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NBFC Annual Compliance

In simple word, compliance means following rules and orders applicable on the entity. Every entity is governed under law and order and that entity needs to follow the rule and regulations prescribed by it. Legal and regulatory enforcement must be handled

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Introduction

In simple word, compliance means following rules and orders applicable on the entity. Every entity is governed under law and order and that entity needs to follow the rule and regulations prescribed by it. Legal and regulatory enforcement must be handled as an integral part of every corporate strategy. The executive board and management must consider the scope and consequences of the company's relevant laws and regulations. They need to set up a compliance management system as a supporting risk management program, as it significantly reduces enforcement risk.

Benefits of following up the compliance

➲ Good Governance

➲ Ease in getting financial support

➲ Reduces organizational and individual risk

➲ Enhances confidence of shareholders and other stakeholders

➲ It helps in adhering to necessary industry and government regulation

Risk of Non-Compliance

➲ Cessation of business

➲ May lead to civil action by authorities

➲ Public embarrassment

➲ Damage to the reputation of the company and its employees

➲ Punitive action resulting in fines against the company/officials

COMPLIANCE TABLE OF NBFC COMPANY

Compliance

NBFC compliances

Company Law Compliances

Declaration of Commencement

 of Business

(for the applicable company)

INC-20A

Within 180 days from the date of incorporation

ACTIVE KYC of the company

(for the applicable company)

INC-22A

Till 25th April 2019 without late fine

Directors KYC

DIR-3KYC

Till the 30th of April

Director discloser his

interest in other entities.
 

 

Within 30 days of holding a first board meeting

through Form MBP-1

Every Director  disclosure

of non-disqualification

through form DIR-8 Each company directors in each financial year must file a non-disqualification report with the company

Every company will appoint Auditor

 

File form ADP-1 within15 days of the meeting in which auditor gets appointed

Every Company shall hold

 Meetings of its Board of Directors

every year

Minimum number of the meeting will be 4 in such a manner that the maximum gap between two meetings not more than 120days

The company must hold AGM every year

Within 6 months from the closing of financial year

Every Small Company

must file its Annual Return.

Within 60 days of holding AGM.

The annual return should be filed via type MGT-7 for the period 1 April to 31 March

Financial Statement: Company

is expected to file in this form their

 Balance Sheet along with Statement

of Profit and Loss Account, Cash Flow Statement

 and Directors ' Report.

 

Annex: Balance sheet, Statement

of Profit & Loss Account (including

Consolidated Financial Statement),

 Board of Directors, Auditors ' Board,

 Statement of Cash Flow and AGM Notice

Within 30 days of holding AGM

Through form AOC-4

GST Compliance

GSTR-3B

On 20th of every month

(if applicable)

GSTR-1 (monthly)

On every 11th day of the month

(if applicable)

GSTR-1 (quarterly)

31st July 2019

(if applicable)

Income Tax Compliance

ITR Filing

ITR-2A

30th June

 

Labour Law Compliances

 

 

 

Annual compliances of PF

(if applicable)

 

Annual returns must be filed by the 30th of April in a given year

Through

Form 3A

Form 6A

 

Additional Compliances of NBFC

 

Annual compliances

Sl No.

Particulars

 

1

Monthly return through NBS7

 (Unaudited for the month of March)

on or before 30th June

2

March Monthly Audited return

 through NBS7

Upon completion

3

Certificate from Statutory

Auditors on Income & Assets

on or before 30th June

4

Information about Cos having

 FDI/Foreign Funds

on or before 30th June

5

Non-acceptance of Public

Deposit’s Resolution

before the commencement of new Financial year

6

Audited Annual Balance

Sheet and P&L Account

One month from the date of signoff

7

Auditor’s Declaration to

Act as Auditors of the Company

annual basis

Monthly compliances

 

 

 

Sl No.

Particulars

Time limit

1

Monthly Return

by 7th of every month

2

Upload monthly return on www.dnbsinfinet.org (OLD)

by 7th of every month

 

https://secweb.rbi.org.in/COSMOS/rbilogin.do (NEW)

 

 

 

 

Periodical compliances

Sl No.

Particulars

Time limit

1

Director’ appointment

(Annexure-III)

within 30 days of appointment

2

Director’s registration

(Form- 32 + Challan Receipt)

within 30 days of resignation

 

Additional compliances will be applicable like;

DIR-12 on the appointment of Director

MGT-14 on passing a special resolution and on performing an activity

And other compliances as per the activity performed.

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