadhu


  Original Message  
From: Deepak Sadhu
Sent: Wednesday 23 March 2016 9:02 AM
Subject: Re: [CSMysore] Re: Remarks for INC-1 of Chit fund company

Deepak Sadhu

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Mar 23, 2016, 3:19:58 AM3/23/16
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Can anyone help me in this regard

Regards 

CS Deepak Sadhu 
DEEPAK SADHU & Co, 
Company Secretaries 
Bangalore 

M: 98860 - 96664 / 88843 - 11947 


W: www.deepaksadhu.com
E: dee...@deepaksadhu.com 
    csdeepa...@gmail.com

On Mar 22, 2016 4:28 PM, "Deepak Sadhu" <csdeepa...@gmail.com> wrote:

antony alapat

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Mar 23, 2016, 4:28:44 AM3/23/16
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You have to check  particular state government act,

In Maharashtra sales tax department have been empowered to register chit fund companies.



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With Warm Regards
Antony P Alapat 

COMPANY

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Mar 24, 2016, 2:14:47 AM3/24/16
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Dear sir,

You may pls attach letter to INC 1 form and mention in that, their no prior approval is required to start business a chit fund as per RBI circular, you may get RBI circular on Google pls check and then name will be approved...

Ashish Gupta

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Apr 1, 2016, 6:19:27 AM4/1/16
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Dear Deepak Ji,
 You don,t have to take permission/approval from RBI, as Chit Fund companies are out of purview of RBI rules and regulations, but you have to take approval from Registrar of Chits office and that approval you have to attach in the incorporation forms.








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ARMS And Associates LLP
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Deepak Sadhu

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Apr 1, 2016, 6:39:14 AM4/1/16
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What approval I need to take from chit fund dept regarding name.....

Regards


CS Deepak Sadhu
DEEPAK SADHU & Co,
Company Secretaries
Bangalore

M: 98860 - 96664 / 88843 - 11947

ABHILASH M K

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Apr 1, 2016, 12:33:56 PM4/1/16
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Approval of chit fund us not required at name stage pls attach a covering letter. Chit fund certificate post company incorporation.

Nithya Gokul

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May 3, 2016, 6:56:43 AM5/3/16
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Dear Sir,

I am also having the same resubmission for getting approval form RBI in respect of Chit company also in  INC-1 they mentioned that in para 14(a) select yes.

any one faced this issue please clarify me.

Thanks in advance

R.Nithya

Sai Krishna Bollapragada

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Dec 28, 2016, 3:39:44 AM12/28/16
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Dear Sir,
 
I am also facing the same problem for incorporating a chit fund company. What you have done in this regard? Is that company incorporated? Please help me in this regard.


Thanks & Regards
Sai Krishna Bollapragada

Deepak Sadhu

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Dec 28, 2016, 4:49:15 AM12/28/16
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Just attach a clarification letter by the promoters....Chit fund regn will be done post incorporation....

 

 

Regards

 

CS Deepak Sadhu

DEEPAK SADHU & Co,

Company Secretaries

B.Com, MBA (Finance), ACS

Bangalore

 

Web:    www.deepaksadhu.com

Mobile: 98860 - 96664 / 88843 - 11947

Email:   dee...@deepaksadhu.com

            csdeepa...@gmail.com

 

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CS Arpit Gupta

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Dec 30, 2016, 10:27:55 PM12/30/16
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tick point no. 14a and fill the chit fund of registrar approval & attach a declaration letter that they will take permission from chit fund registrar in concerned state and then resubmit the form 



Thanks & Warm Regards
CS Arpit Gupta
Contact No. :- 94145-44398 

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On Wed, Dec 28, 2016 at 3:19 PM, Deepak Sadhu <csdeepa...@gmail.com> wrote:
Just attach a clarification letter by the promoters....Chit fund regn will be done post incorporation....

 

 

Regards

 

CS Deepak Sadhu

DEEPAK SADHU & Co,

Company Secretaries

B.Com, MBA (Finance), ACS

Bangalore

 

Web:    www.deepaksadhu.com

Mobile: 98860 - 96664 / 88843 - 11947

Email:   dee...@deepaksadhu.com

            csdeepa...@gmail.com

 

"Please reduce the usage of papers, save trees, save earth from global warming and save our next generations"

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This e-mail and any attached files contain information intended for the exclusive use of the individual or entity to whom it is addressed and may contain information that may be legally privileged.  If you are not the intended recipient, you are hereby notified that any use, dissemination, or reproduction is strictly prohibited and may be unlawful. If you are not the intended recipient, please contact the sender by return e-mail and destroy all copies of the original message.

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