tag:blogger.com,1999:blog-21134348068468058442024-03-13T09:17:06.175-07:00Ozg Lawyers | Gurgaon Law Group, Haryana Ozg Lawyers | Ozg Lawyers | Ozg Lawyers | Ozg Lawyers | Ozg Lawyers Unknownnoreply@blogger.comBlogger117125tag:blogger.com,1999:blog-2113434806846805844.post-76028938108997899912022-06-23T17:55:00.001-07:002022-06-23T18:07:50.097-07:00โ Restitution of Conjugal Rights<div><br></div><div><div>WhatsApp Chat ๐ฒ <a href="http://wa.me/918779696580">WA.me/918779696580</a></div><div><br></div><div>According to experts at Ozg Center, conjugal rights can be defined the rights, especially to sexual relations, regarded as exercisable in law by each partner in a marriage. This makes sure that you are giving each other the status of spouse in the true sense.</div><div><br></div><div><div class="separator"><a href="https://www.ozglaw.com/appointment"><img border="0" height="740" src="https://lh3.googleusercontent.com/-ju7eQGSK0jQ/YrUFDJE0PMI/AAAAAAAAXaw/38MAD6VMhaguQA2JpZxK62WIwjOhgunzwCNcBGAsYHQ/w487-h640/1656030472503600-0.png" width="540"></a></div><div><br></div></div><div>When your spouse denies you your conjugal rights, you can seek legal help by claiming the restitution of your conjugal rights. If the court is satisfied that there is no legal ground to refuse the application and based on the veracity of the statements in the petition, may pass a decree for restitution of conjugal rights.</div><div><br></div><div>โ To discuss your case, you can schedule your Tele-Appointment with Ozg Lawyers to save your precious time and hard-earned money in court cases and matrimonial disputes-related matters.</div><div><br></div><div>Tele-Appointment Fee: โน3780 </div><div><br></div><div>Link โ๏ธ <a href="http://ozglaw.com/appointment">ozglaw.com/appointment</a></div><div><br></div><div>Support โ๏ธ <a href="mailto:ask@ozgian.com">ask@ozgian.com</a> </div><div><br></div><div>There are various sections providing different provisions for restitution of conjugal rights such as:</div><div><br></div><div><b>Section 9</b> in Hindu Marriage Act, 1955</div><div><br></div><div><b>Section 22 </b>in Special Marriage Act, 1954</div><div><br></div><div><b>Section 32</b> in Indian Divorce Act, 1869</div><div><br></div><div>โ <b>Reasonable Cause - </b></div><div><br></div><div>The burden of proof in this matter is two-fold. The husband has to prove that the wife has been denying him all the marital rights & has withdrawn from his society without any major reason. On the other hand, the wife has to show such proofs that show the actual valid reason for the withdrawal such as any matrimonial misconduct that made it impossible for her to continue to live with him. If she fails to do so, the court will pass a decree to restitute the conjugal rights of the husband. If the wife is able to prove any valid ground then the petition would be dismissed.</div><div><br></div><div>โ <b>What does withdrawal from society means?</b></div><div><br></div><div>There is withdrawal from society when one among the spouses, without reasonable excuse, terminates an existing relationship with the intention of leaving the other and permanently or indefinitely abandoning such relationship. Withdrawal from the society not always necessarily means complete desertion or living separately, it also means withdrawal from sexual intercourse, non-cooperation in the performance of marital obligations.</div><div><br></div><div>โ To discuss your case, you can schedule your Tele-Appointment Ozg Lawyers to save your precious time and hard-earned money in court cases and matrimonial disputes-related matters.</div><div><br></div><div>Tele-Appointment Fee: โน3780 </div><div><br></div><div>Link โ๏ธ <a href="http://ozglaw.com/appointment">ozglaw.com/appointment</a></div><div><br></div><div>Support โ๏ธ <a href="mailto:ask@ozgian.com">ask@ozgian.com</a> </div><div><br></div><div>โ <b>Procedure for The Restitution of Conjugal Rights - </b></div><div><br></div><div>๐ 1) In this case, if you are the aggrieved party, the husband, files a petition in the district court. This can be transferred by application to the High Court or Supreme Court as well, according to the severity of the case or requirement.</div><div><br></div><div>๐ 2) After the filing of the petition, a copy of the petition is sent to the respondent-wife along with the date of hearing from the district court. </div><div><br></div><div>๐ 3) Both parties have to be present on the date of the hearing. If both parties are not present, the court gives another date.</div><div><br></div><div>๐ 4) The next step is counseling/mediation sent by the court. It is done by the family court, as provided in the Family Courts Act. This takes approximately 4 months.</div><div><br></div><div>โ <b>What happens in Counseling?</b></div><div><br></div><div>Once the parties are sent to counseling, they need to appear before a counselor. The counselor may be someone who has been appointed by the court. Counseling takes place on 2-3 dates with a gap of 2-3 weeks between two dates. Here, both parties are given a chance to present their versions of the facts, and the counselor tries to come to an understanding. In the end, the counselor offers advice. This may sort out the differences to go back to the husband, or to go for a divorce by mutual consent. You can message us at #Ozgian 24/7 - online support desk to learn about its eligibility criteria, timing, cost, and procedures), if the parties agree, it will imply that the purpose of counseling/ mediation has succeeded, and the suit can be dropped. However, if the parties refuse to proceed according to the suggestions of the counselor, the counselor will forward the application back to court on grounds that mediation has failed.</div><div><br></div><div>WhatsApp Chat ๐ฒ <a href="http://wa.me/918779696580">WA.me/918779696580</a></div><div><br></div><div>๐ 5) Once the application is back in court, the suit will continue, and the respondent-wife is required to give her โcounterโ to the husbandโs application. Oral arguments will proceed to dispose of the interim petitions first and pass the interim order.</div><div><br></div><div>๐ 6) The husband has to file a Chief Examination Affidavit for producing evidence that the wife has left him, which will result in cross-examination.</div><div><br></div><div>๐ 7) Final arguments take place next, where both the parties represent their version of facts and ultimately pray for relief from the Judge. Based on the counseling, statements made, and the conduct of the parties, the judge accordingly grants the decree.</div><div><br></div><div>โ <i><b>What do our clients say?</b></i></div><div><br></div><div>"I received a call from Ozg Lawyers and my problem get sorted out! I couldn't believe it - my legal plan just saved me from a huge loss." </div><div><br></div><div>Simply, WhatsApp / Email / Call to connect with us.</div><div><br></div><div>Appointment Link:</div><div><a href="http://ozglaw.com/appointment">ozglaw.com/appointment</a></div><div><br></div><div>Case Winning Doc:</div><div><b>Ozg Documentation Centre</b></div><div><br></div><div>Support:</div><div><b>Ozgian 24x7</b></div><div> </div><div>Litigation:</div><div><b>Ozg Lawyers</b> </div><div><br></div><div>#ozgdocumentationcentre #ozgindia #ozglaw #stalking #revengeporn #sexlessmarriage #mutualdivorce #divorceadvice #divorceproblemsolution #divorces #hindumarriageact #dvcase #Sec498a #Sec377 #divorcelawyer #ozglawyer #ozgadvocate #alimony #HinduMarriage #unnaturalsex #ozglegal #crpc125 #domesticabuse #nosexdivorce #domesticviolence #sec354 #legalnotice </div><div><br></div><div>WhatsApp Chat ๐ฒ <a href="http://wa.me/918779696580">WA.me/918779696580</a></div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-16089178242668504712022-05-14T19:26:00.004-07:002022-05-14T19:26:50.884-07:00How to Calculate FCRA Return Penalty?<p> </p><p><b style="text-align: center;">FCRA Penalty Calculator</b></p><p dir="ltr" style="text-align: justify;">WhatsApp Chat โ๏ธ <a href="http://WA.me/918779696580">WA.me/918779696580</a><br /></p><p dir="ltr" style="text-align: justify;">Did you miss to file your FCRA return? Please find details about penalty on late return filing.</p><p dir="ltr"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://fcra.ozg.in" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-jZ7Bbh6Xb80/YoBaGQj2LPI/AAAAAAAAEQM/tYDmmOtmSPowGEbQjHrVWkyRD7AcQ3ahwCNcBGAsYHQ/s1600/1652578838034795-0.png" width="540" /></a></div><div style="text-align: justify;"><br /></div><p></p><p dir="ltr" style="text-align: justify;">To save your time and a heavy legal cost on <b>FCRA violation</b> or <b>FEMA violation</b> matters, get consultation today. To schedule your tele-appointment with <b>Ozg Lawyers</b>, go to link below or simply email to: <b>ask@fcra.in</b></p><p dir="ltr"></p><div style="text-align: justify;"><b>Tele-Appointment Link:</b></div><div style="text-align: justify;">โ๏ธ <a href="http://ozglaw.com/appointment">ozglaw.com/appointment</a></div><p></p><p dir="ltr" style="text-align: justify;">Consultation Fee: โน3780/</p><p dir="ltr" style="text-align: justify;"><br /></p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-48724488388925277622022-01-13T07:39:00.001-08:002022-01-13T07:39:56.893-08:00Received Notice for Money Laundering Case? Before appearing on summons at Enforcement Directorate and recording your statements, please make sure you've consulted with Ozg Lawyers<p dir="ltr"><br></p><p dir="ltr">The offence of Money Laundering generally involve the following three stages namely placement, layering and integration<b>.</b></p><p dir="ltr"><b></b></p><div class="separator"><b><a href=""><img border="0" src="https://lh3.googleusercontent.com/-zZPaK9pDZlQ/Yd--kqe0hxI/AAAAAAAAEOo/zitgoSt9vpwsDmc56yaphGuAaHR3hiTSgCNcBGAsYHQ/s1600/1642053263390531-0.png" width="500"></a></b></div><div><br></div><p></p><p dir="ltr"><b>๐ Placement:</b></p><p dir="ltr">The Money Launderer, who is holding the money generated from criminal activities, introduces the illegal funds into the financial systems. This might be done by breaking up large amount of money into less conspicuous smaller sums which are deposited directly into a Bank Account or by purchasing a series of financial products<b>.</b></p><p dir="ltr"><b>๐ Layering:</b></p><p dir="ltr">In this stage, the Money Launderer typically engages in a series of continuous conversions or movements of funds, within the financial or banking system by way of numerous accounts, so as to hide their true origin and to distance them from their criminal source. The Money Launderer may use various channels for movement of funds, like a series of Bank Accounts, sometimes spread across the globe, especially in those jurisdictions which do not cooperate in anti-money laundering investigations.</p><p dir="ltr"><b>๐ Integration:</b></p><p dir="ltr">Having successfully processed through the first two stages of Money Laundering, the Launderer then moves to this third stage in which the funds reach the legitimate economy, after getting inseparably mixed with the legitimate money earned through legal sources of income. The Money Launderer might then choose to invest the funds into real estate, business ventures & luxury assets, etc. so that he can enjoy the laundered money, without any fear of law enforcement agencies.</p><p dir="ltr">The above three steps may not always follow each other. At times, illegal money may be mixed with legitimate money, even prior to placement in the financial system. In certain cash rich businesses like Gambling and Real Estate, the proceeds of crime may be invested without entering the mainstream financial system at all.</p><p dir="ltr">Before appearing on summons at Enforcement Directorate and recording your statements, please make sure you've consulted with Ozg Lawyers. Please, follow link at below to schedule your tele-appointment with Ozgian.</p><p dir="ltr"><b>Ozg Lawyers: AML Advisory</b></p><p dir="ltr">โน3780 โ๏ธ <a href="http://ozglaw.com/appointment">ozglaw.com/appointment</a></p><p dir="ltr">WhatsApp๐ฒ <a href="http://wa.me/918779696580">WA.me/918779696580</a></p><p dir="ltr">The supporting case documents get you a better strength than anything else. You may consider taking services of Ozg Documentation Centre for the same.</p><p dir="ltr">Email: <a href="mailto:legal@documentationcentre.com">legal@documentationcentre.com</a></p><p dir="ltr"><b>Punishment -</b></p><p dir="ltr">๐ Attachment of property under Section 5 of PMLA, 2002, seizure or freezing of property and records under Section 17 or Section 18 of PMLA, 2002. It is also applied on assets of any kind used in the commission of an offence under PMLA, 2002 or any of the scheduled offences.</p><p dir="ltr">๐ Persons found guilty of an offence of Money Laundering are punishable with imprisonment for a term which shall not be less than 3 years but may extend up to 7 years and shall also be liable to fine under Section 4 of PMLA, 2002.</p><p dir="ltr">๐ When the scheduled offence committed is under the Narcotic Drugs and Psychotropic Substances Act (NDPS), 1985 the punishment shall be imprisonment for a term which shall not be less than 3 years but which may extend up to 10 years and shall also be liable to fine.</p><p dir="ltr">๐ The prosecution or conviction of any legal juridical person is not contingent on the prosecution or conviction of any individual.</p><p dir="ltr">Before appearing on summons at Enforcement Directorate and recording your statements, please make sure you've consulted with Ozg Lawyers. Please, follow link at below to schedule your tele-appointment with Ozgian.</p><p dir="ltr"><b>Ozg Lawyers: AML Advisory</b></p><p dir="ltr">โน3780 โ๏ธ <a href="http://ozglaw.com/appointment">ozglaw.com/appointment</a></p><p dir="ltr">WhatsApp๐ฒ <a href="http://wa.me/918779696580">WA.me/918779696580</a></p><p dir="ltr">The supporting case documents get you a better strength than anything else. You may consider taking services of Ozg Documentation Centre for the same.</p><p dir="ltr">Email: <a href="mailto:legal@documentationcentre.com">legal@documentationcentre.com</a></p><p dir="ltr"><b>Enforcement Directorate (ED)</b></p><p dir="ltr">The ED has got following power -</p><p dir="ltr">๐ To provisionally attach any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property under Section 5 of PMLA Act, 2002;</p><p dir="ltr">๐ To conduct survey of a place under Section 16 of PMLA Act, 2002;</p><p dir="ltr">๐ To conduct search of building, place, vessel, vehicle or aircraft & seize/freeze records & property under Section 17 of PMLA Act, 2002;</p><p dir="ltr">๐ To conduct personal search under Section 18 of PMLA Act, 2002;</p><p dir="ltr">๐ To arrest persons accused of committing the offence of Money Laundering under ection 19 of PMLA Act, 2002;</p><p dir="ltr">๐ To summon and record the statements of persons concerned under Section 50 of PMLA Act, 2002.</p><p dir="ltr">Before appearing on summons at Enforcement Directorate and recording your statements, please make sure you've consulted with Ozg Lawyers. Please, follow link at below to schedule your tele-appointment with Ozgian.</p><p dir="ltr"><b>Ozg Lawyers: AML Advisory</b></p><p dir="ltr">โน3780 โ๏ธ <a href="http://ozglaw.com/appointment">ozglaw.com/appointment</a></p><p dir="ltr">WhatsApp๐ฒ <a href="http://wa.me/918779696580">WA.me/918779696580</a></p><p dir="ltr">The supporting case documents get you a better strength than anything else. You may consider taking services of Ozg Documentation Centre for the same.</p><p dir="ltr">Email: <a href="mailto:legal@documentationcentre.com">legal@documentationcentre.com</a></p><p dir="ltr"><b>Time limit of Seizure -</b></p><p dir="ltr">๐ The property & record may, if seized be retained or if frozen may continue to remain frozen for a period not exceeding 180 days from the day on which such property or record were seized or frozen, unless the Adjudicating Authority permits retention of such record or property beyond the period of 180 days as per sections 20 & 21 of PMLA, 2002.</p><p dir="ltr"><b>Arrest -</b></p><p dir="ltr">๐ The Authorized Officer making arrest shall, as soon as may be, inform the arrestee of the grounds for such arrest.</p><p dir="ltr">๐ Every person so arrested shall, within twenty four hours, be taken to a Judicial Magistrate or a Metropolitan Magistrate, as the case may be, having jurisdiction as per section 19 of PMLA, 2002.</p><p dir="ltr">๐ To get consultation on your case, please schedule a tele-appointment with Ozg Lawyers at link below or please write an email to: <a href="mailto:support@ozglaw.com">support@ozglaw.com</a></p><p dir="ltr"><b>Ozg Lawyers: AML Advisory</b></p><p dir="ltr">โ๏ธ <a href="http://ozglaw.com/appointment">ozglaw.com/appointment</a></p><p dir="ltr">๐ฒ <a href="http://wa.me/918779696580">WA.me/918779696580</a></p><p dir="ltr">๐ฒ <a href="http://moneylaundering.ozg.in/">moneylaundering.ozg.in</a></p><p dir="ltr">************************************</p><p dir="ltr">FATF FIU ozglaw Havala Hawala</p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-8915273655400241412020-02-23T02:08:00.002-08:002020-02-23T02:08:37.804-08:00Migration of OSP Registration - Network Compliance Consultant - DoT License
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<span style="color: #424242; font-family: "calibri" , sans-serif; font-size: 11.5pt;">The Ministry of
Communication, Department of Telecommunication (DoT) with a view to ensure <b>Ease of Doing Business</b>, in an
Instruction dated <strong><span style="font-family: "calibri" , "sans-serif";">15</span></strong></span><strong><sup><span style="color: #424242; font-family: "calibri" , "sans-serif"; font-size: 8.5pt;">th</span></sup></strong><strong><span style="color: #424242; font-family: "calibri" , "sans-serif"; font-size: 11.5pt;"> November
2018</span></strong><span style="color: #424242; font-family: "calibri" , sans-serif; font-size: 11.5pt;">, had announced the launch of a web based portal โSARAL SANCHARโ
to simplify the old system. It offers a fully paperless filing platform for OSP
license and compliance.</span></div>
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<span style="color: #424242; font-family: "calibri" , "sans-serif"; font-size: 11.5pt;">Going forward, DoT by a
Circular dated 31</span><sup><span style="color: #424242; font-family: "calibri" , "sans-serif"; font-size: 8.5pt;">st</span></sup><span style="color: #424242; font-family: "calibri" , "sans-serif"; font-size: 11.5pt;"> May 2019 has directed all the existing users who are still
registered on the old portal to migrate their registrations to the SARAL
SANCHAR Portal with no additional fees as per the instruction as follows:<o:p></o:p></span></div>
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<span style="color: #424242; font-size: 11.5pt; line-height: 150%; text-indent: -18pt;"> 1. </span><span style="color: #424242; font-size: 11.5pt; line-height: 150%; text-indent: -18pt;">One Time user registration must be completed on SARAL
Sanchar Portal to create Login/Password, if not done earlier.</span><br />
<span style="color: #424242; font-size: 11.5pt; line-height: 150%; text-indent: -18pt;">2.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="color: #424242; font-size: 11.5pt; line-height: 150%; text-indent: -18pt;">Applicants with Old Registrations will be able to see
their Registration details of all old registrations in new portal at </span><a href="http://www.osplicense.com/" style="text-indent: -18pt;"><span style="color: #4aa2d1; font-size: 11.5pt; line-height: 150%;">www.saralsanchar.gov.in</span></a><span style="color: #424242; font-size: 11.5pt; line-height: 150%; text-indent: -18pt;"> by
creating their Log-in ID on the Saral Sanchar portal by following the procedure
mentioned there.</span><br />
<span style="color: #424242; font-size: 11.5pt; line-height: 150%; text-indent: -18pt;">3.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="color: #424242; font-size: 11.5pt; line-height: 150%; text-indent: -18pt;">After logging in the Saral Sanchar Portal, the applicant
will be able to migrate Registrations under the tab โOSP Migration
Applicationโ.</span><br />
<span style="color: #424242; font-size: 11.5pt; line-height: 150%; text-indent: -18pt;">4.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="color: #424242; font-size: 11.5pt; line-height: 150%; text-indent: -18pt;">All documents should be digitally signed by applicant.
You will not be able to upload any digitally unsigned documents at portal.</span><!--[if !supportLists]--></div>
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<a href="http://wa.me/918779696580"><img alt="Image" height="670" src="https://pbs.twimg.com/media/ERMJEFaXkAAMbiG?format=jpg&name=small" width="540" /></a></div>
<div class="MsoNormal" style="background: white; line-height: 150%; margin-left: 30.0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
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<span style="color: #424242; font-size: 11.5pt;">Please, note there is no deadline provided for migration
of OSP license, but old license and approved network diagram will be effectively
invalid until it is approved again at Saral Sanchar portal.</span><span style="font-size: 14.0pt; letter-spacing: -.05pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;"><o:p></o:p></span></div>
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<span style="color: red; font-family: "century gothic" , "sans-serif"; font-size: 24.0pt;">OSP Compliance Consultant</span><span style="color: red; font-family: "century gothic" , "sans-serif"; font-size: 13.0pt;"><o:p></o:p></span></div>
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<span style="background: white; color: #cccccc; font-family: "trebuchet ms" , "sans-serif"; font-size: 8.0pt;">DoT OSP License & Compliance Consultant in Mumbai / Bangalore /
Hyderabad</span><span style="color: black; font-family: "arial" , "sans-serif"; font-size: 10.5pt;"><br />
</span><span style="background: white; border: none 1.0pt; color: #cccccc; font-family: "trebuchet ms" , "sans-serif"; font-size: 8.0pt; padding: 0cm;">Ozg Law
@ Ozg Law @ Ozg Law @ Ozg Law @ Ozg Law @ Ozg Law
@ Ozg Law @ Ozg Law</span><span style="background: white; border: none 1.0pt; color: #cccccc; font-family: "trebuchet ms" , "sans-serif"; font-size: 8.0pt; padding: 0cm;"><o:p></o:p></span></div>
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<b><span style="color: #0070c0; font-family: "times" , "serif"; font-size: 18.0pt;">Email:</span></b><b><span style="color: black; font-family: "times" , "serif"; font-size: 18.0pt;"> ask@osplicense.com</span></b><span style="color: black; font-family: "arial" , "sans-serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-66864367080380116512020-02-11T18:56:00.002-08:002020-02-11T18:56:53.844-08:00IPTV License, Compliance, DoT Fee
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(i) Telecom service providers (UASL, CMTS) having license to provide triple play services and ISPs with net worth more than Rs. 100 Crores and having permission from the licensor to provide IPTV or any other telecom service provider duly authorized by the Department of Telecom will be able to provide IPTV service under their licenses without requiring any further registration.</div>
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Similarly cable TV operators registered under Cable Television Network (Regulation) Act 1995 (referred as Cable Act hereafter) can provide IPTV services without requiring any further permission.</div>
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(ii) All telecom licensees/ Cable operators before providing IPTV will give a self certified declaration to I&B ministry, DoT and TRAI giving details such as license/ registration under which IPTV service is proposed, the start date, the area being covered, and details of the network infrastructure etc.</div>
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(iii) Telecom service providers as mentioned above will be subjected to percentage of Adjusted Gross Revenue (AGR) as license fee as applicable from time to time which is presently 6%, 8%, and 10% for access service licensees in category โCโ, Category โBโ and category โAโ circles and 6% for ISPs. In case any telecom service provider register itself as cable operator and provides IPTV using its telecom resources, it shall be considered as service under telecom license. Such a service provider shall have to pay the license fee on IPTV revenue also as applicable to its telecom license.</div>
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(iv) The Ministry of Information and Broadcasting has already requested Bureau of Indian Standards to lay down the specifications for IPTV set top boxes for use in cable networks.. The cable operator providing IPTV service will be required to ensure within a period of six months from the date of publication of the Indian Standards by BIS that the IPTV set top boxes required to receive IPTV services conform to the BIS specifications.</div>
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(v) The Cable operators while providing IPTV services will continue to be governed by the provisions of the Cable Television Networks (Regulation) Act, 1995, The Telecom Regulatory Authority of India Act,1997 and any other laws as applicable and as such shall be able to provide such content on their IPTV service which is permissible as per the Cable Act and which is in conformity with the Programme and Advertisements Codes prescribed thereunder.</div>
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(vi) Telecom licensees while providing TV channels through IPTV shall transmit only such broadcast satellite television channels in exactly same form (unaltered) which are registered with or are otherwise permitted by the Ministry of Information and Broadcasting. In such cases, the responsibility to ensure that content is in accordance with the extant laws, rules, regulations etc shall be that of the broadcaster and telecom licensee will not be held responsible. The IPTV service provider shall not carry any broadcast satellite television channels prohibited either permanently or temporarily or not registered with the Ministry of Information & Broadcasting.</div>
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(vii) The Telecom Licensee while providing TV services through IPTV shall receive the satellite signals of a registered TV channel directly from the broadcasters and in no case such satellite signals of TV channels be taken directly from the Multi System Operators. In other words, the telecom operators providing IPTV will be eligible to obtain/receive satellite signals of registered TV channels only from the broadcaster.</div>
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(viii) Telecom service providers providing IPTV will show only those News and Current Affairs television channels which have been registered with Ministry of Information and Broadcasting. They will not produce or provide any other broadcast or non-broadcast channel having any element of News and Current Affairs.</div>
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(ix) The provisions of Programme code and Advertisement code as provided in Cable Television Network (Regulation) Act 1995 and Rules thereunder shall be applicable even in the case of contents other than TV Channels from broadcast provided by the Telecom IPTV service provider. Since it is the telecom licensee who will be providing this content, therefore, he shall be responsible for ensuring compliance to the codes with respect to such content. In addition to this, such licensees will also be bound by various Acts, instructions, directions, guidelines issued by the Central Government from time to time to regulate the contents.<br />
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(x) If the contents are being sourced from content providers other than telecom service provider, then it will be the responsibility of telecom service provider to ensure that their agreements with such content providers contain appropriate clauses to ensure prior compliance with the Programme and Advertisement Codes and other relevant Indian laws, civil and criminal, regarding content.</div>
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(xi) The Central Government in the Ministry of Information and Broadcasting shall have the right to notify the number and names of channels of Prasar Bharati or any other channel for compulsory carriage by the IPTV service provider in his service and the manner of reception and retransmission of such channels.</div>
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(xii) The IPTV service provider either a telecom licensee or a cable operator should provide commercial interoperability so that if the subscribers decide to switch over to any other service provider or platform they should be able to do so at least cost. Commercial interoperability here would mean that in addition to offering the receiver set on an outright purchase basis, a subscriber should also have the option to purchase it on a hire-purchase basis or on rental basis with a provision to return the receiver set on such terms and conditions as may be laid down by regulations issued by TRAI.</div>
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(xiii) The Government in the Ministry of Information and Broadcasting may direct the IPTV service providers to ensure preservation and retention for specified periods of different kinds of content made available to their subscribers and requires it to ensure its security and also that it is not tampered with during such period. The IPTV service provider may be required to produce the same to the Government or its authorized representative, as and when required and the IPTV service providers will be required to ensure compliance to all such directions.</div>
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(xiv) The IPTV service provider shall provide the necessary facility for continuous monitoring of the IPTV network at its own cost and maintain the recordings of programmes and advertisements carried on the network for a period of 90 days from the date of broadcast and produce the same to the Government or its authorized representative, as and when required. Provided that in case of any dispute the records of broadcast of programmes and advertisements shall be maintained till final disposal of the dispute.</div>
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Provided further that the IPTV service provider shall provide access to the Government or its authorized representative to all its facilities including equipments, records, system etc. for purposes of inspection.</div>
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(xv) On demand by the Government in the Ministry of Information and Broadcasting or its authorized representative, an IPTV service provider shall provide the necessary equipment, services and facilities at designated place(s) for continuous monitoring of the IPTV service by or under supervision of the Government or its authorized representative.</div>
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(xvi) The IPTV service provider shall submit such information with respect to its service as may be required by the Government in the Ministry of Information and Broadcasting or its authorized representative from time to time.</div>
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(xvii) The IPTV service provider shall furnish any such information at periodic intervals as may be required by the Government in the Ministry of Information and Broadcasting or its authorized representative concerning Programme Content and Quality, Technical Parameters etc. relating to the service in the format as may be required by the Government or its authorized representative from time to time.</div>
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(xviii) The Government of India, Ministry of Information & Broadcasting or its authorized representative shall have the right to inspect the IPTV service facilities. No prior permission/intimation shall be required to exercise the right of Government or its authorized representative to carry out the inspection. The IPTV service provider will, if required by the Government or its authorized representative, provide necessary facilities for continuous monitoring for any particular aspect of the companies activities and operations.</div>
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(xix) The Government of India, Ministry of Information & Broadcasting or its authorized representative will ordinarily carry out the inspection after reasonable notice except in circumstances where giving such a notice will defeat the very purpose of the inspection.</div>
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(xx) The IPTV service provider shall furnish the complete details such as name, technical details and license etc. of the value added service being provided through IPTV network.</div>
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Provided that in case any new value added service is added to the network, the IPTV Service provider shall obtain prior approval of the Government or licensing authority. The Government or the licensing authority may from time to time , prescribe or prohibit certain value added services.</div>
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(xxi) Any violation of prevailing Acts/ Rules/ guidelines pertaining to the administrative jurisdiction of Department of Information Technology in the Ministry of Communication and Information Technology, and Ministry of Information and Broadcasting, relating to content by telecom service providers in provisioning of IPTV service shall be reported to DoT by respective Department/Ministry. The decision of the respective Department/Ministry regarding violation of the law/ direction/ guidelines in respect to content shall be final. DoT may perhaps seek the guidance of the respective ministries to ascertain the penalties for the breach to maintain uniformity and shall initiate suitable action for imposing penalties for violations in time bound manner.</div>
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(xxii) Any breach of the provisions of Act/ License/ Registration/ Permission by telecom service provider/ cable operator/ Broadcasters shall be dealt with by designated agencies which are responsible for administering such Acts/License/ Registration/ Permissions.</div>
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(xxiii) The Government shall have the right to modify at any time the provisions of these guidelines and/or the terms and conditions of permission/registration, if in the opinion of the Government it is necessary or expedient to do so in public interest or in the interest of the security of the State. The decision of the Government shall be final and binding in this regard.</div>
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Ozg Law ~ Ozg Law ~ Ozg Law ~ Ozg Law</div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-4722892249288115892020-01-16T22:48:00.001-08:002020-01-16T22:48:35.522-08:00Why commercial use of WhatsApp / Skype / Foreign VoIP is not allowed for Startup without OSP License & Compliance?
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<span style="background: white; border: none 1.0pt; color: #cccccc; font-family: "trebuchet ms" , "sans-serif"; font-size: 8.0pt; padding: 0cm;">Ozg Lawyers @ Ozg Lawyers @ Ozg Lawyers @ Ozg
Lawyers </span></div>
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<span style="font-family: "georgia" , "serif"; font-size: 14.0pt; letter-spacing: -0.05pt;">Some new born Startups proposed
that the contact center be run over a cloud-hosted telephony system. As per
their model, calls would be generated from abroad, sent to a Cloud Hosted Automatic
Call Distribution System (ACD) which would also be based abroad, and then
routed over to the India-based contact center. Agents sitting in the contact
center would connect to the ACD accounts to receive and make calls. The
argument fundamentally was that, since there is no PSTN anywhere in the whole
setup, and the whole contact center has no possibility of PSTN-VOIP merging,
the contact center would legally comply with OSP norms.<o:p></o:p></span></div>
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<a href="https://wa.me/918779696580" target="_blank"><img height="650" src="https://pbs.twimg.com/media/EN641-tUYAEr6q8.jpg" width="540" /></a></div>
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<span style="font-family: "georgia" , "serif"; font-size: 14.0pt; letter-spacing: -0.05pt;">DoT guidelines explicitly
state that Voice traffic must be routed through MPLS, Point to Point link or
PSTN path only. In India, carrying voice over the Internet for commercial use
is not allowed. There are any number of reasons for this, but the salients ones
are:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; font-size: 10.0pt; letter-spacing: -0.05pt;"><span style="mso-list: Ignore;">ยท<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-family: "georgia" , "serif"; font-size: 14.0pt; letter-spacing: -0.05pt;">The Voice managing server is
outside India, so DoT and security agencies become worried about getting access
to the ACDs and the CDRs and system logs.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; font-size: 10.0pt; letter-spacing: -0.05pt;"><span style="mso-list: Ignore;">ยท<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-family: "georgia" , "serif"; font-size: 14.0pt; letter-spacing: -0.05pt;">Additionally, from a security
point of view, in this model, it becomes far more difficult to capture and
decrypt voice conversations.<o:p></o:p></span></div>
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<span style="font-family: "georgia" , "serif"; font-size: 14.0pt; letter-spacing: -0.05pt;">Note that one of the key
defining requirements for OSP approval is that national security requirements
be maintained โ and this variant of the cloud-hosted model clearly fails that
requirement. DoT does not approve these kinds of architectures. All OSPs will
need to take the connection from India based authorized VoIP service providers
only.<o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif; font-size: 14pt; letter-spacing: -0.05pt;">Finally, when we see
the </span><b style="font-family: Georgia, serif; font-size: 14pt; letter-spacing: -0.05pt;">Clarification Terms and Condition for OSP dated โ18โ1/2009-CS-1
Dated: the 25th February, 2009</b><span style="font-family: "georgia" , serif; font-size: 14pt; letter-spacing: -0.05pt;">, issued by the DoT, it explicitly mentions
that โuse of Foreign VoIP minutes by OSPs is not permissibleโ.</span></div>
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<span style="font-family: "georgia" , "serif"; font-size: 14.0pt; letter-spacing: -0.05pt;">In short, our advice to all
OSPs that intend to use cloud-hosted systems in this fashion is simple โ avoid,
avoid, avoid! Remember the cost of compliance may seem high, but it is far
lower than the cost of being caught in non-compliance.<o:p></o:p></span></div>
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<span style="color: red; font-family: "century gothic" , "sans-serif"; font-size: 24.0pt;">OSP Compliance Consultant</span><span style="color: red; font-family: "century gothic" , "sans-serif"; font-size: 13.0pt;"><o:p></o:p></span></div>
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<span style="background: white; color: #cccccc; font-family: "trebuchet ms" , "sans-serif"; font-size: 8.0pt;">DoT OSP Compliance Consultant in Mumbai / Bangalore /
Hyderabad</span><span style="color: black; font-family: "arial" , "sans-serif"; font-size: 10.5pt;"><br />
</span><span style="background: white; border: none 1.0pt; color: #cccccc; font-family: "trebuchet ms" , "sans-serif"; font-size: 8.0pt; padding: 0cm;">Ozg Lawyers @ Ozg
Lawyers @ Ozg Lawyers @ Ozg Lawyers<o:p></o:p></span></div>
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<b><span style="color: #0070c0; font-family: "times" , "serif"; font-size: 18.0pt;">Email:</span></b><b><span style="color: black; font-family: "times" , "serif"; font-size: 18.0pt;"> ask@osplicense.com</span></b><span style="color: black; font-family: "arial" , "sans-serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
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<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-44180319979179508902019-08-02T05:15:00.002-07:002019-08-02T05:15:10.472-07:00How to register a Cyber Crime FIR / Complaint?
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><span style="font-family: "trebuchet ms" , sans-serif;">1. The very first step to file a cyber crime complaint is to register a written complaint with the cyber crime cell of the city you are currently in. </span><span style="font-family: "trebuchet ms" , sans-serif;">According to the IT Act, a cyber crime comes under the purview of global jurisdiction. This means that a cyber crime complaint can be registered with any of the cyber cells in India, irrespective of the place where it was originally committed.</span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">At present, most cities in India have a dedicated cyber crime cell. </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;"><img height="640" src="https://pbs.twimg.com/media/EA8oZQoU4AAylEk.jpg" width="480" /></span><br />
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Ozg Lawyers | Ozg Lawyers | Ozg Lawyers | Ozg Lawyers</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">2. When filing the cyber crime complaint, you need to provide your name, contact details and address for mailing. You need to address the written complaint to the Head of the Cyber Crime Cell of the city where you are filing the cyber crime complaint.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">3. In case you are a victim of online harassment / stalking, an <b>Ozg Legal Counsel</b> can be approached via WhatsApp to assist you with reporting it to the police station. Additionally, you may be asked to provide certain documents or records with the complaint. This would, however, depend on the nature of the crime.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">4. Register a Cyber Crime FIR: If you do not have access to any of the cyber cells in India, you can file a First Information Report (FIR) at the local police station. In case your complaint is not accepted there, you can approach to the Commissioner or the cityโs Judicial Magistrate.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">5. Certain cyber crime offenses come under the Indian Penal Code. You can register a cyber crime FIR at the nearest local police station to report them. </span><span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">It is mandatory under Section 154, Code of Criminal Procedure, for every police officer to record the information / complaint of an offense, irrespective of the jurisdiction in which the crime was committed.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">6. Most of the cyber crimes that are covered under the Indian Penal Code are classified as cognizable offenses. A cognizable offense is the one in which a warrant is not required for an arrest or investigation. </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">In this case, a police officer is bound to record a Zero FIR from the complainant. He must then forward it to the police station under the jurisdiction of the place where the offense was committed.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">7. Zero FIR offers some solace to victims of cases that require immediate attention / investigation as it avoids wasting time in enlisting the offense on police records.</span></div>
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<span style="color: #bf9000; font-family: "trebuchet ms" , sans-serif; font-size: xx-small;">Ozg Lawyers | Ozg Lawyers | Ozg Lawyers | Ozg Lawyers</span></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-59606641617360798372019-08-02T05:14:00.001-07:002019-08-02T05:14:51.401-07:0065B Certificate - Cyber Crime Complaint & Evidence
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">These documents aims to analyses the feasibility and multi-faceted utility of hash value calculation with regards to data integrity and admissibility in courts through application of Information Technology Act, 2000 and Indian Evidence Act, 1872.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;"><b style="outline: none medium;">Section 65B of Indian Evidence Act, 1872: Admissibility of Electronic Records</b></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">(5) For the purposes of this section</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">(a) Information shall be taken to be supplied to a computer if it is supplied thereto in any appropriate form and whether it is so supplied directly or (with or without human intervention) by means of any appropriate equipment;</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">(b) A computer output shall be taken to have been produced by a computer whether it was produced by it directly or (with or without any human intervention) by other means of any appropriate equipment.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;"><b style="outline: none medium;">These are the main points to be considered..</b></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">a) Section 65B of Indian Evidence Act refer to the special provisions of the Act in respect of Electronic Documents. Though Section 65 is referring to โSecondaryโ documents in paper form, there is no such distinction made as to the electronic document.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">b) There is no need to distinguish Primary and Secondary and all documents need to be interpreted by a human being which takes the form of a Section 65B certificate.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">c) A โHard diskโ which may contain an electronic document also cannot be considered the โPrimary Documentโ since it is only a โContainerโ and the real Electronic document is an expression in binary language which cannot be read by a human being and needs to be interpreted with the assistance of a binary reading device</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">d) Section 65B explains the conditions under which an electronic document can be considered as โAdmissibleโ in a Court as a โDocumentโ and it needs to be suitably confirmed for the Court to accept the document, which is often termed as โSection 65B certificate or Statementโ</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">e) Section 65B refers to a process of producing a โComputer Outputโ of the electronic document which is the evidence to be admitted and such computer output can be either in the form of a โPrint Outโ or a โCopyโ.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">f) There is a โProcessโ by which the electronic document becomes the โComputer outputโ and Section 65B identifies this as the subject activity which needs to be conducted by a person having lawful control over the computer producing such output and that during the period of such production, the Computer should be working properly etc.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">g) The focus of Section 65B is the activity of conversion of the electronic document residing inside a system which can be seen by an observer into a โComputer Outputโ.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">h) The other clarifications contained in the Section 65B such as that the Computer Output could be produced by a combination of computers, acting in succession etc. as relating to dynamic creation of an electronic document from a data base and routing it through multiple devices onto a final visible form in the computer of the observer and thereafter its porting into a Printer.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; outline: none medium;">It is very important that the legal fraternity and the Judiciary interprets the section properly. Any interpretation that only a โServer Administratorโ can provide a certificate under Section 65B is considered incorrect. The server administrator can however provide the certificate but it is not mandatory. The Section 65B certifier is like a photographer who captures a photograph of an event and confirms the process of taking the photograph though he may not be aware of who is there in the picture and what they are doing. It is left to other โExpertsโ to interpret the โContentโ and impute meaning as only a subject matter expert can do.</span></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-6860973275682451402019-07-23T03:10:00.001-07:002019-07-23T03:10:38.450-07:00EB5 Visa Application Procedure, USICS Consultant Filing Fee Structure by Ozg Lawyers
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<span style="font-family: "trebuchet ms" , sans-serif;">To get an EB5 visa, there are 5 basic requirements:</span></div>
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<li><span style="font-family: "trebuchet ms" , sans-serif;">You must invest in a new commercial enterprise.</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;">An investment of $1 million (or $500,000 if the investment is located in a targeted employment area).</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;">The investment must lead to the creation of 10 full-time jobs for US workers.</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;">The investment funds must be put at risk (meaning that the funds cannot just sit in the business bank account, they must actually be spent).</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;">The source of investment funds should be transparent and compliant with FEMA.</span></li>
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<span style="color: red; font-family: "trebuchet ms" , sans-serif; font-size: x-large;"><b>EB5 Visa Procedure Step by Step:</b></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">The process of getting an EB5 visa has multiple steps. </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="color: #351c75; font-size: large;"><a href="https://wa.me/918779696580">1. Put funds at risk:</a></span> You are first required to put your investment funds at risk by actually investing the funds or through a qualifying escrow arrangement.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="color: #351c75; font-size: large;"><a href="https://wa.me/918779696580">2. Form I-526:</a></span> Once the funds are invested, you can then file the Form I-526. The I-526 is the initial form you are required to file for your EB5 visa. Once the I-526 is approved, you can then apply for your immigrant visa or apply to adjust status if you are in the US.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="color: #351c75; font-size: large;"><a href="https://wa.me/918779696580">3. Visa Processing/Adjustment of Status:</a> </span>The Form I-526 does not give you any status in the US. Once your Form I-526 is approved, you will need to either apply for an immigrant visa (if you are outside of the US), or you will apply for an adjustment of status (if you are in the US in a valid non-immigrant status).</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="color: #351c75; font-size: large;"><a href="https://wa.me/918779696580">4. Conditional Permanent Residency:</a></span> Once enter the US with your EB5 visa, or your adjustment of status petition is approved, you are classified as a conditional permanent resident for a 2-year period. As a conditional permanent resident, you have all of the same rights as a permanent resident with the exception that your status as a permanent resident only lasts for a 2-year period. During this time, you are required to keep your EB5 investment funds at risk and you are also required to create the 10 full-time jobs for US workers.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="color: #351c75; font-size: large;"><a href="https://wa.me/918779696580">5. Form I-829:</a></span> Before your conditional permanent resident status expires, you are required to file a Form I-829. The I-829 is the petition required to remove the condition from your permanent resident status. Once the I-829 is approved, you are officially a permanent resident (no longer โconditionalโ).</span></div>
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<span style="color: red; font-family: "trebuchet ms" , sans-serif; font-size: x-large;"><b>List of all EB5 Visa Fees:</b></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Here is a list of all the fees and costs that are needed for an EB5 Visa:</span></div>
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<span style="color: #351c75; font-family: "trebuchet ms" , sans-serif; font-size: large;">1.<a href="http://ozglaw.com/">EB5 Investment</a></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">The biggest and most important cost required to get an EB5 visa is your EB5 investment. The EB5 investment is the sum you are required to invest to qualify for an EB5 visa. The current minimum investment amount to qualify for an EB5 visa is $1 million. However, if you invest in a business that is located in a targeted employment area, you may qualify to invest a reduced amount of $500,000. An area can qualify as a targeted employment area if it is a rural area or an area of high unemployment.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">To qualify for an EB5 visa, you can either start a business, invest in an existing business, purchase an existing business, or invest in a regional center.</span></div>
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<span style="color: #351c75; font-family: "trebuchet ms" , sans-serif; font-size: large;">2. <a href="http://ozglaw.com/">USCIS Form I-526 Filing Fee</a></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">To qualify for an EB5 visa, you must file a Form I-526 with USCIS. The Form I-526 is also called the Immigrant Petition for Alien Entrepreneur. To process your Form I-526, USCIS charges a fee. The current filing fee required for the Form I-526 is $3,675. You are only required to pay this fee once, for you and all dependents included in your EB5 visa case.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="color: #351c75; font-size: large;">3. <a href="http://ozglaw.com/">Ozg Lawyers: Legal Fee</a></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">The amount Ozg Immigration Lawyers will charge you to prepare, file, and handle your EB5 case along with online / telephonic communication. These fee does not include the lawyerโs appointment or advisory on non-case related things.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="color: #351c75; font-size: large;">4. <a href="https://wa.me/918779696580">Visa Processing</a><a href="http://ozglaw.com/"> or Adjustment of Status Fee</a></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">The Form I-526, by itself, does not give you any right to live or work in the US. Once your Form I-526 is approved, you must then either apply for an immigrant visa or apply for an adjustment of status.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Hereโs the difference between these 2 options:</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="color: #351c75; font-size: large;"><a href="https://wa.me/918779696580">Adjustment of Status:</a></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">An adjustment of status is when you go from a non-immigrant status to immigrant status. In order to be eligible for an adjustment of status, you need to be in the United States in a lawful non-immigrant status that allows for an adjustment of status. The entire adjustment of status process is handled inside the US. To apply for an adjustment of status, you are required to file a Form I-485 with USCIS. The filing fee for the Form I-485 is $1,225 per person (if you are age 14-79) and slightly less if you are either younger than 14 or older than 79.</span></div>
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<span style="color: #351c75; font-family: "trebuchet ms" , sans-serif; font-size: large;"><a href="https://wa.me/918779696580">Visa Processing Fee:</a></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">If you are in India, you will likely have to do visa processing. Visa processing, or consular processing, is when you apply for a visa at a US embassy. To apply for an immigrant visa, first you have to apply for police verification then you must file a Form DS-260 with the Department of State. The filing fee for the DS-260 is currently $345 per person. In addition to filing the DS-260, you will also be required to attend a visa interview.</span></div>
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<span style="font-size: large;"><b><span style="color: #351c75; font-family: Trebuchet MS, sans-serif;">5.</span> </b></span><a href="http://ozglaw.com/"><span style="color: #351c75; font-family: "trebuchet ms" , sans-serif; font-size: large;">USCIS Form I-829 Filing Fee</span><span style="color: #351c75; font-family: "trebuchet ms" , sans-serif; font-size: large;">:</span></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Once you enter the US with your immigrant visa, or your adjustment of status is approved, you are classified as a conditional permanent resident for a 2-year period. Within 3 months of your conditional permanent resident status expiring, you are eligible to apply for a removal of conditions on your permanent resident status. To do this, you must file a Form I-829 with USCIS. The USCIS filing fee for the Form I-829 is $3,750.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">You and each of your dependents (ages 14-79) must also pay an additional fee of $85 for biometrics.</span></div>
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<span style="color: #351c75; font-family: "trebuchet ms" , sans-serif; font-size: large;">6. <a href="http://ozglaw.com/">Administration Fee for Regional Center:</a></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;">To qualify for an EB5 visa, you can either make a direct investment or you can invest in a regional center. A regional center is a business entity, designated by USCIS, to collect EB5 investment funds from multiple EB5 investors. Regional centers typically develop large projects such as resorts and other major developments. A direct investment is when you either start your own business, invest in another business (not a regional center), or purchase an existing business.</span></div>
<div style="text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;">If you choose to invest in a regional center, your role in the management of the project is very limited. The regional center managing directors will manage the business, be responsible for EB5 job creation, and handle other management tasks. Your role in the operations of the business are very limited. For most regional center projects, EB5 investors are classified as limited members and have voting rights and other similar rights.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;">Regional centers typically charge an administration fee to manage the EB5 project. Administration fees typically range from $50,000 to $70,000 depending on the regional center.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="color: #351c75; font-family: "trebuchet ms" , sans-serif; font-size: large;">7. <a href="http://ozglaw.com/">EB5 Business Plan:</a></span></div>
<div style="text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">If you choose to do a direct investment (meaning that you will either start a new business, purchase an existing business, or invest in an existing business that is not a regional center), you are required to submit an EB5 compliant business plan along with your Form I-526. Due to the specific requirements of EB5 business plans, the business plan should be prepared by a company that either specializes in or has extensive experience in immigration business plans and EB5 business plans. An EB5 business plan typically costs around $3,500. If you choose to invest in a regional center, the regional center will provide you with the business plan and other necessary project documents.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="color: #351c75; font-family: "trebuchet ms" , sans-serif; font-size: large;">8. <a href="http://ozglaw.com/">Company Formation:</a></span></div>
<div style="text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">If you choose to do a direct investment for your EB5 visa, you may need to set-up a new company (such as an LLC or a corporation). To do this, you can take services of <a href="http://ozglaw.com/">Ozg Law</a>. The fee we charge you to set-up your company will vary depending on requirements.</span></div>
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<br /></div>
<div style="text-align: justify;">
<span style="color: #351c75; font-family: "trebuchet ms" , sans-serif; font-size: large;">9. <a href="http://documentationcentre.com/">Ozg Documentation Centre / Filings / Translations:</a></span></div>
<div style="text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">When you apply for an EB5 visa application, there are hundreds of documents that must be submitted with your case to Ozg Documentation Centre. These documents include your KYC documents like Aadhar, PAN, Bank Statements etc. All documents in any language other than English must be translated to English by a certified translator before they are submitted to USCIS.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<div style="text-align: center;">
<span style="font-size: x-small;">Ozg Lawyers @ Ozg Lawyers @ Ozg Lawyers @ Ozg Lawyers</span><br />
<br /></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-5806446543966523642019-07-05T12:50:00.001-07:002019-07-05T12:50:45.831-07:00 DoT: VNO (Internet Provider) License Consultant Fee & Application Procedure
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<span style="color: #cc0000; font-family: "lato" , sans-serif; font-size: large;"><b>VNO License Application Procedure</b></span></div>
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<div style="text-align: justify;">
<b>1. Check Eligibility:</b><br />
<b> </b>To get the approval of VNO license you need to have a company registered under Companies Act. To know more about company registration you can request a call back at sidebar or simply WhatsApp to <b>Ozg Lawyers</b>. It can be done in one to two weeks and will cost you approx INR 20,000/+.</div>
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<span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">2. Category Selection:</span><br />
<span style="text-align: justify;">Select the category in which you want to apply for the VNO License, opt between A, B or C category. The three different categories of VNO license in India are bifurcated geographically based on the city, state, village, town where you will operate your business. VNO license is cheapest for class C.</span></div>
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Categories:</div>
<ul style="background-color: #f9f9f9; border: 0px; box-sizing: border-box; color: #333333; font-family: Lato, sans-serif; font-size: 15px; line-height: 26px; list-style-image: url("images/dot.png"); list-style-position: outside; margin: -4px 0px 26px 62px; outline: 0px; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Class A ISP (PAN India)</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Class B ISP (Telecom Circle/Metro Area)</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 0px 33px; vertical-align: baseline;">Class C ISP (Secondary Switching Area) </li>
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<div style="text-align: justify;">
<span style="color: #373737; font-family: "lato" , sans-serif;"><span style="font-size: 15px;"><b>3. Cost analysis and setting budget:</b></span></span><br />
<div style="color: #373737; font-family: lato, sans-serif; font-size: 15px;">
To grow internet services in rural Indian towns and villages our government has kept prices extremely lower for category C compared to category A and B.</div>
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You can look into the following table to understand costing requirements to obtain a VNO license:</div>
<table style="background-color: #f9f9f9; border-collapse: collapse; border-spacing: 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: Lato, sans-serif; font-size: 14px; height: 642px; margin: 0px 0px 24px; outline: 0px; padding: 0px; vertical-align: baseline; width: 724px;"><tbody style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<tr style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">Service</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="75">Minimum Equity</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="77">Minimum Net worth</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">Entry Fee (Rs.)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Performance BG (Rs.)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="72">Financial BG (Rs.)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Application Processing Fee (Rs.)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="85">Total Capital Required (Rs.)</td></tr>
<tr style="background: rgb(247, 247, 247); border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">ISP โAโ (PAN India)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="75">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="77">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">15 Lakh</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="72">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">50 Thousand</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="85">15,50,000</td></tr>
<tr style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">ISP โBโ (Telecom circle/Metro Area)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="75">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="77">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">1 Lakh</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="72">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">15 Thousand</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="85">1,15,000</td></tr>
<tr style="background: rgb(247, 247, 247); border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">ISP โCโ (SSA)</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="75">Nil</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="77">Nil</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">10,000</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Nil</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="72">Nil</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">10 Thousand</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="85">20,000</td></tr>
</tbody></table>
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<img height="640" src="https://pbs.twimg.com/media/D1bsC6cU4AAvdNf.jpg" width="558" /></div>
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<div style="text-align: justify;">
As per the above table, a Class C VNO license can be acquired at 60,000 rupees approximately varying on the basis of our lawyers and ISP consultants fee at your location.</div>
</div>
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<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 24px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Application filling</span></li>
</ol>
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<div style="text-align: justify;">
You are required to fill a VNO license form to acquire the license. Every applicant needs to pay a non-refundable amount of Rs. 15,000 towards processing fee, provide all mandatory documents, and 2 copies of the application form.</div>
</div>
<ol start="5" style="background-color: #f9f9f9; border: 0px; box-sizing: border-box; color: #333333; font-family: Lato, sans-serif; font-size: 15px; line-height: 26px; list-style-image: initial; list-style-position: outside; margin: 0px 0px 13px 71px; outline: 0px; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 24px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Document Verification</span></li>
</ol>
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The next step in the process is document verification, it is conducted by Department of Telecom. The verification process may take about 60 days depending on the issues arising during verification.</div>
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<div style="text-align: justify;">
If everything is fine and your application is approved, you will receive a โLetter of Intentโ by DOT. If your documents do not comply with the application guideline there are chances that your application may be rejected. Before submitting you should get your application reviewed by any of Ozg ISP consultants / lawyers nearby.</div>
</div>
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<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 24px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Letter of Intent</span></li>
</ol>
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<div style="text-align: justify;">
Once your application for VNO License has been approved, DOT will issue a โLetter of Intentโ in your favor. After receiving the โLetter of Intentโ you are required to submit a non-refundable one-time entry fee, the signed license agreement and other requisite documents mentioned in the letter within the time mentioned in it.</div>
</div>
<ol start="7" style="background-color: #f9f9f9; border: 0px; box-sizing: border-box; color: #333333; font-family: Lato, sans-serif; font-size: 15px; line-height: 26px; list-style-image: initial; list-style-position: outside; margin: 0px 0px 13px 71px; outline: 0px; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 24px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Confirmation</span></li>
</ol>
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<div style="text-align: justify;">
If everything falls into place you will receive the VNO License for ISP under the Unified License for a period of 10 years. The information related to confirmation of license issue will be communicated directly to you via DOT.</div>
</div>
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<div style="text-align: justify;">
The VNO licensing process is pretty complicated, applications were usually rejected on the grounds of lack of information, non-compliance, incomplete submission, the inappropriateness of documents, etc. Thus, in order to save your valuable time and money, get all your documents duly verified by Ozg ISP consultant lawyers nearby before filling the application form. For more info, simply WhatsApp or please email to:<b> ask@isplicence.com</b><br />
<b><br /></b>
<div style="color: black; font-family: arial, serif; font-size: 14.3px; text-align: center;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="line-height: 19.26px;"><b><span style="color: #cc0066;"><span style="font-size: x-small;">DoT License & Compliance</span><span style="color: black; font-size: 14.3px;"><br /></span></span></b></span></span></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-1350117128334078162019-05-16T02:11:00.002-07:002019-05-16T02:11:14.222-07:00Chit Funds Act, 1982 - Ozg License & Compliance
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1. Short title, extent and commencement.โ<br />
<br />
(1) This Act may be called the Chit Funds Act, 1982.<br />
(2) It extends to the whole of India except the State of Jammu and Kashmir.<br />
(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different States*.<br />
The chit funds act, 1982<br />
2. Definitions.โIn this Act, unless the context otherwise requires,โ<br />
(a) โapproved bankโ means the State Bank of India constituted under section 3 of the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank constituted under section 3 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976 (21 of 1976), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or a banking company as defined under clause (e) of section 35 of the Banking Regulation Act, 1949 (10 of 1949), or a banking institution notified by the Central Government under section 51 of the Act or such other banking institution as the State Government may, in consultation with the Reserve Bank, approve for the purposes of this Act;<br />
(b) โchitโ means a transaction whether called chit, chit fund, chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount; Explanation.โA transaction is not a chit within the meaning of this clause, if in such transaction,โ<br />
(i) some alone, but not all, of the subscribers get the prize amount without any liability to pay future subscriptions; or<br />
(ii) all the subscribers get the chit amount by turns with a liability to pay future subscriptions;<br />
(c) โchit agreementโ means the document containing the articles of agreement between the foreman and the subscribers relating to the chit;<br />
(d) โchit amountโ means the sum-total of the subscriptions payable by all the subscribers for any instalment of a chit without any deduction of discount or otherwise;<br />
(e) โchit businessโ means the business of conducting a chit;<br />
(f) โdefaulting subscriberโ means a subscriber who has defaulted in the payment of subscriptions due in accordance with the terms of the chit agreement;<br />
(g) โdiscountโ means the sum of money or the quantity of grain which a prized subscriber is, under the terms of the chit agreement required to forego and which is set apart under the said agreement to meet the expenses of running the chit or for distribution among the subscribers or for both;<br />
(h) โdividendโ means the share of the subscriber in the amount of discount available under the chit agreement for rateable distribution among the subscribers at each instalment of the chit;<br />
(i) โdrawโ means the manner specified in the chit agreement for the purpose of ascertaining the prized subscriber at any instalment of the chit;<br />
(j) โforemanโ means the person who under the chit agreement is responsible for the conduct of the chit and includes any person discharging the functions of the foreman under section 39;<br />
(k) โnon-prized subscriberโ does not include a defaulting subscriber;<br />
(l) โprescribedโ means prescribed by rules made under this Act;<br />
(m) โprize amountโ means the difference between the chit amount and the discount, and in the case of a fraction of a ticket means the difference between the chit amount and the discount proportionate to the fraction of the ticket, and when the prize amount is payable otherwise than in cash, the value of the prize amount shall be the value at the time when it becomes payable;<br />
(n) โprized subscriberโ means a subscriber who has either received or is entitled to receive the prize amount;<br />
(o) โRegistrarโ means the Registrar of Chits appointed under section 61, and includes an Additional, a Joint, Deputy or an Assistant Registrar appointed under that section;<br />
(p) โReserve Bankโ means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);<br />
(q) โState Governmentโ, in relation to a Union territory, means the administrator of that Union territory appointed by the President under article 239 of the Constitution;<br />
(r) โsubscriberโ includes a person who holds a fraction of a ticket and also a transferee of a ticket or fraction thereof by assignment in writing or by operation of law;<br />
(s) โticketโ, means the share of a subscriber in a chit.<br />
The chit funds act, 1982<br />
3. Act to override other laws, memorandum, articles, etc.โSave as otherwise expressly provided in this Act,โ<br />
(a) the provisions of this Act shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force or in the memorandum or articles of association or bye-laws or in any agreement or resolution whether the same be registered, executed or passed, as the case may be, before or after the commencement of this Act; and<br />
(b) any provision contained in the memorandum, articles, bye-laws, agreement or resolution aforesaid, shall, to the extent to which it is repugnant to the provisions of this Act, become null or be void, as the case may be.<br />
The chit funds act, 1982<br />
4. Prohibition of chits not sanctioned or registered under the Act.โ<br />
(1) No chit shall be commenced or conducted without obtaining the previous sanction of the State Government within whose jurisdiction the chit is to be commenced or conducted or of such officer as may be empowered by that Government in this behalf, and unless the chit is registered in that State in accordance with the provisions of this Act: Provided that a sanction obtained under this sub-section shall lapse if the chit is not registered within twelve months from the date of such sanction or within such further period or periods not exceeding six months in the aggregate as the State Government may, on application made to it in this behalf, allow.<br />
(2) An application for the purpose of obtaining a sanction under sub-section (1) shall be made by the foreman in such form and in such manner as may be prescribed.<br />
(3) The previous sanction referred to in sub-section (1) may be refused, if the foreman,โ<br />
(a) had been convicted of any offence under this Act or under any other Act regulating chit business and sentenced to imprisonment for any such offence; or<br />
(b) had defaulted in the payment of fees or the filing of any statement or record required to be paid or filed under this Act or had violated any of the provisions of this Act or the rules made thereunder; or<br />
(c) had been convicted of any offence involving moral turpitude and sentenced to imprisonment for any such offence unless a period of five years has elapsed since his release: Provided that before refusing any such sanction, the foreman shall be given a reasonable opportunity of being heard.<br />
(4) The order of the State Government, and, subject to the provisions of sub-section (5), the order of the officer empowered under sub-section (1), issuing or refusing previous sanction under this section shall be final.<br />
(5) Any person aggrieved by the refusal to issue previous sanction by any officer empowered under sub-section (1) may appeal to the State Government within thirty days of the date of communication to him of such refusal and the decision of that Government on such appeal shall be final.<br />
The chit funds act, 1982<br />
5. Prohibition of invitation for subscription except under certain conditions.โNo person shall issue or cause to be issued any notice, circular, prospectus, proposal or other document inviting the public to subscribe for tickets in any chit unless such notice, circular, prospectus, proposal or document contains a statement that the previous sanction required under section 4 has been obtained and the particulars of such sanction.<br />
The chit funds act, 1982<br />
6. Form of chit agreement.โ<br />
(1) Every chit agreement shall be in duplicate and shall be signed by each of the subscribers or by any person authorised by him in writing and the foreman and attested by at least two witnesses and it shall contain the following particulars, namely:โ<br />
(a) full name and residential address of every subscriber;<br />
(b) the number of tickets including the fraction of a ticket held by each subscriber;<br />
(c) the number of instalments, the amount payable for each ticket at every instalment and the interest or penalty, if any, payable on any default in the payment of such instalments;<br />
(d) the probable date of commencement and the duration of the chit;<br />
(e) the manner of ascertaining the prized subscriber at each instalment;<br />
(f) the maximum amount of discount which the prized subscriber has to forego at any instalment;<br />
(g) the mode and proportion in which the discount is distributable by way of dividend, foremanโs commission or remuneration or expenses for running the chit, as the case may be;<br />
(h) the date, time and place at which the chit is to be drawn;<br />
(i) the instalment at which the foreman is to get the chit amount;<br />
(j) the name of the approved bank in which chit moneys shall be deposited by the foreman under the provisions of this Act;<br />
(k) where the foreman is an individual, the manner in which a chit shall be continued when such individual dies or becomes of unsound mind or is otherwise incapacitated;<br />
(l) the consequences to which a non-prized or prized subscriber or the foreman shall be liable in case of violation of any of the provisions of the chit agreement;<br />
(m) the conditions under which a subscriber shall be treated as a defaulting subscriber;<br />
(n) the nature and particulars of the security to be offered by the foreman;<br />
(o) the dates on which and time during which the foreman shall, subject to the provisions contained in section 44, allow inspection of chit records to non-prized and un-paid prized subscribers;<br />
(p) the names of the nominees of each subscriber, that is to say, the name of the persons to whom the benefits accruing to the subscriber under the chit may be paid in the case of the death of the subscriber or when he is otherwise incapable of making an agreement;<br />
(q) any other particulars that may, from time to time, be prescribed. Explanation.โFor the purpose of this sub-section, it shall be sufficient if the signature of each subscriber is obtained in separate copies of the agreement.<br />
(2) The duration of a chit shall not extend beyond a period of five years from the date of its commencement: Provided that the State Government may permit the duration of a chit up to a period of ten years if it is satisfied that it is necessary so to do, having regard to,โ<br />
(a) the financial condition of the foreman;<br />
(b) his methods of operation;<br />
(c) the interests of prospective subscribers;<br />
(d) the requirements as to security; and<br />
(e) such other factors as the circumstances of the case may require.<br />
(3) The amount of discount referred to in clause (f) of sub-section (1) shall not exceed 1[forty per cent.] of the chit amount.<br />
(4) Where the prized subscriber at any instalment of the chit is required to be determined by auction and more than one person offer the maximum discount, the prized subscriber shall be determined by lot.<br />
The chit funds act, 1982<br />
7. Filing of chit agreement.โ<br />
(1) Every chit agreement shall be filed in duplicate by the foreman with Registrar.<br />
(2) The Registrar shall retain one copy of the chit agreement and return the duplicate to the foreman with an endorsement that the chit agreement has been registered: Provided that the Registrar may refuse to register the chit agreement on any one or more of the following grounds, namely:โ<br />
(a) that the security offered by the foreman under section 20 is insufficient;<br />
(b) that the foreman had been convicted of any offence under this Act or under any other Act regulating chit business and sentenced to imprisonment for any such offence;<br />
(c) that the foreman had defaulted in the payment of fees or the filing of any statement or record required to be paid or filed under this Act or had violated any of the provisions of this Act or the rules made thereunder;<br />
(d) that the foreman had been convicted of any offence involving moral turpitude and sentenced to imprisonment for any such offence unless a period of five years has elapsed since his release: Provided further that before refusing to register a chit under the first proviso, the foreman shall be given a reasonable opportunity of being heard.<br />
(3) Every endorsement made under sub-section (2) shall be conclusive evidence that the chit is duly registered under this Act and the registration of a chit shall lapse if the declaration by the foreman under sub-section (1) of section 9 is not filed within three months from the date of such endorsement or within such further period or periods not exceeding three months in the aggregate as the Registrar may, on application made to him in this behalf, allow.<br />
The chit funds act, 1982<br />
8. Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company.โ<br />
(1) Notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), but subject to the provisions of this Act, a company shall not commence or carry on chit business unless it has a paid-up capital of not less than rupees one lakh.<br />
(2) Every company having a paid-up capital of less than rupees one lakh and carrying on chit business on the commencement of this Act, shall, before the expiry of a period of three years from such commencement, increase its paid-up capital to not less than rupees one lakh: Provided that the State Government may, if it considers it necessary in the public interest or for avoiding any hardship, extend the said period of three years in respect of any company by such further period or periods not exceeding two years in the aggregate: Provided further that no such company shall commence any new chit the duration of which would extend beyond the said period of three years or such extended period or periods under the first proviso unless it increases its paid-up capital to not less than rupees one lakh.<br />
(3) Every company carrying on chit business shall create and maintain a reserve fund and shall, out of the balance of profit of each year as disclosed in its profit and loss account and before any dividend on its shares is declared, transfer to such reserve fund, a sum equal to not less than ten per cent. of such profit.<br />
(4) No company shall appropriate any sum or sums from the reserve fund except with the prior approval of the Registrar and, for the purpose of obtaining such approval, it shall make an application in the prescribed form to the Registrar explaining the circumstances relating to such appropriation.<br />
The chit funds act, 1982<br />
9. Commencement of chit.โ<br />
(1) Every foreman shall, after all the tickets specified in the chit agreement are fully subscribed, file a declaration to that effect with the Registrar.<br />
(2) As soon as may be after a declaration is filed under sub-section (1), the Registrar shall, after satisfying himself that all the requirements relating to sanction, registration of chit and other matters have been duly complied with, grant a certificate of commencement to the foreman.<br />
(3) No foreman shall commence any auction or the draw of any chit or appropriate any chit amount unless a certificate of commencement referred to in sub-section (2) is obtained by him.<br />
The chit funds act, 1982<br />
10. Copies of chit agreement to be given to subscribers.โ<br />
(1) A foreman shall, as soon as may be after he has obtained the certificate of commencement under sub-section (2) of section 9, but not later than the date of the first draw of the chit, furnish to every subscriber, a copy of the chit agreement certified to be a true copy.<br />
(2) A foreman shall, within fifteen days after the close of the month in which the draw for the first instalment of the chit is held, file with the Registrar, a certificate to the effect that the provisions of sub-section (1) have been complied with.<br />
The chit funds act, 1982<br />
11. Use of the words โchitโ, โchit fundโ, โchittyโ or โkuriโ.โ<br />
(1) No person shall carry on chit business unless he uses as part of his name any of the words โchitโ, โchit fundโ, โchittyโ or โkuriโ and no person other than a person carrying on chit business shall use as part of his name any such word.<br />
(2) Where at the commencement of this Act,โ<br />
(a) any person carrying on chit business without using as part of his name any of the words specified in sub-section (1); or<br />
(b) any person not carrying on chit business is using any such word as part of his name, he shall, within a period of one year from such commencement, add as part of his name any such word or, as the case may be, delete such words from his name: Provided that the State Government may, if it considers it necessary in the public interest or for avoiding any hardship, extend the said period of one year by such further period or periods not exceeding one year in the aggregate.<br />
The chit funds act, 1982<br />
12. Prohibition of transacting business other than chit business by a company.โ<br />
(1) Except with the general or special permission of the State Government, no company carrying on chit business shall conduct any other business.<br />
(2) Where at the commencement of this Act, any company is carrying on any business in addition to chit business, it shall wind up such other business before the expiry of a period of three years from such commencement: Provided that the State Government may, if it considers it necessary in the public interest or for avoiding any hardship, extend the said period of three years by such further period or periods not exceeding two years in the aggregate.<br />
The chit funds act, 1982<br />
13. Aggregate amount of chits.โ<br />
(1) No foreman, other than a firm or other association of individuals or a company or co-operative society, shall commence or conduct chits, the aggregate chit amount of which at any time exceeds 1[rupees one lakh].<br />
(2) Where the foreman is a firm or other association of individuals, the aggregate chit amount of the chits conducted by the firm or other association shall not at any time exceed,โ<br />
(a) where the number of partners of the firm or the individuals constituting the association is not less than four, a sum of rupees 2[six lakhs];<br />
(b) in any other case, a sum calculated on the basis of 1[rupees one lakh] rupees with respect to each such partner or individual.<br />
(3) Where the foreman is a company or co-operative society, the aggregate chit amount of the chits conducted by it shall not at any time exceed ten times the net-owned funds of the company or the co-operative society, as the case may be. Explanation.โFor the purposes of this sub-section, โnet-owned fundsโ shall mean the aggregate of the paid-up capital and free reserves as disclosed in the last audited balance-sheet of the company or co-operative society, as reduced by the amount of accumulated balance of loss, deferred revenue, expenditure and other intangible assets, if any, as disclosed in the said balance-sheet.<br />
The chit funds act, 1982<br />
14. Utilisation of funds.โ<br />
(1) No person carrying on chit business shall utilise the moneys collected in respect of such business (other than commission or remuneration payable to such person or interest or penalty, if any, received from a defaulting subscriber), except forโ<br />
(a) carrying on chit business; or<br />
(b) giving loans and advances to non-prized subscribers on the security of subscriptions paid by them; or<br />
(c) investing in trustee securities within the meaning of section 20 of the Indian Trusts Act, 1882 (2 of 1882); or<br />
(d) making deposits with approved banks mentioned in the chit agreement.<br />
(2) Where any person carrying on chit business has utilised the moneys collected in respect of such business before the commencement of this Act, otherwise than for the purposes specified in sub-section (1), he shall secure that so much of such moneys as have not been realised before such commencement are realised before the expiry of a period of three years from such commencement: Provided that the State Government may, if it considers it necessary in the public interest or for avoiding any hardship, extend the said period of three years by such further period or periods not exceeding one year in the aggregate.<br />
The chit funds act, 1982<br />
15. Alteration of chit agreement.โA chit agreement shall not be altered, added to or cancelled except with the consent in writing of the foreman and all the subscribers to the chit.<br />
The chit funds act, 1982<br />
16. Date, time and place of conducting chits.โ<br />
(1) Every draw in a chit shall be held on the date, at the time and place mentioned in the chit agreement and a notice therefor in such form and in such manner as may be prescribed shall be issued by the foreman to all the subscribers.<br />
(2) Every such draw shall be conducted in accordance with the provisions of the chit agreement and in the presence of not less than two subscribers.<br />
(3) Where any draw was not conducted on the ground that two subscribers required to be present at a draw under sub-section (2) were not present or on any other ground, the Registrar may, on his own motion or on an application made by the foreman or any of the subscribers, direct that the draw shall be conducted in his presence or in the presence of any person deputed by him.<br />
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The chit funds act, 1982<br />
17. Minutes of proceedings.โ<br />
(1) The minutes of the proceedings of every draw shall be prepared and entered in a book to be kept for that purpose immediately after the closure of the draw and shall be signed by the foreman, the prized subscribers, if present, or their authorised agents, and at least two other subscribers who are present, and where a direction has been made under sub-section (3) of section 16, also by the Registrar or the person deputed by him under that sub-section.<br />
(2) The minutes referred to in sub-section (1) shall state clearlyโ<br />
(a) the date and hour when proceedings began and ended and the place where the draw was held;<br />
(b) the number of the instalment of the chit to which the proceedings relate;<br />
(c) the names of the subscribers present;<br />
(d) the person or persons who become entitled to the prize amount in the instalment;<br />
(e) the amount of discount;<br />
(f) full particulars regarding the disposal of the unpaid prize amount, if any, in respect of any previous instalment; and<br />
(g) any other particulars that may be prescribed.<br />
The chit funds act, 1982<br />
18. Copies of minutes to be filed with Registrar.โA true copy of the minutes of the proceedings of every draw certified as such by the foreman shall be filed by the foreman with the Registrar within twenty-one days from the date of the draw to which it relates.<br />
The chit funds act, 1982<br />
19. Restriction on opening of new place of business.โ<br />
(1) No person carrying on chit business shall open a new place of business without obtaining the prior approval of the Registrar within whose territorial jurisdiction his registered office or, as the case may be, the place or the principal place of business is situated.<br />
(2) Before granting approval under sub-section (1), the Registrar shall consult the Registrar of that State within whose territorial jurisdiction the new place of business is proposed to be opened and shall also keep in view the financial condition and methods of operation of the foreman, the extent to which public interest will be served by the opening of the new place of business and such other matters as may be prescribed.<br />
(3) Where a person carrying on chit business opens a new place of business in a State other than the State (hereinafter referred to as the State of origin) in which his registered office or the place or the principal place of his business is situated, the Registrar of the State in which such new place of business is opened may also exercise and perform any of the powers and functions which the Registrar of the State of origin may exercise and perform in respect of the chit business carried on at such new place of business.<br />
(4) For the purposes of this section, โplace of businessโ shall include any branch office, sub-office, or any place of business where the chit business may be conducted by such person.<br />
The chit funds act, 1982<br />
20. Security to be given by foreman.โ<br />
(1) For the proper conduct of the chit, every foreman shall, before applying for a previous sanction under section 4,โ 1[(a) deposit in the name of the Registrar, an amount equal to,โ<br />
(i) fifty per cent. of the chit amount in cash in an approved bank; and<br />
(ii) fifty per cent. of the chit amount in the form of bank guarantee from an approved bank; or]<br />
(b) transfer Government securities of the face value or market value (whichever is less) of not less than one and a half times the chit amount in favour of the Registrar; or<br />
(c) transfer in favour of the Registrar such other securities, being securities in which a trustee may invest money under section 20 of the Indian Trusts Act, 1882 (2 of 1882), of such value, as may be prescribed by the State Government from time of time: Provided that the value of the securities referred to in clause (c) shall not, in any case, be less than one and a half times the value of the chit amount.<br />
(2) Where a foreman conducts more than one chit, he shall furnish security in accordance with the provisions of sub-section (1) in respect of each chit.<br />
(3) The Registrar may, at any time during the currency of the chit, permit the substitution of the security: Provided that the face value or market value (whichever is less) of the substituted security shall not be less than the value of the security given by the foreman under sub-section (1).<br />
(4) The security given by the foreman under sub-section (1), or any security substituted under sub-section (3), shall not be liable to be attached in execution of a decree or otherwise until the chit is terminated and the claims of all the subscribers are fully satisfied.<br />
(5) Where the chit is terminated and the Registrar has satisfied himself that the claims of all the subscribers have been fully satisfied, he shall order the release of the security furnished by the foreman under sub-section (1), or the security substituted under sub-section (3), as the case may be, and in doing so, he shall follow such procedure as may be prescribed.<br />
(6) Notwithstanding anything to the contrary contained in any other law for the time being in force, the security furnished under this section shall not be dealt with by the foreman during the currency of the chit to which it relates and any dealing by the foreman with respect thereto by way of transfer or other encumbrances shall be null and void.<br />
The chit funds act, 1982<br />
21. Rights of foreman.โ<br />
(1) The foreman shall be entitled,โ<br />
(a) in the absence of any provision in the chit agreement to the contrary, to obtain the chit amount at the first instalment without deduction of the discount specified in the chit agreement, subject to the condition that he shall subscribe to a ticket in the chit: Provided that in a case where the foreman has subscribed to more than one ticket, he shall not be eligible to obtain more than one chit amount in a chit without discount;<br />
(b) to such amount not exceeding five per cent. of the chit amount as may be fixed in the chit agreement, by way of commission, remuneration or for meeting the expenses of running of the chit;<br />
(c) to interest and penalty, if any, payable on any default in the payment of instalments and to such other amounts as may be payable to him under the provisions of the chit agreement;<br />
(d) to receive and realise all subscriptions from the subscribers and to distribute the prize amounts to the prized subscribers;<br />
(e) to demand sufficient security from any prized subscriber for the due payment of future subscriptions payable by him. Explanation.โA security shall be deemed to be sufficient for the purposes of this clause if its value exceeds by one-third, or if it consists of immoveable properties, the value of which exceeds by one-half, of the amount due from prized subscriber;<br />
(f) to substitute subscribers in place of defaulting subscribers; and<br />
(g) to do all other acts that may be necessary for the due and proper conduct of the chit.<br />
(2) Where any dispute arises with regard to the value of the property offered as security under clause (e) of sub-section (1), it shall be referred to the Registrar for arbitration under section 64.<br />
The chit funds act, 1982<br />
22. Duties of foreman.โ<br />
(1) The foreman shall, on the prized subscriber furnishing sufficient security for the due payment of future subscriptions, be bound to pay him the prize amount: Provided that the prized subscriber shall be entitled to the payment of the prize amount without any security whatsoever if he agrees to the deduction therefrom of the amount of all future subscriptions and in such a case, the foreman shall pay the prize amount to the prized subscriber within seven days after the date of the draw or before the date of the next succeeding instalment, whichever is earlier: Provided further that where the prize amount has been paid to the prized subscriber under the first proviso, the amount deducted shall be deposited by the foreman in an approved bank mentioned in the chit agreement and he shall not withdraw the amount so deposited except for the payment of future subscriptions.<br />
(2) If, owing to the default of the prized subscriber, the prize amount due in respect of any draw remains unpaid until the date of the next succeeding instalment, the foreman shall deposit the prize amount forthwith in a separate account in an approved bank mentioned in the chit agreement and intimate in writing the fact of such deposit and the reasons therefor to the prized subscriber and the Registrar: Provided that where any prized subscriber does not collect the prize amount in respect of any instalment of a chit within a period of two months from the date of the draw, it shall be open to the foreman to hold another draw in respect of such instalment.<br />
(3) Every payment of the prize amount or the amount of future subscriptions under sub-section (1), and the deposit of the prize amount under sub-section (2), shall be intimated to the subscribers at the next succeeding draw and the particulars of such payment or deposit shall be entered in the minutes of the proceedings of that draw.<br />
(4) The foreman shall not appropriate to himself any amount in excess of what he is entitled to under clause (b) or clause (c) of sub-section (1) of section 21: Provided that where the foreman is himself a prized subscriber, he shall be entitled to appropriate to himself the prize amount subject to his complying with provisions of section 31: Provided further that the foreman may appropriate to himself the interest accruing on the amount deposited under the second proviso to sub-section (1).<br />
(5) The foreman shall not admit any person as a subscriber to a chit, if, by such admission, the total number of tickets mentioned in the chit agreement is increased.<br />
(6) The foreman shall distribute among the subscribers in accordance with the chit agreement, the dividend either in cash, grain or by way of adjustment towards the subscriptions payable for the next instalment, if any.<br />
The chit funds act, 1982<br />
23. Books, records, etc., to be kept by foreman.โThe foreman shall maintain in the registered office, or, as the case may be, in the place or the principal place of his business, or, where the foreman has any branch office, sub-office or any place of business for the conduct of chit business in a State other than the State in which his registered office or the principal place of his business is situated, in such branch office, sub-office or place of business in respect of the business conducted in that Stateโ<br />
(a) a register containingโ<br />
(i) the names and full particulars of the subscribers in each chit together with the number of tickets held by each subscriber;<br />
(ii) the dates on which the subscribers signed the chit agreement; and<br />
(iii) in the case of an assignment of a ticket by a subscriber, the name and full address of the assignee with the date of assignment and the date on which the assignment had been recognised by the foreman;<br />
(b) a book containing the minutes of the proceedings of each draw;<br />
(c) a ledger containing โ<br />
(i) the amounts paid by the prized subscribers in each chit and the dates of such payments;<br />
(ii) the amounts paid to the prized subscribers and the dates of such payments; and<br />
(iii) in the case of any deposit in an approved bank mentioned in the chit agreement, the date and the amount of such deposit;<br />
(d) a register in the prescribed form showing the amounts deposited in approved banks as required under the provisions of this Act in respect of all chits conducted by the foreman at his office; and<br />
(e) such other registers and books in such form as may be prescribed by the State Government within whose jurisdiction the chit is conducted.<br />
The chit funds act, 1982<br />
24. Balance-sheet.โWithout prejudice to the provisions of the Companies Act, 1956 (1 of 1956), every foreman shall prepare and file with the Registrar within such time as may be prescribed, a balance-sheet as on the last date of each calendar year, or, as the case may be, the financial year of the foreman, and a profit and loss account relating to the year of account, in the forms set out in Parts I and II of the Schedule, or as near thereto as circumstances admit, in respect of the chit business and audited by auditors qualified to act as auditors under the Companies Act, 1956 (1 of 1956), or by a chit auditor appointed under section 61: Provided that where a balance-sheet is audited by an auditor qualified to act as auditor under the Companies Act, 1956 (1 of 1956), a chit auditor appointed under section 61 shall have the right to audit the balance-sheet at any time if so authorised by the Registrar in this behalf.<br />
The chit funds act, 1982<br />
25. Liability of foreman to subscribers.โ<br />
(1) Every foreman shall be liable to account to the subscribers for the amounts due to them.<br />
(2) Where there are more than one foreman in a chit, each one of them jointly and severally and, if the foreman is a firm or other association of individuals, each one of the partners or individuals thereof jointly and severally and, if the foreman is a company, the company as such, shall be liable to the subscribers in respect of the obligations arising out of the chit.<br />
The chit funds act, 1982<br />
26. Withdrawal of foreman.โ<br />
(1) No foreman, or where there are more than one foreman in a chit, none of them shall withdraw from the chit until its termination unless such withdrawal is assented to in writing by all the non-prized and unpaid prized subscribers and a copy of such assent has been filed with the Registrar under section 41.<br />
(2) The withdrawal from a chit of any one of the foreman shall not effect the security given by him under section 20 or section 31.<br />
The chit funds act, 1982<br />
27. Non-prized subscribers to pay subscriptions and obtain receipts.โEvery non-prized subscriber shall pay his subscription due in respect of every instalment on the dates and times and at the places mentioned in the chit agreement and shall, on such payment, be entitled to obtain a receipt from the foreman.<br />
<br />
The chit funds act, 1982<br />
28. Removal of defaulting subscribers.โ<br />
(1) A non-prized subscriber who defaults in payment his subscription in accordance with the terms of the chit agreement shall be liable to have his name removed from the list of subscribers and a written notice of such removal shall be given by the foreman to the defaulting subscriber within fourteen days of the date of such removal: Provided that if the defaulter pays the defaulted instalment with interest at such rate as may be prescribed within seven days of the date of receipt of such notice, his name shall be re-entered in the list of such subscribers.<br />
(2) Every such removal under sub-section (1), shall, with the date thereof, be entered in the relevant book maintained by the foreman.<br />
(3) A true copy of the entry referred to in sub-section (2) shall be filed by the foreman with the Registrar within fourteen days from the date of removal.<br />
(4) Any defaulting subscriber aggrieved by the removal of his name from the list of subscribers may, within seven days of the date of receipt of the notice of removal refer the matter to the Registrar for arbitration under section 64.<br />
The chit funds act, 1982<br />
29. Substitution of subscribers.โ<br />
(1) A foreman may substitute in the list of subscribers any person (hereinafter in this Chapter referred to as the substituted subscriber) in place of the defaulting subscriber whose name has been removed under sub-section (1) of section 28.<br />
(2) Every substitution referred to in sub-section (1) shall, with the date thereof, be entered in the relevant book maintained by the foreman and a true copy of every such entry shall be filed by the foreman with the Registrar within fourteen days from the date of substitution.<br />
The chit funds act, 1982<br />
30. Amounts due to defaulting subscribers.โ<br />
(1) A foreman shall, out of the amounts payable by and realized from the substituted subscriber towards the instalment relatable to the period before the date of the substitution (including the arrears due from the defaulting subscriber), deposit, before the date of the next succeeding instalment, in a separate identifiable account in an approved bank mentioned in the chit agreement, an amount equal to the contributions made by the defaulting subscriber less such deductions as may be provided for in the chit agreement, and shall inform the defaulting subscriber as well as the Registrar of the fact of such deposit and shall not withdraw the amount so deposited except for payment to the defaulting subscriber.<br />
(2) The amount so deposited under sub-section (1) shall be paid to the defaulting subscriber as and when he claims the amount and the amount so deposited shall not be withdrawn by the foreman for any purpose other than for such payment.<br />
(3) The contributions of any defaulting subscriber who has not been substituted till the termination of the chit shall be paid to him within fifteen days from the date of termination of the chit subject to such deductions as may be provided for in the chit agreement.<br />
The chit funds act, 1982<br />
31. Prized subscriber to furnish security.โEvery prized subscriber shall, if he has not offered to deduct the amount of all future subscriptions from the prize amount due to him, furnish, and a foreman shall take, sufficient security for the due payment of all future subscriptions and, if the foreman is a prized subscriber, he shall give security for the due payment of all the future subscriptions to the satisfaction of the Registrar.<br />
The chit funds act, 1982<br />
32. Prized subscriber to pay subscriptions regularly.โEvery prized subscriber shall pay his subscriptions regularly on the dates and times and at the place mentioned in the chit agreement and, on his failure to do so, he shall be liable to make a consolidated payment of all the future subscriptions forthwith.<br />
The chit funds act, 1982<br />
33. Foreman to demand future subscriptions by written notice.โ<br />
(1) A foreman shall not be entitled to claim a consolidated payment from a defaulting prized subscriber under section 32 unless he makes a demand to that effect in writing.<br />
(2) Where a dispute is raised under this Act by a foreman for a consolidated payment of future subscriptions from a defaulting prized subscriber and if the subscriber pays to the foreman on or before the date to which the dispute is posted for hearing the arrears of subscriptions till that date together with the interest thereon at the rate provided for in the chit agreement and the cost of adjudication of the dispute, the Registrar or his nominee hearing the dispute shall, notwithstanding any contract to the contrary, make an order directing the subscriber to pay to the foreman the future subscriptions on or before the dates on which they fall due, and that, in case of any default of such payments by the subscriber, the foreman shall be at liberty to realise, in execution of that order, all future subscriptions and interest together with the costs, if any, less the amount, if any, already paid by the subscriber in respect thereof: Provided that if any such dispute is on a promissory note, no order shall be passed under this sub-section unless such promissory note expressly states that the amount due under the promissory note is towards the payment of subscriptions to the chit.<br />
(3) Any person who holds any interest in the property furnished as security or part thereof, shall be entitled to make the payment under sub-section (2).<br />
(4) All consolidated payment of future subscriptions realised by a foreman shall be deposited by him in an approved bank mentioned in the chit agreement before the date of the succeeding instalment and the amount so deposited shall not be withdrawn except for payment of future subscriptions.<br />
(5) Where any property is obtained as security in lieu of the consolidated payment of future subscriptions, it shall remain as security for the due payment of future subscriptions.<br />
The chit funds act, 1982<br />
34. Restrictions on transfer of rights of foreman.โ<br />
(1) No transfer of the rights of a foreman to receive subscriptions from the prized subscribers shall be made without the previous sanction in writing of Registrar.<br />
(2) Any transfer of the rights of a foreman to receive subscriptions from the prized subscribers shall, if it is likely to defeat or delay the interests of a non-prized or unpaid prized subscriber, be voidable at the instance of such subscriber.<br />
(3) When under sub-section (2), a transfer is disputed by a subscriber, the burden of providing that the foreman was in solvent circumstances at the time of the transfer and that the transfer does not defeat or delay the interests of such subscriber is on the transferee.<br />
The chit funds act, 1982<br />
35. Transfer of non-prized subscriberโs right to be in writing.โEvery transfer by a non-prized subscriber of his rights in the chit shall be in writing duly attested by at least two witnesses and shall be filed with the foreman.<br />
The chit funds act, 1982<br />
36. Recognition of transfer by foreman.โEvery transfer under section 35 shall, within a period of fourteen days from the date of receipt of the proposal for transfer by the foreman, be recognised by him unless the transferee is not solvent or the transfer was effected with a view to defeating the provisions of any law including this Act and the decision of the foreman to recognise the transfer or not shall forthwith be communicated to the parties concerned.<br />
The chit funds act, 1982<br />
37. Entry of transfer.โEvery transfer under section 34 or section 35 shall be entered by the foreman in the books of the chit forthwith and a true copy of such entry shall be filed by the foreman with the Registrar within fourteen days from the date of making such entry.<br />
The chit funds act, 1982<br />
38. Meetings of general body of subscribers.โ<br />
(1) The foreman may, on his own motion, convene a special meeting of the general body of subscribers for considering any proposal to pass a special resolution.<br />
(2) The foreman shall convene such a meeting on the requisition in writing of not less than twenty-five per cent. of the number of non-prized and unpaid prized subscribers, and the meeting so convened shall be held within thirty days of the date of receipt of the requisition and if the foreman refuses or fails to call such a meeting within fourteen days of the date of receipt of such requisition, not less than twenty-five per cent. of the number of non-prized and unpaid prized subscribers may give notice of the fact to the Registrar.<br />
(3) The Registrar shall, within twenty-one days of the receipt of the notice under sub-section (2), convene or direct the convening of a special meeting of the general body of the subscribers and on receipt of such a direction, it shall be the duty of the foreman to comply with such direction.<br />
(4) Notice of not less than fourteen days shall be given to all the subscribers of a meeting under this section specifying the object, date, hour and place of meeting and a copy of the special resolution shall also be sent along with the notice of the meeting. Explanation.โFor the purposes of this section and section 39, โspecial resolutionโ means a resolution which is passed at a meeting of the general body of the subscribers specially convened for the purpose, by a majority of not less than two-thirds of the subscribers to the chit present at the meeting in person or by proxy and representing not less than three-fourths of the amount or, as the case may be, the value of the grain, subscribed by all non-prized and unpaid prized subscribers, if any.<br />
The chit funds act, 1982<br />
39. Provision for continuation of chits in certain cases.โ<br />
(1) Where a foreman dies or becomes of unsound mind or is otherwise incapacitated, the chit may continue in accordance with the provisions of the chit agreement.<br />
(2) Where a foreman is adjudicated as insolvent, or withdraws from the chit under section 26, or fails to conduct the chit at any instalment or on any other date before the next succeeding instalment as may have been agreed upon by a special resolution, any one or more of such subscribers authorised by such resolution may, in the absence of any provision in the chit agreement for the future conduct of the chit, take the place of the foreman and continue the chit or make other arrangements for the further conduct of the chit.<br />
The chit funds act, 1982<br />
40. Termination of chits.โA chit shall be deemed to have terminated,โ<br />
(a) when the period specified therefor in the chit agreement has expired provided the payment of dues to all the subscribers has been completed; or<br />
(b) when all the non-prized and unpaid prized subscribers and the foreman consent in writing to the termination of the chit and a copy of such consent is filed with the Registrar as required under section 41; or<br />
(c) where a foreman dies or becomes of unsound mind or is otherwise incapacitated and the chit is not continued in accordance with the provisions of the chit agreement: Provided that, in a case where the foreman is a firm, if a partner thereof dies or becomes of unsound mind or is otherwise incapacitated, the chit shall not be deemed to have terminated and the surviving partner or partners shall conduct the chit in the absence of any provision to the contrary in the chit agreement.<br />
The chit funds act, 1982<br />
41. Copy of assent or consent to be filed with Registrar.โA true copy of every assent referred to in section 26 and of every consent referred to in clause (b) of section 40 with their dates shall be filed by the foreman or by the surviving partner or partners, as the case may be, with the Registrar within fourteen days from the date of such assent or consent.<br />
The chit funds act, 1982<br />
42. Refund of non-prized subscribersโs subscriptions.โExcept in the cases referred to in clauses<br />
(a) and (b) of section 40,โ<br />
(a) every non-prized subscriber shall, unless otherwise provided for in this Act or in the chit agreement, be entitled to get back his subscriptions at the termination of the chit without any deduction for dividend, if any, earned by him: Provided that, any person to whom the rights of a non-prized subscriber are transferred in accordance with the provisions of section 35, shall, in addition to his own subscriptions, be entitled to get back the subscriptions paid by such non-prized subscriber, subject to the conditions specified in this section;<br />
(b) if a chit terminates on a date earlier than the date originally fixed in the chit agreement, the non-prized subscriberโs claim shall be deemed to have arisen on the date on which he has notice thereof.<br />
The chit funds act, 1982<br />
43. Subscribersโ dues to be first charge on chit assets.โAny amount due to the subscriber from a foreman in relation to the chit business shall be a first charge on the chit assets.<br />
The chit funds act, 1982<br />
44. Foreman to allow certain subscribers to inspect chit records.โEvery foreman shall, on payment of such fee not exceeding five rupees as may be specified in the chit agreement, allow the non-prized subscribers and unpaid prized subscribers reasonable facilities on all the dates of draw or on such other dates and within such hours as may be provided for in the chit agreement, for the inspection of security bonds and documents, receipts and other records taken from the prized subscribers, or furnished by the foreman as a subscriber and all chit records, including books of accounts, pass-books, balance-sheet and profit and loss accounts and such other records as may show the actual financial position of the chit.<br />
The chit funds act, 1982<br />
45. Preservation of chit records by foreman.โAll the records pertaining to a chit shall be kept by the foreman for a period of eight years from the date of termination of the chit.<br />
The chit funds act, 1982<br />
46. Inspection of chit books and records by Registrar.โ<br />
(1) Without prejudice to the provisions of sections 209 and 209A of the Companies Act, 1956 (1 of 1956), the Registrar or an officer authorised by the State Government in this behalf may inspect chit books and all the records of a chit during working hours on any working day at the premises of the foreman with or without giving notice and it shall be the duty of every foreman to produce to the Registrar or the officer so authorised, all such books and records as are in his custody or power and to furnish him with any statement or information relating to the chits as he may require from the foreman within such time as he may specify.<br />
(2) The Registrar or an officer authorised by the State Government in this behalf may, after giving seven daysโ notice in writing to the foreman, direct him to produce before him for inspection such chit books and records as he may require at the time and place mentioned in the notice.<br />
(3) If on an inspection made under sub-section (1) or sub-section (2), any defects are found, the Registrar may bring such defects to the notice of the foreman and may also make an order directing the foreman to take such action as may be specified in the order to remedy the defects within the time specified therein.<br />
(4) Every foreman shall be bound to comply with the directions contained in an order made under sub-section (3).<br />
The chit funds act, 1982<br />
47. Power of Reserve Bank to inspect chit books and records.โ<br />
(1) Nothing in section 46 shall be deemed to affect the power of the Reserve Bank to inspect the books and records of any foreman under the provisions of section 45N of the Reserve Bank of India Act, 1934 (2 of 1934).<br />
(2) The Reserve Bank may, if it considers necessary, forward a copy of its report or of any part of its report on the inspection of the books and records of a foreman to the foreman for taking necessary action.<br />
(3) Every foreman shall, on receipt of the report or part thereof under sub-section (2), be bound to comply with the directions, if any, given by the Reserve Bank in this behalf and shall, if so required, submit periodical reports in regard to the action taken by him.<br />
(4) The Reserve Bank may also forward a copy of the report on the inspection of the books and records of a foreman to the State Government within whose jurisdiction the registered office of the company, if the foreman is a company, or the place or the principal place of business of the foreman in any other case, is situated for such action as may be considered necessary.<br />
The chit funds act, 1982<br />
48. Circumstances under which chits may be wound up.โA chit may be wound up by the Registrar within whose territorial jurisdiction the chit has been registered, either on his own motion or on an application made by any non-prized or unpaid-prized subscriber,โ<br />
(a) if the chit has terminated under clause (c) of section 40; or<br />
(b) if the foreman commits any such act in respect of the security specified in section 20 as is calculated to impair materially the nature of the security or the value thereof; or<br />
(c) if he fails to deposit any amount required to be deposited under any of the provisions of this Act; or<br />
(d) if it is proved to the satisfaction of the Registrar that the foreman is unable to pay the amounts due to the subscribers; or<br />
(e) if the execution or other process issued on an order passed by the Registrar in favour of any subscriber in respect of amounts due to him from the foreman in relation to the chit business is returned unsatisfied in whole or in part; or<br />
(f) if it is proved that there has been a fraud or collusion on the part of the foreman in the matter of taking securities from any prized subscriber; or<br />
(g) if the foreman has appropriated the prize amount in his capacity as a subscriber without furnishing sufficient security for future subscriptions; or<br />
(h) if the Registrar is satisfied that the affairs of the chit are being conducted in a manner prejudicial to the interests of the subscribers; or<br />
(i) if it is just and equitable that the chit should be wound up. Explanation.โFor the purpose of clause (d), in determining whether the foreman is unable to pay the amount due to the subscribers, the Registrar shall, take into account his contingent and future liabilities in respect of the chit.<br />
The chit funds act, 1982<br />
49. Application for winding up.โAn application for the winding up of a chit shall be made by a petition presented by any non-prized or unpaid prized subscriber to the Registrar signed and verified in the manner laid down by the Code of Civil Procedure, 1908 (5 of 1908), and shall contain such particulars as may be prescribed: Provided that no application for the winding-up of a chit under clause (d) or clause<br />
(i) of section 48 shall lie unless such application is presented,โ<br />
(a) by non-prized and unpaid prized subscribers representing not less than twenty-five per cent. of the amount or, as the case may be, the value of the grain subscribed by all the non-prized and unpaid prized subscribers, if any; or<br />
(b) with the previous sanction of the State Government within whose jurisdiction the chit is commenced or conducted. Explanation.โFor the purposes of clause (a) of the proviso, a subscriber of a fraction of a ticket shall be deemed to be a subscriber only to the extent of such fraction.<br />
The chit funds act, 1982<br />
50. Bar to winding up proceedings.โNotwithstanding anything contained in sections 48 and 49, no petition for the winding up of a chit shall be entertained by the Registrar,โ<br />
(a) if proceedings relating to insolvency are pending against the foreman; or<br />
(b) where the foreman is a firm, if proceedings relating to insolvency are pending against all the partners or all the partners except one thereof, or proceedings for the dissolution of the firm are pending; or<br />
(c) where the foreman is a company or co-operative society, if proceedings for the winding-up of such company or co-operative society are pending.<br />
The chit funds act, 1982<br />
51. Commencement and effect of winding up order.โAn order for the winding-up of a chit shall operate in favour of all the subscribers to whom amounts are due from the foreman and it shall be deemed to have commenced from the date of the presentation of the application for the winding up.<br />
The chit funds act, 1982<br />
52. Injunction order.โThe Registrar may, on the application of the foreman or of any subscriber to whom amounts are due in respect of a chit, at any time after the presentation of the application for the winding up of the chit under this Act and before the making of an order for the appointment of an interim receiver or for the winding up of the chit, restrain any other proceedings instituted against the foreman for the realisation of amounts due from him on such terms as the Registrar thinks fit.<br />
The chit funds act, 1982<br />
53. Powers of Registrar.โThe Registrar may, after hearing an application under this Chapter, dismiss it with or without costs, or adjourn the hearing conditionally or unconditionally or make an interim or any other order that he deems fit.<br />
The chit funds act, 1982<br />
54. Vesting of chit assets in Registrar or other person.โOn the making of an order for the winding up of a chit, all the chit assets pertaining to such chit shall vest in the Registrar or in any person appointed by him for distribution amongst the subscribers to whom amounts are due in respect of the chit.<br />
The chit funds act, 1982<br />
55. Suits, etc., to be stayed on winding up order.โWhen a winding up order has been made or a receiver has been appointed, no suit or other legal proceedings shall be continued or commenced against the foreman by a subscriber for the realisation of amounts due to him in respect of the chit except with the leave of the Registrar winding up the chit and on such terms as he may impose.<br />
The chit funds act, 1982<br />
56. Notification of winding up order.โOn the making of a winding up order, the Registrar shall make an entry in his book relating to the chit and shall notify in the official Gazette that the order has been made.<br />
The chit funds act, 1982<br />
57. Cessation of winding up proceedings on insolvency of foreman, etc., or the winding up of the company and transfer of such proceedings.โWhere during the pendency of the proceedings for the winding up of a chit, the foreman is adjudicated an insolvent, or where the foreman is a firm, all the partners or all the partners except one thereof are adjudicated insolvents, or where the foreman is a company, the company has been ordered to be wound up by the court, the winding-up proceeding under this Chapter shall cease and the distribution of the chit assets shall, subject to the provisions of sections 43 and 52, be made by the insolvency court or the court winding up the company, as the case may be.<br />
The chit funds act, 1982<br />
58. Award of compensation to foreman.โ<br />
(1) Where an application for the winding-up of a chit is dismissed and the Registrar is satisfied that the petition is frivolous or vexatious, he may, on the application of the foreman, award against the petitioner such amount, not exceeding one thousand rupees, as he deems reasonable as compensation to the foreman for the expenses or injury caused to him by the presentation of the application and the proceedings thereon, and such amount may be realised as if the award were a decree of a civil court.<br />
(2) On the making of an award under sub-section (1), no suit for compensation in respect of an application for any winding-up of the chit shall be entertained.<br />
The chit funds act, 1982<br />
59. Right to appeal.โThe foreman or any subscriber or any other person aggrieved by a decision or order of the Registrar in any proceedings for the winding up of a chit may, within sixty days from the date of such decision or order, appeal to the State Government.<br />
The chit funds act, 1982<br />
60. Limitation.โ<br />
(1) Where an order refusing to wind up a chit has been made under this Act, the chit shall be deemed to have been under suspension from the date of presentation of the application to the date of such order in respect of non-prized subscribers; and, notwithstanding anything contained in the chit agreement, no non-prized subscriber who was not a defaulter on the date of the presentation of the petition for winding-up, shall be deemed to be a defaulter on the date of such order.<br />
(2) Where an order refusing to wind up a chit has been made under this Act, in computing a period of limitation prescribed for any suit or other legal proceedings (other than a suit or application in respect of which the leave of the Court has been obtained) which might have been brought or instituted, but for the presentation of the application for the winding-up of the chit, the period from the date of the presentation of the application to the date of the order refusing to wind up a chit shall be excluded.<br />
(3) Nothing contained in this Chapter shall affect the rights of a subscriber to proceed against the foreman personally for the balance, if any, of the amount due to him after the declaration of the final dividend in the proceedings for the winding up of the chit and in computing the period of limitation prescribed for any such proceedings, the period from the date of the presentation of the application for the winding-up of the chit to the date of the declaration of the final dividend shall be excluded.<br />
The chit funds act, 1982<br />
61. Appointment of Registrar and other officers.โ<br />
(1) The State Government may, by notification in the Official Gazette, appoint a Registrar of Chits and as many Additional, Joint, Deputy and Assistant Registrars as may be necessary for the purpose of discharging the duties imposed upon the Registrar by or under this Act.<br />
(2) The Registrar may appoint as many inspectors of chits and chit auditors as may be necessary for the purpose of discharging the duties imposed on the inspectors of chits or chit auditors by or under this Act.<br />
(3) All inspectors of chits and chit auditors shall discharge the duties imposed upon them by or under this Act under the general superintendence and control of the Registrar.<br />
(4) If the Registrar is of opinion that the accounts of any chit are not properly maintained and that such accounts should be audited, it shall be lawful for him to have such accounts audited by a chit auditor.<br />
(5) It shall be the duty of the foreman of the chit whose accounts are to be audited by a chit auditor under sub-section (4) to produce before the chit auditor, all accounts, books and other records relating to the chit, to furnish him with such information as may be required and afford him all such assistance and facilities as may be necessary and reasonable in regard to the audit of the accounts of the chit.<br />
(6) The foreman shall pay to the chit auditor such fees as may be prescribed for the audit of accounts of the chit under sub-section (4); Provided that different scales of fees may be prescribed for different chits depending on the quantum of the chit amount.<br />
The chit funds act, 1982<br />
62. Inspection of documents in Registrarโs Office.โThe foreman of a chit or any subscriber in a chit or the heirs or legal representatives of any foreman or subscriber may, on payment of such fees as may be prescribed,โ<br />
(a) inspect the documents of the concerned chit kept by the Registrar; or<br />
(b) obtain a certified copy or an extract of any such document on record.<br />
The chit funds act, 1982<br />
63. Levy of fees.โ<br />
(1) There shall be paid to the Registrar such fees as the State Government may, from time to time, prescribe for,โ<br />
(a) the issue of previous sanction under section 4;<br />
(b) the filing of the chit agreement with the Registrar and the registration of the chit under section 7;<br />
(c) the filing of a declaration with the Registrar and the grant of a certificate of commencement under section 9;<br />
(d) the filing of copies of documents under any of the provisions of this Act;<br />
(e) the audit of the accounts of the foreman under section 61;<br />
(f) the inspection of documents under section 62;<br />
(g) the obtaining of certified copies or extracts of documents and records under section 62; and<br />
(h) such other matters as may appear necessary to the State Government.<br />
(2) A table of fees prescribed under sub-section (1) shall be exhibited on a notice-board in the office of the Registrar.<br />
The chit funds act, 1982<br />
64. Disputes relating to chit business.โ<br />
(1) Notwithstanding anything contained in any other law for the time being in force, any dispute touching the management of chit business shall be referred by any of the parties to the dispute, to the Registrar for arbitration if each party thereto is one or the other of the following, namely:โ<br />
(a) a foreman, a prized subscriber or a non-prized subscriber, including a defaulting subscriber, past subscriber or a person claiming through a subscriber, or a deceased subscriber to a chit;<br />
(b) a surety of a subscriber, past subscriber, or a deceased subscriber. ExplanationโFor the purposes of this sub-section, a dispute touching the management of a chit business shall include,โ<br />
(i) a claim by or against a foreman for any debt or demand due to him from a subscriber, or due from him to a subscriber, past subscriber or the nominee, heir or legal representative of a deceased subscriber whether such debt or demand is admitted or not;<br />
(ii) a claim by a surety for any sum or demand due to him from the principal borrower in respect of a loan by a foreman and recovered from the surety owing to the default of the principal borrower, whether such sum or demand is admitted or not; and<br />
(iii) a refusal or failure by a subscriber, past subscriber or the nominee, heir or legal representative of a deceased subscriber to deliver possession to a foreman of land or any other asset resumed by him for breach of conditions of the assignment.<br />
(2) Where any question arises as to whether any matter referred to for the award of the Registrar is a dispute or not for the purposes of sub-section (1), the same shall be decided by the Registrar whose decision thereon shall be final.<br />
(3) No civil court shall have jurisdiction to entertain any suit or other proceedings in respect of any dispute referred to in sub-section (1).<br />
The chit funds act, 1982<br />
65. Period of limitation.โ<br />
(1) Notwithstanding anything contained in the Limitation Act, 1963 (36 of 1963), but subject to the specific provisions contained in this Act, the period of limitation in the case of a dispute referred to the Registrar under section 64, shallโ<br />
(a) if the dispute relates to the recovery of any sum, including interest thereon, due to a foreman from a deceased subscriber, be three years, computed from the date on which such subscriber dies or ceases to be a subscriber; or<br />
(b) if the dispute is between a foreman and a subscriber or a past subscriber, or the nominee, heir or legal representative of a deceased subscriber, and the dispute relates to any act or omission on the part of either party to the dispute, be three years from the date on which the act or omission with reference to which the dispute arose, took place.<br />
(2) The period of limitation in the case of any dispute other than those referred to in sub-section (1) which are required to be referred to the Registrar under section 64 shall be regulated by the provisions of the Limitation Act, 1963 (36 of 1963), as if the dispute were a suit, and the Registrar, a civil court.<br />
(3) Notwithstanding anything contained in sub-sections (1) and (2), the Registrar may admit a dispute after the expiry of the period of limitation specified therein, if the applicant satisfies the Registrar that he had sufficient cause for not referring the dispute within such period.<br />
The chit funds act, 1982<br />
66. Settlement of disputes.โ<br />
(1) If the Registrar is satisfied that any matter referred to him or brought to his notice is a dispute within the meaning of section 64, he shall, subject to such rules as may be prescribed, settle the dispute himself, or refer it for disposal to a person appointed by him (hereinafter in this Chapter referred to as the nominee).<br />
(2) Where any dispute is referred under sub-section (1) for settlement of the nominee, the Registrar may, at any time for reasons to be recorded in writing, withdraw such dispute from the nominee and may settle the dispute himself, or refer it again for settlement to any other nominee appointed by him.<br />
The chit funds act, 1982<br />
67. Procedure for settlement of disputes and powers of Registrar or nominee.โ<br />
(1) The Registrar or the nominee hearing a dispute under section 66, shall, in addition to the powers conferred on him under that section, have the same powers as are vested in a civil court while trying a suit under the Code of Civil Procedure, 1908 (5 of 1908), in respect of the following matters, namely:โ<br />
(a) summoning and enforcing the attendance of persons and examining them on oath;<br />
(b) requiring the discovery and inspection of documents;<br />
(c) receiving evidence on affidavits;<br />
(d) requisitioning any public record or copies thereof from any court or office;<br />
(e) issuing commissions for the examination of witnesses or documents; and<br />
(f) any other matter which may be prescribed.<br />
(2) Except with the permission of the Registrar or the nominee, no party shall be represented at the hearing of a dispute by a legal practitioner.<br />
(3) (a) If the Registrar or the nominee is satisfied that any person, whether he is a subscriber or not has acquired any interest in the property of a person who is a party to a dispute, he may order that the person who has acquired the interest in the property may be joined as a party to the dispute and any decision that may be given by the Registrar or the nominee on the dispute shall be binding on the party so joined, in the same manner as if he were an original party to the dispute.<br />
(b) Where a dispute has been referred in the name of a wrong person, or where all the necessary parties have not been included, the Registrar or the nominee may, if he is satisfied that it was due to a genuine mistake, order any other person to be substituted or added as parties to the dispute at any stage of hearing of the dispute on such terms as he thinks just.<br />
(c) The Registrar or the nominee may, at any stage of the proceedings, either upon or without the application of either party and on such terms as may appear to the Registrar or the nominee to be just, order that the name of any party improperly joined be struck off.<br />
(d) Any person who is a party to the dispute and entitled to more than one relief in respect of the same cause of action may claim all or any such reliefs, but if he omits to claim any such relief, he shall not be entitled to claim that relief, except with the leave of the Registrar or the nominee.<br />
The chit funds act, 1982<br />
68. Attachment before judgment and other interlocutory orders.โ<br />
(1) Where a dispute has been referred under section 64 and the Registrar or the nominee hearing the dispute is satisfied on enquiry or otherwise that a party to such dispute, with intent to defeat or obstruct the execution of any award or the carrying out of any order that may be made,โ<br />
(a) is about to dispose of the whole or any part of his property; or<br />
(b) is about to remove the whole or any part of the property from the jurisdiction of the Registrar, he may, unless adequate security is furnished, direct conditional attachment of the said property, and such attachment shall have the same effect as if it is made by competent civil court.<br />
(2) Where the Registrar or the nominee directs the attachment of any property under sub-section (1), he shall issue a notice calling upon the person whose property is so attached to furnish such security as he thinks adequate within a specified period, and if the person fails to provide such security, the Registrar or the nominee may confirm the order, and may, after the decision in the dispute, direct the disposal of the property so attached towards the claim, if awarded.<br />
(3) Any attachment made under this section shall not affect the rights, subsisting prior to the attachment of the property, of persons who are not parties to the dispute, or bar any person holding a decree against the person whose property is so attached from applying for the sale of the property under the attachment of such decree.<br />
(4) The Registrar or the nominee may, in order to prevent the ends of justice being defeated, make such interlocutory order pending the award in a dispute referred to in sub-section (1) as may appear to be just and convenient.<br />
The chit funds act, 1982<br />
69. Decision of Registrar or nominee.โWhen a dispute is referred to arbitration under this Chapter, the Registrar or the nominee, may, after giving a reasonable opportunity to the parties to the dispute to be heard, make an award on the dispute, on the expenses incurred by the parties to the dispute in connection with the proceedings and the fees and expenses payable to the Registrar or the nominee, and such an award shall not be invalid merely on the ground that it was made after the expiry of the period, if any, fixed for deciding the dispute by the Registrar, and shall, subject to appeal under section 70, be final and binding on the parties to the dispute.<br />
The chit funds act, 1982<br />
70. Appeal against decision of Registrar or nominee.โAny party aggrieved by any order passed by the Registrar or the nominee or the award of the Registrar or the nominee under section 69, may, within two months from the date of the order or award, appeal to the State Government.<br />
The chit funds act, 1982<br />
71. Money how recovered.โEvery order passed by the Registrar or the nominee under section 68 or section 69 and every order passed by the State Government in appeal under section 70 for payment of any money shall, if not carried out, โ<br />
(a) on a certificate issued by the Registrar, be deemed to be a decree of a civil court, and shall be executed in the same manner as a decree of such court, or<br />
(b) be executed in accordance with the provisions of any law for the time being in force for the recovery of amounts as arrears of land revenue: Provided that no application for execution under clause (b) shall be made after the expiry of three years from the date fixed in the order, and if no such date is fixed, from the date of the order.<br />
The chit funds act, 1982<br />
72. Private transfer of property made after issue of certificate void against foreman.โAny private transfer or delivery of, or encumbrance or charge on property made or created after the issue of the certificate by the Registrar under section 71 shall be null and void against the foreman on whose application the said certificate was issued.<br />
The chit funds act, 1982<br />
73. Advisory role of Reserve Bank.โThe Reserve Bank may tender to any State Government such advice on questions of policy with respect to this Act as it thinks fit either on its own motion or on a request made by the State Government.<br />
The chit funds act, 1982<br />
74. Appeal.โ<br />
(1) Any foreman aggrieved by the decision of the Registrar, โ<br />
(a) refusing to register the chit agreement under section 7;<br />
(b) refusing to grant a certificate of commencement under sub-section (2) of section 9;<br />
(c) refusing to accept any security under sub-section (1) of section 20 or under section 31; or<br />
(d) refusing to release the security charged under section 20 or section 31; may, within thirty days of the communication to him of such decision, appeal to the State Government or to such officer or authority as may be empowered by notification in the Official Gazette by the State Government in that behalf.<br />
(2) Any foreman or other person aggrieved by the order of the Registrar under sub-section (1) of section 34 may, within thirty days of the communication to him of such decision, appeal to the State Government or to such officer or authority as may be empowered by notification in the Official Gazette by the State Government in that behalf.<br />
(3) The State Government or such officer or authority aforesaid may, after giving the appellant an opportunity of making his representation, pass such order on the appeal as it or he thinks fit and such order shall be final.<br />
The chit funds act, 1982<br />
75. Powers of Registrar to give extension of time for filing documents.โThe Registrar may, in his discretion and upon an application in writing by a foreman made within the period specified for the filing of documents, under sub-section (3) of section 28, sub-section (2) of section 29, section 37 or section 41, allow the foreman further time not exceeding fifteen days to file copies of such documents.<br />
The chit funds act, 1982<br />
76. Penalties.โ<br />
(1) Whoever contravenes or abets the contravention of any of the provisions of sections 4, 5, 8, 9, 11, 12, 13, 14, 19, 20, 22, 24, 30, 31, sub-section (4) of section 33, sections 46, 47 or sub-section (5) of section 61 shall, on conviction, be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to five thousand rupees, or with both.<br />
(2) Any foreman, โ<br />
(a) who fails to file any document required to be filed under this Act within the period specified therefor or within such further time as may be allowed; or<br />
(b) who fails to comply with the requirements of the chit agreement regarding the date, time and place at which the chit is to be drawn or who fails to comply with the requirements of any direction given under sub-section (3) of section 38; or<br />
(c) who contravenes or fails to comply with any other requirement under this Act, shall, on conviction, be punishable with fine which may extend to three thousand rupees.<br />
(3) Whoever wilfully makes a statement in any document required to be filed under this Act which is false in any material particular shall, on conviction, be punishable with imprisonment for a term which may extend to two years or with fine which may extend to five thousand rupees or with both.<br />
The chit funds act, 1982<br />
77. Penalty for second and subsequent convictions.โIf any person convicted of an offence under sub-section<br />
(1) or sub-section (3) of section 76 is again convicted of an offence under any of the said sub-sections he shall be punishable for the second and for every subsequent offence with imprisonment for a term which may extend to two years and shall also be liable to fine.<br />
<br />
The chit funds act, 1982<br />
78. Application of fine.โA court imposing any fine under this Act may direct that the whole or any part thereof shall be applied in, or towards payment of, the cost of the proceedings.<br />
The chit funds act, 1982<br />
79. Offences by companies.โ<br />
(1) Where an offence under this Act has been committed by a company, every person who, at the time the offence was committed was in charge of, and was responsible to, the company, for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment provided in this Act, if he proves that the offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence.<br />
(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to, any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. ExplanationโFor the purposes of this section,โ<br />
(a) โcompanyโ means any body corporate and includes a firm or other association of individuals; and<br />
(b) โdirectorโ in relation to a firm means a partner in the firm.<br />
The chit funds act, 1982<br />
80. Cognizance of offences.โ<br />
(1) All offences under section 11 shall be cognizable.<br />
(2) No court inferior to that of a Metropolitan Magistrate or a Judicial Magistrate of the first class shall try an offence punishable under this Act.<br />
<br />
The chit funds act, 1982<br />
81. Power to compound offences.โ<br />
(1) Subject to such conditions as may be prescribed, any officer empowered by the State Government in this behalf may, either before or after the institution of criminal proceedings under this Act, accept from the person who has committed or is reasonably suspected to have committed an offence under this Act, by way of composition of such offence, a sum of money not exceeding such amount as may be prescribed.<br />
(2) Where an offence has been compounded under sub-section (1), the offender, if in custody, shall be discharged and no further proceedings shall be taken against him in respect of such offence.<br />
The chit funds act, 1982<br />
82. Power to enter and search any place and to seize any documents.โ<br />
(1) If the Registrar or any other officer authorised by him in this behalf has reason to suspect that any person conducts, or is responsible for the conduct of a chit in any place in contravention of the provisions of this Act, he may, for reasons to be recorded in writing and at any reasonable time, enter into and search such place, and may seize such books, registers, accounts, or documents as may be necessary.<br />
(2) The Registrar or officer authorised by him in this behalf, may apply for assistance to an officer in charge of a police station and take police officers to accompany and assist him in discharging his duties under sub-section (1).<br />
(3) All searches under sub-section (1) shall be made in accordance with the provisions of the Code of Criminal Procedure, 1973 (2 of 1974).<br />
The chit funds act, 1982<br />
83. Officers to be public servants.โThe Registrar and all officers appointed by the State Government to perform any function under this Act shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860).<br />
The chit funds act, 1982<br />
84. Power to delegate.โThe State Government may, by notification in the official Gazette, direct that any power (other than the power to hear appeals or to make rules) exercisable by it under this Act or the rules made thereunder may be exercised also by any officer of the State Government subject to such terms and conditions, if any, as may be specified therein.<br />
The chit funds act, 1982<br />
85. Act not to apply to certain chits.โNothing in this Act shall apply in respect ofโ<br />
(a) any chit started before the commencement of this Act; or<br />
(b) any chit the amount of which, or where two or more chits were started or conducted simultaneously by the same foreman, the aggregate amount of which does not exceed one hundred rupees.<br />
The chit funds act, 1982<br />
86. Banks not to conduct chit business.โ<br />
(1) Notwithstanding anything contained in this Act, no bank shall commence or carry on chit business after the commencement of this Act.<br />
(2) Where a chit had been started by any bank before such commencement, such chit may be continued after such commencement until it is completed, and the provisions of the chit agreement and such laws, if any, as were applicable to it immediately before the commencement of this Act shall apply to such chit. ExplanationโFor the purposes of this section โbankโ means an approved bank or a co-operative bank as defined in clause (bii) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934).<br />
The chit funds act, 1982<br />
87. Power to exempt.โThe State Government may, in consultation with the Reserve Bank, by notification in the Official Gazette, and subject to such conditions as may be specified in the notification, exempt any person or class of persons or any chit or class of chits from all or any of the provisions of this Act.<br />
The chit funds act, 1982<br />
88. Protection of action taken under the Act.โNo suit, prosecution or other legal proceedings shall lie against the State Government, the Registrar or other officers of the State Government or of the Reserve Bank or any of its officers exercising any powers or discharging any functions under this Act in respect of anything which is in good faith done or intended to be done in pursuance of this Act or the rules made thereunder.<br />
<br />
The chit funds act, 1982<br />
89. Power to make rules.โ<br />
(1) The State Government may, in consultation with the Reserve Bank, by notification in the Official Gazette, make rules for giving effect to the provisions of this Act.<br />
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:โ<br />
(a) the form and manner in which an application for obtaining the previous sanction may be made under sub-section (2) of section 4;<br />
(b) the additional particulars that a chit agreement may contain under clause (q) of sub-section (1) of section 6;<br />
(c) the particulars that may be included in the minutes of the proceedings of a draw under section 17;<br />
(d) the method of valuation by the Registrar in a grain chit for the purpose of furnishing security under section 20;<br />
(e) the procedure that may be followed by the Registrar in releasing the security furnished by the foreman under section 20;<br />
(f) the registers and books and the form in which such registers and books may be maintained by the foreman under section 23;<br />
(g) the time within which the balance-sheet and the profit and loss account in respect of a chit business shall be filed under section 24;<br />
(h) the rate at which interest shall be payable on the defaulted instalments by a defaulted subscriber under section 28;<br />
(i) the particulars that may be included in an application for the winding up of chits under section 49;<br />
(j) the procedure to be followed for the winding up of chits under Chapter X;<br />
(k) the fees payable under section 63;<br />
(l) the auditing of balance-sheet and the profit and loss accounts of chit business and the issue of audit certificates;<br />
(m) the form and manner in which a dispute shall be referred to the Registrar under section 64;<br />
(n) the procedure to be followed by the Registrar or his nominee for settling the disputes referred to him under section 64;<br />
(o) the matters referred to in clause (f) of sub-section (1) of section 67;<br />
(p) the conditions subject to which and the amount on the payment of which composition of offences may be made under section 81;<br />
(q) the form and manner in which an appeal may be preferred under this Act and the fees payable for such appeal;<br />
(r) the issue and service of notices or other process under this Act;<br />
(s) the procedure for, and the manner of, receiving any sum payable under this Act;<br />
(t) any other matter which is required to be or may be prescribed.<br />
(3) Every rule made under this section shall be laid, as soon as may be after it is made, before each House of the State Legislature where it consists of two Houses, or, where such Legislature consists of one House, before the House.<br />
The chit funds act, 1982<br />
90. Repeal and saving.โ<br />
(1) The Andhra Pradesh Chit Funds Act, 1971 (Andhra Pradesh Act 9 of 1971), the Kerala Chitties Act, 1975 (Kerala Act 23 of 1975), the Maharashtra Chit Funds Act, 1974 (Maharashtra Act LV of 1974), the Tamil Nadu Chit Funds Act, 1961 (Tamil Nadu Act 24 of 1961), as in force in the State of Tamil Nadu and in the Union territories of Chandigarh and Delhi, the Uttar Pradesh Chit Funds Act, 1975 (Uttar Pradesh Act 53 of 1975), the Goa, Daman and Diu Chit Funds Act, 1973 (Goa, Daman and Diu Act 16 of 1973), and the Pondicherry Chit Funds Act, 1966 (Pondicherry Act 18 of 1966), are hereby repealed and the provisions of section 6 of the General Clauses Act, 1897 (10 of 1897), shall apply to such repeal as if each such Act so repealed were a Central Act.<br />
(2) Notwithstanding such repeal, the Acts mentioned in sub-section (1) shall continue to apply to chits in operation on the commencement of this Act, in the same manner as they applied to such chits before such commencement.<br />
<br />
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-87778970296666330962019-05-05T03:38:00.001-07:002019-05-05T03:38:39.530-07:00 How to get a VNO-ISP license from DoT?
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The advent of present-day Information and Communication Technology has led to a paradigm shift in the communication industry. The emergence of VNOs is one such advancement which simplifies internet services and makes it more accessible.</div>
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<span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">What is VNO?</span></div>
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A Virtual Network Operator or Mobile Virtual Network Operator is an internet service reseller extending high-quality network and management services to other networking companies that do not possess their own telecom setup.<br />
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A VNO (Virtual Network Operator) License is a miniature version of an ISP license. With an ISP license, you can run internet services on a larger domain. ISPs who wish to operate small level internet service only in a particular territory can choose a VNO license instead of an ISP license. VNO is affordable, less complicated, convenient and ideal for small level ISPs.</div>
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<span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Benefits of VNO</span></div>
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<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Comparatively cost-effective</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Reduced network complexity</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Reduced time to market</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Reduced CAPEX</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 0px 33px; vertical-align: baseline;">Increased flexibility</li>
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<span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Limitations of VNO</span></div>
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<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Limited scope</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">More competition</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Dependency on owners of the underlying infrastructure</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Less control over downtime</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 0px 33px; vertical-align: baseline;">No ownership</li>
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<span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">How is it Different from Normal ISP License?</span></div>
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<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; text-align: justify; vertical-align: baseline;">VNO license is issued for a term of 10 years without bank guarantee whereas ISP license is issued for 20 years and with a bank guarantee.</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; text-align: justify; vertical-align: baseline;">ISPs can provide ISP franchisee to other telecom companies, but VNOs cannot give franchisees.</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 0px 33px; text-align: justify; vertical-align: baseline;">ISPs have the liberty to buy and use the bandwidth of other ISP, VNOs cannot do this.</li>
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<span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The procedure of getting a VNO License</span></div>
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<b>1. Check Eligibility:</b><br />
<b> </b>To get the approval of VNO license you need to have a company registered under Companies Act. To know more about company registration you can request a call back at sidebar or simply WhatsApp to <b>Ozg Lawyers</b>. It can be done in one to two weeks and will cost you approx INR 20,000/+.</div>
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<span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">2. Category Selection:</span><br />
<span style="text-align: justify;">Select the category in which you want to apply for the VNO License, opt between A, B or C category. The three different categories of VNO license in India are bifurcated geographically based on the city, state, village, town where you will operate your business. VNO license is cheapest for class C.</span></div>
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Categories:</div>
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<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Class A ISP (PAN India)</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 33px; vertical-align: baseline;">Class B ISP (Telecom Circle/Metro Area)</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 0px 33px; vertical-align: baseline;">Class C ISP (Secondary Switching Area) </li>
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<span style="color: #373737; font-family: lato, sans-serif;"><span style="font-size: 15px;"><b>3. Cost analysis and setting budget:</b></span></span><br />
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To grow internet services in rural Indian towns and villages our government has kept prices extremely lower for category C compared to category A and B.</div>
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You can look into the following table to understand costing requirements to obtain a VNO license:</div>
<table style="background-color: #f9f9f9; border-collapse: collapse; border-spacing: 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: Lato, sans-serif; font-size: 14px; height: 642px; margin: 0px 0px 24px; outline: 0px; padding: 0px; vertical-align: baseline; width: 724px;"><tbody style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<tr style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">Service</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="75">Minimum Equity</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="77">Minimum Net worth</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">Entry Fee (Rs.)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Performance BG (Rs.)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="72">Financial BG (Rs.)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Application Processing Fee (Rs.)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="85">Total Capital Required (Rs.)</td></tr>
<tr style="background: rgb(247, 247, 247); border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">ISP โAโ (PAN India)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="75">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="77">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">15 Lakh</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="72">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">50 Thousand</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="85">15,50,000</td></tr>
<tr style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">ISP โBโ (Telecom circle/Metro Area)</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="75">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="77">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">1 Lakh</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="72">Nil</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">15 Thousand</td><td style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="85">1,15,000</td></tr>
<tr style="background: rgb(247, 247, 247); border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">ISP โCโ (SSA)</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="75">Nil</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="77">Nil</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="73">10,000</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">Nil</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="72">Nil</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="94">10 Thousand</td><td style="border-bottom: none; border-image: initial; border-left: 0px; border-right: 0px; border-top: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 10px; vertical-align: baseline;" width="85">20,000</td></tr>
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As per the above table, a Class C VNO license can be acquired at 60,000 rupees approximately varying on the basis of our lawyers and ISP consultants fee at your location.</div>
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<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 24px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Application filling</span></li>
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You are required to fill a VNO license form to acquire the license. Every applicant needs to pay a non-refundable amount of Rs. 15,000 towards processing fee, provide all mandatory documents, and 2 copies of the application form.</div>
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<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px 0px 22px 24px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Document Verification</span></li>
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The next step in the process is document verification, it is conducted by Department of Telecom. The verification process may take about 60 days depending on the issues arising during verification.</div>
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If everything is fine and your application is approved, you will receive a โLetter of Intentโ by DOT. If your documents do not comply with the application guideline there are chances that your application may be rejected. Before submitting you should get your application reviewed by any of Ozg ISP consultants / lawyers nearby.</div>
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Once your application for VNO License has been approved, DOT will issue a โLetter of Intentโ in your favor. After receiving the โLetter of Intentโ you are required to submit a non-refundable one-time entry fee, the signed license agreement and other requisite documents mentioned in the letter within the time mentioned in it.</div>
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If everything falls into place you will receive the VNO License for ISP under the Unified License for a period of 10 years. The information related to confirmation of license issue will be communicated directly to you via DOT.</div>
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The VNO licensing process is pretty complicated, applications were usually rejected on the grounds of lack of information, non-compliance, incomplete submission, the inappropriateness of documents, etc. Thus, in order to save your valuable time and money, get all your documents duly verified by Ozg ISP consultant lawyers nearby before filling the application form. For more info, simply WhatsApp or please email to:<b> ask@isplicence.com</b><br />
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<span style="font-family: "times" , "times new roman" , serif;"><span style="line-height: 19.26px;"><b><span style="color: #cc0066;"><span style="font-size: small;">DoT License & Compliance</span><span style="color: black; font-size: 14.3px;"><br /></span></span></b></span></span></div>
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<b style="font-family: times, "times new roman", serif; font-size: large;">Email: ask@isplicence.com</b></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-52084466407606847032019-04-11T13:00:00.001-07:002019-04-11T13:00:41.020-07:00Telemarketer TRAI Registration Agreement Deposit Format
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<span style="font-family: "trebuchet ms" , sans-serif;">Agreement between Access Provider and Telemarketer
This Agreement is executed on the __________ day of .................., 20......
between......................................................(Name of Originating Access
Provider) having its office at ..............................(hereinafter referred to as the
โOriginating Access Providerโ or the first party, which term shall include its
successors and assignees), through ...............................(Name and
designation) who is duly authorised to sign and execute the present agreement
on behalf of the first party
AND
M/s ............................(Name of Telemarketer) having its office at
................................(hereinafter referred to as the โtelemarketer or the second
party, which expression shall include all its executors, administrators, successors,
assignees and legal representatives), through Shri/Ms/Smt----------
------------(Give name and designation)_who has been duly authorized to sign
and execute the present agreement on behalf of the second party.
Whereas the second party intending to obtain telecom resources for the
purposes of carrying out telemarketing services has approached
M/s.......................(name of the Originating Access Provider);
Now the present agreement witnesses as follows: - </span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">(1) The second party hereby declare that it has registered as a
telemarketer with the Telecom Regulatory Authority of India vide
application No.................and the registration number granted by TRAI
to it is _________________.
(2) The telemarketer shall be responsible for any misuse of telecom
resources allotted it for the purposes of telemarketing.
(3) The telemarketer shall maintain complete confidentiality of the data
downloaded from the National Customer Preference Register for the
purposes of telemarketing.
(4) The telemarketer has agreed to make all necessary arrangements to
download the data from the National Customer Preference Register
website and update its Customer Preference data base in accordance
with the procedure specified in the Schedule-II to the Telecom
Commercial Communication Customer Preference Regulations 2010.
(5) The telemarketer has agreed that before sending any SMS or making
a telemarketing call to a telecom subscriber, he shall scrub the telephone
number of such subscriber with the data base received from the National
Customer Preference register in the manner as specified in the Schedule-
II of these regulations. In case, the telemarketer fails to follow the
scrubbing process, telecom resources allotted to him shall be
disconnected by the Access Provider from whom the telemarketer has
taken the telecom resource for the purpose of telemarketing and his
name shall be entered into the black list maintained by the agency
maintaining the National Telemarketer Register for a period of two years.
(6) The telemarketer shall use alpha-numeric identifier for sending
commercial communication in the format having nine alpha numeric
characters, first alpha numeric character being code of Access provider
and the second alpha numeric character being code of service area, as
provided under the direction dated 10th December, 2008 issued by TRAI.
The third alpha numeric character will be dash(-) and the fourth being any single digit (1-7) with each digit indicating a specific category of SMS as per schedule-I of the regulations and last five characters being five digit unique identification code provided by respective Access Provider to
the telemarketer e.g XY-5ZZZZZ, where X stands for code allotted to
Access provider, Y stands for service area, 5 indicates that this SMS
belongs to consumer goods and automobiles category and ZZZZZ
indicates five digit unique identification code allotted to telemarketer by
the Access Provider.
(7) The telemarketer also agrees that the telemarketing calls to the
subscriber whose telephone number does not appear in the National
Customer Preference Register shall be sent only between 0900 Hrs to
2100 Hrs. The telemarketer also undertake not to send any commercial
communication between 2100 Hrs to 900 hrs to any subscriber
irrespective of the fact that such subscriber is registered on NCPR or not. </span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">(8) The second party has agreed not to sent commercial communications
to any subscriber whose telephone number appears on the National
Customer Preference Register, except for sending SMS in respect of
categories of preference opted by the customer.
(9) The second party has agreed to deposit with the Originating Access
Provider an amount of rupees Fifty Thousand only (Rs.50,000/-) as
refundable security deposit. Telemarketer also undertakes to deposit
additional security deposit as specified in this agreement. The
Originating Access provider shall be entitled to deduct from such security
deposit, on issue of each notice for sending unsolicited commercial
communication by the telemarketer, an amount as provided under this
agreement.
(10) The second party makes any unsolicited commercial
communication, through the telecom resources allotted to it by the first
party, to any subscriber whose telephone number appears in the
National Customer Preference Register, the second party agrees that โ
(a) on the issue of first notice by the Originating Access Provider to
the telemarketer for sending such unsolicited commercial
communication, a sum of rupees twenty five thousand only (Rs.
25000/-) shall be deducted from the security deposit of the
telemarketer and deposited in the account as may be specified by
TRAI, from time to time;
(b) on the issue of second notice by the Originating Access
Provider to the telemarketer for sending such unsolicited
commercial communication, a sum of rupees seventy five
thousand only (Rs. 75000/-) shall be deducted from the security
deposit of the telemarketer and deposited in the account as may
be specified by TRAI, from time to time;
(c) on the issue of third notice by the Originating Access Provider
to the telemarketer for sending such unsolicited commercial
communication, a sum of rupees eighty thousand only (Rs.
80000/-) shall be deducted from the security deposit of the
telemarketer and deposited in the account as may be specified by
TRAI, from time to time;
(d) on the issue of fourth notice by the Originating Access Provider
to the telemarketer for sending such unsolicited commercial
communication, a sum of rupees one lakh twenty thousand only
(Rs. 120,000/-) shall be deducted from the security deposit of the
telemarketer and deposited in the account as may be specified by
TRAI, from time to time;
(e) on the issue of fifth notice by the Originating Access Provider to
the telemarketer for sending such unsolicited commercial
communication, a sum of rupees one lakh fifty thousand only (Rs.
150,000/-) shall be deducted from the security deposit of the
telemarketer and deposited in the account as may be specified by
TRAI, from time to time;
(f) on the issue of sixth notice by the Originating Access Provider
to the telemarketer for sending such unsolicited commercial
communication, a sum of rupees two lakh fifty thousand only (Rs.
250,000/-) shall be deducted from the security deposit of the
telemarketer and deposited in the account as may be specified by
TRAI, from time to time;
(11) The second party has agreed that on issue of first notice by the
Access Provider to the telemarketer for sending unsolicited commercial
communication to the subscriber whose telephone number appears in
the National Customer Preference Register, the telemarketer shall deposit
additional security amount of rupees two lakh only (Rs. 2,00,000/-) and
on issue of third notice by the Access Provider to the telemarketer for
sending similar unsolicited commercial communication, the telemarketer
shall deposit an additional security of amount of rupees four lakh only
(Rs. 4,00,000/-).
(12) The second party has agreed that in case the telemarketer fails to
deposit the additional security deposit or no amount is available in the
security deposit of the telemarketer due to deductions made under
clauses (10) of this Agreement, the telecom resources allotted to the
telemarketer for the purposes of telemarketing shall be disconnected and
the name of telemarketer shall be intimated by the Access Provider to
the agency maintaining the National Telemarketer Register for entering
the name of such telemarketer in the black list and the name of such
telemarketer shall not be removed from the black list before the
completion of the period of two years from the date of entering his name
in such black list and the registration of the telemarketer shall be
cancelled by TRAI under the provisions of the regulations.
(13) The second party has agreed that in case of issue of sixth notice by
the Access Provider to the telemarketer for sending unsolicited
commercial communication as provided under clause 10(f) of this
Agreement, without prejudice to the amount which shall be deducted
from the security deposit of the telemarketer under clause 10(f), the
telecom resources allotted to the telemarketer shall be disconnected
without any further notice. The Access Provider shall intimate the name
of such telemarketer to the agency maintaining the National
Telemarketer Register for entering the name of the telemarketer in the
black list and the name of such telemarketer shall not be removed from
the black list before the completion of the period of two years from the
date of entering his name in such black list and the registration of the
telemarketer shall be cancelled by TRAI under the provisions of the
regulations.
(14) M/s...........................(name of telemarketer) has agreed that the
telecom resources allotted to the telemarketer shall be disconnected
without any further notice on receipt of disconnection notice from NTR.
(15) The second party has agreed to abide by Regulations, Orders and
directions issued by the Telecom Regulatory Authority of India, from time
to time, regarding commercial communication including the header to be
used for sending promotional SMS.
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<span style="font-family: "trebuchet ms" , sans-serif;">Signature of subscriber/ Authorized Signatory
(Name of subscriber/ Authorised Signatory)
Address
Seal, if any.
Date: </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Signature of Access Provider Representative/ Authorized Signatory
(Name of Access Provider Representative / Authorised Signatory)
Address
Seal, if any.
Date:</span></div>
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<span style="font-family: "times" , "times new roman" , serif;"><span style="line-height: 19.26px;"><b><span style="color: #cc0066;"><span style="font-size: medium;">TRAI Registration & DoT Compliance</span><span style="color: black; font-size: 14.3px;"><br /></span></span></b></span></span></div>
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<span style="color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: xx-small;"><span style="background-color: white; font-size: 10.6667px;">DoT OSP License Consultant in Mumbai / Bangalore </span></span><br />
<span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers @</span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;"> </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers @ </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers @</span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;"> </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers</span></div>
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<b style="font-family: times, "times new roman", serif; font-size: large;">Email: ask@osplicense.com</b></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-63000255927938714082019-03-05T07:24:00.003-08:002019-03-05T07:24:27.457-08:00Call Center / OSP License - Legal Consultants
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<span style="font-family: "times" , "times new roman" , serif;"><span style="font-size: small;"><span style="line-height: 19.26px;"><b><span style="color: #cc0066;">DoT License & Compliance Advisory<span style="color: black;"><br /></span></span></b></span></span></span></div>
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<span style="color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: x-small;"><span style="background-color: white; font-size: 10.6667px;"> </span></span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">? </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">? </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">? </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers</span></div>
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<b style="font-family: times, "times new roman", serif; font-size: large;">Email: ask@osplicense.com</b></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-19835459783934374202019-03-05T07:24:00.001-08:002019-03-05T07:24:03.902-08:00How to get 'Work from Home' Jobs (OSP) License?
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<span style="font-family: "trebuchet ms" , sans-serif;">Nowdays to cut the cost many of IT companies and Startups registered as OSP are opting for <b>Work from Home Jobs</b> facilities? Find here the licensing requirement for Work from Home facilities from Dept of Telecom (DoT), India. <b>Email</b> or <b>Click on Pic</b> at below to <b>WhatsApp</b> us for more information. </span></div>
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<span style="color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: x-small;"><span style="background-color: white; font-size: 10.6667px;">DoT OSP License Consultant in Mumbai / Bangalore </span></span><br />
<span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers @</span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;"> </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers @ </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers @</span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;"> </span><span style="background-color: white; border: 1pt none; color: #cccccc; font-family: "trebuchet ms" , sans-serif; font-size: 8pt; padding: 0cm;">Ozg Lawyers</span></div>
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<b style="font-family: times, "times new roman", serif; font-size: large;">Email: ask@osplicense.com</b></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-57947182631314921082019-02-20T22:54:00.001-08:002019-02-20T22:54:06.582-08:00How to Draw Network Diagram for OSP License?
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It has been observed that most of OSP applications has been rejected because of incorrect network diagram. Contact us for new or rejected cases.
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-54902541577516182492018-11-02T06:25:00.002-07:002018-11-02T06:25:56.380-07:00Funds received from NRI (OCI card holders) will be treated as domestic or foreign funds?
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<span style="font-family: "trebuchet ms" , sans-serif;"> Is fund received from NRI (OCI card holders) will be treated as domestic or foreign fund?</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><b>Answer: </b>It can be either of one and depends on following two points.</span></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif;">Repatriable Investments (Foreign):</span></b></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Such investments are made through money in Non-resident external (NRE) accounts or FCNR accounts. These type of accounts are funded by money remitted from abroad. Redemption proceeds of such investments can be repatriated.</span></div>
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<img alt="Image result for ozg fema" height="640" src="https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcS1_JZlkaTH2A_SmwH4C5C5VXkWOnxzd7MmAw4MEBTzldY5ACTVMA" width="640" /></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif;">Non-repatriable Investments (Domestic):</span></b></div>
<div style="color: #1d2129; font-size: 14px; margin-bottom: 6px; margin-top: 6px; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;">If the mutual fund investment was made through Non-resident ordinary account, the redemption proceeds can not be repatriated. However, as per RBI, authorised dealers can allow remittance/s upto USD 1 million, of balances in NRO accounts/of sale proceeds of assets on production of an undertaking by the remitter together with a certificate issued by a Chartered Accountant in Annexure A and B as prescribed by the Central Board of Direct axes (CBDT).</span></div>
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<span style="font-family: Trebuchet MS, sans-serif; font-size: x-large;"><b>Ozg FEMA Experts</b></span><br />
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<span style="font-size: medium;"><a href="http://fema.ozg.in/"><span style="font-family: Verdana, sans-serif; font-size: x-large;">http://fema.ozg.in</span></a></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;"><span style="color: #cc0000;">Email: </span><span style="color: #1d2129;">ask@fema.in</span></span></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-18859747444674720042018-10-31T02:57:00.001-07:002018-10-31T02:57:09.251-07:00How to register a Venture Capital Fund?
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<span style="font-family: "trebuchet ms" , sans-serif;"><b style="mso-bidi-font-weight: normal;"><span style="border: 1pt none; color: #0b5394; font-size: 18pt; padding: 0cm;">Venture Capital Fund Registration</span></b></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; padding: 0cm;"><span style="color: #cccccc;"><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">โ </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">โ </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">โ </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">Ozg Lawyers</span></span></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br />
The Applicant for grant of registration as a Venture Capital Fund under SEBI
(Venture Capital Funds) Regulations, 1996 should make an Application to SEBI in
Form A along with all the necessary documents.</span><span style="color: black; font-size: 13.5pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">Generally
on receipt of Application, the applicant will receive a reply from
SEBI within 21 working days. The time taken for registration however,
depends on how fast the requirements are complied with by the applicant.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">The
applicant is advised to go through the SEBI (Venture Capital Funds)
Regulations, 1996 for checking the eligibility criteria and such other details
which may help expedite the registration process. As an integral part of the
registration process, the applicant will submit:</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">Form
A along with the Application fees of Rs.1,00,000 and documents as under:</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">a) </span><span style="color: #333333;">Copy of <span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;">Memorandum
and Articles of Association in case the applicant is set up in the form of a
Company (Reg. 4(a) )</span></span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: center; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><i><span style="color: #333333;">or</span></i><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">Copy
of Registered Trust Deed in case the applicant is set up in the form of a trust
(Reg. 4(b) )</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: center; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><i><span style="color: #333333;">or</span></i><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">Copy
of Main objective of constitution in case the applicant is set up in
the form of a body corporate. (Reg 4(c) )</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 24.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -6.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">b) Copy
of Investment Management Agreement (only if applicable).</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">Apart
from the above documents/declarations as required under the Form A, the
applicant will also be required to submit the details/information as under:</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;">Details of the Sponsor/Settlor.</span></b><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;"><br /></span></b></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">2.1
Write up on the activities of the Sponsor/Settlor, its shareholding
pattern/profile of the directors. Incase of an individual, please state whether
the individual is a director/employee of any entity registered with SEBI.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">2.2
State whether, the Sponsor/Settlor has floated venture capital funds
previously, which are registered with SEBI. If so details. Also state </span><span lang="EN-GB" style="color: #333333; letter-spacing: -0.15pt;">whether the<span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;">y (Sponsor or their directors)
were refused a certificate by the Board or its certificate has been suspended
under regulation 30 or cancelled under regulation 31. </span></span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">2.3
State whether the Sponsor/Settlor is registered with SEBI, RBI or any other
regulatory authority in any capacity along with the details of its
registration.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">2.4 State
whether any of its group companies are registered with SEBI, RBI or any
regulatory authority along with the details of its registration.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">2.5 State
whether Sponsor/Settlor or its holding company is listed on any of the
recognized stock exchanges in India. If so details thereof.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">2.6 State
whether the Sponsor/Settlor or its directors are involved in any litigation
connected with the securities market and any order passed against them for
violation of securities laws. If so, details.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;">3. Details of the Trustees/Trustee Company</span></b><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;"><br /></span></b></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 30.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">3.1 Write
up on the activities of the Trustee Company/ Profile of Trustees.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"> 3.2 Shareholding
pattern and the write up on profile of the Directors</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -23.75pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">3.3 State
whether the Trustee Company is registered with SEBI, RBI or any other
regulatory authority in any capacity along with the details of its
registration.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;">4.</span></b><span style="border: 1pt none; color: #333333; padding: 0cm;"> </span><b><span style="color: #333333;">Details of the Investment Manager/Investment
Advisor/Asset Management Company (AMC).</span></b><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">4.1 Write
up on the activities of the Investment Manager/Investment Advisor/AMC.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">4.2</span><span style="border: 1pt none; color: #333333; font-size: 7pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; padding: 0cm;">Shareholding
pattern along with the profile of the Directors.</span><span style="color: #333333; font-size: 13.5pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">4.3</span><span style="border: 1pt none; color: #333333; font-size: 7pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; padding: 0cm;">State whether the Investment
Manager/Advisor/AMC is registered with SEBI, RBI or any other regulatory
authority in any capacity, along with the details.</span><span style="color: #333333; font-size: 13.5pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">4.4</span><span style="border: 1pt none; color: #333333; font-size: 7pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; padding: 0cm;">Details of Key Personnel/Management
Team. Also state whether they are also the employees of any SEBI registered
entity. If so details.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;">5</span></b><span style="border: 1pt none; color: #333333; padding: 0cm;">. State
whether, the applicant is registered with SEBI in any capacity or has applied
for registration in any other capacity with SEBI.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;">6</span></b><span style="border: 1pt none; color: #333333; padding: 0cm;">. List of all the
associates registered with SEBI along with their Registration No. Please, refer
to Reg. 2(aa</span><span style="color: #333333;">) of<span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;"> SEBI (Venture Capital Funds) Regulations, 1996 for the
definition of the โassociate companyโ.</span></span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;">7. Investment Strategy :</span></b><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<ol>
<li><span style="font-family: "trebuchet ms" , sans-serif;">Disclose in detail
the investment strategy of the fund (Reg. 12 (a)).</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;">Investment strategy
should disclose the investment style or pattern, preferred sectors/industries
for investment, proposed corpus, the class of investors, life cycle of the fund
and any other information.</span></li>
</ol>
</div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;">8. Declarations to be submitted by the applicant:</span></b><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 30.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">8.1</span><span style="border: 1pt none; color: red; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; padding: 0cm;">An undertaking under Regulation 11(3) of SEBI
(Venture Capital Funds) Regulations, 1996.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 30.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">8.2
Undertaking under Third Schedule to SEBI (Venture Capital Funds) Regulations,
1996.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 30.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -24.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">8.3 Declaration
in respect of โ</span><b><span style="color: #333333;">Fit and Proper Person</span></b><span style="border: 1pt none; color: #333333; padding: 0cm;">โ
criteria as per regulation 4 A of the SEBI (Venture Capital Funds) Regulation.
1996 and as specified under <a href="https://www.sebi.gov.in/vc/schedule2.pdf"><span style="border: none; color: #030303;"><span style="border: none;">Schedule II</span></span></a> of
the Securities and Exchange Board of India (Intermediaries) Regulation 2008.</span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-outline-level: 4; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #154063; font-size: large; padding: 0cm;">Grant of Certificate of Registration</span><span style="color: #154063; font-size: 10.5pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 15.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;">Once
all requirements including the Fit and Proper Person criteria have been
complied with and on intimation from SEBI for payment of </span><span style="color: #333333;">Registration fees of Rs.5,00,000 as
per Second Schedule to Regulations<span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;">, SEBI will grant the
applicant, certification of registration as a SEBI Registered Venture Capital
Fund.</span></span><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333;">Please note the following::</span></b><span style="color: #333333; font-size: 10pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<br />
<span style="text-indent: -18pt;"></span><br />
<ul><span style="text-indent: -18pt;">
</span></ul>
<i style="font-family: "trebuchet ms", sans-serif; text-indent: -18pt;"><span style="color: #333333;">โThe applicantโ means the entity
seeking registration as a Venture Capital Fund</span></i><br />
<ul><span style="text-indent: -18pt;">
</span></ul>
<i style="font-family: "trebuchet ms", sans-serif; text-indent: -18pt;"><span style="color: #333333;">Application which is incomplete or
without the necessary documents/ information/declarations would not be accepted
and would be treated as not filed. However, an intimation to this effect will
be addressed to the applicant within a reasonable period of time</span></i><br />
<ul><span style="text-indent: -18pt;">
</span></ul>
<i style="font-family: "trebuchet ms", sans-serif; text-indent: -18pt;"><span style="color: #333333;">Applications involving policy decisions or other considerations, might
get delayed in processing and in getting registration approvals.</span></i><br />
<ul><span style="text-indent: -18pt;">
</span></ul>
<i style="font-family: "trebuchet ms", sans-serif; text-indent: -18pt;"><span style="color: #333333;">Documents/annexures submitted along with the application need to be
numbered and duly signed.</span></i><br />
<ul><span style="text-indent: -18pt;">
</span></ul>
<i style="font-family: "trebuchet ms", sans-serif; text-indent: -18pt;"><span style="color: #333333;">In case of an
Authorized signatory, please submit an authorization letter from the Directors
of the Fund.</span></i><br />
<ul><span style="text-indent: -18pt;">
</span></ul>
<span style="text-indent: -18pt;">
</span>
<br />
<ol>
</ol>
</div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="color: #333333; font-size: 10pt;"><!--</span><i><span style="color: rgb(51, 51, 51);">The application in Form A along with
all the necessary information as enumerated above will be addressedย to The
DGM, Division of Funds-Venture Capital, Investment Management Department, and
forwarded to our T&A Division, SEBI Plot No. C4-A, โGโ Block, Bandra Kurla
Complex, Bandra (East), Mumbai โ 400051. Such applications will be submitted
along with the demand draft of Rs.1,00,000 towards application fees paid in
favour of SEBI, Mumbai.</span></i><span style="font-size: 10pt; color: rgb(51, 51, 51);"><o:p></o:p></span></font></p>
<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:normal;background:white">
<font face="Trebuchet MS, sans-serif"><i><span style="font-size: 13.5pt; color: rgb(51, 51, 51);">---------------------------X----------------------------</span></i><span style="font-size: 13.5pt; color: black; border: 1pt none windowtext; padding: 0cm;"><o:p></o:p></span></font></p>
<p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:
justify;line-height:normal">
<font face="Trebuchet MS, sans-serif"><span style="color: rgb(51, 51, 51); border: 1pt none windowtext; padding: 0cm;"><br style="mso-special-character:line-break">
<!--[if !supportLineBreakNewLine]--><br style="mso-special-character: line-break;" />
<!--[endif]--></span><span style="border: 1pt none windowtext; font-size: 12pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br style="mso-special-character: line-break;" /></span></span>
<span style="color: #333333; font-family: "trebuchet ms" , sans-serif;"><br /></span>
<br />
<div style="text-align: center;">
<span style="color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: large;">Venture Capital Fund Registration Procedure</span></div>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"></span></span><br />
<div style="text-align: center;">
<span style="color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: xx-small;">SEBI Compliance Lawyers | Startup License | Trademark Attorney</span></div>
<div>
<br /></div>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; padding: 0cm;"><br /></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none windowtext; font-size: 12pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">FIRST SCHEDULE โ FORMS</span></b><b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"> </span></b><b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"><br style="mso-special-character: line-break;" />
<!--[if !supportLineBreakNewLine]--><br style="mso-special-character: line-break;" />
<!--[endif]--></span></b><b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">FORM A</span></b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"> <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><a href="https://www.blogger.com/null" name="forma"><b><span style="color: #333333; font-size: 10.5pt;">SECURITIES AND
EXCHANGE BOARD OF INDIA</span></b></a><span style="mso-bookmark: forma;"><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"> </span></span><span style="mso-bookmark: forma;"><span style="border: 1pt none; color: #030303; font-size: 10.5pt; padding: 0cm;"><o:p></o:p></span></span></span></div>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="mso-bookmark: forma;"></span>
</span><br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">(VENTURE CAPITAL FUNDS) REGULATIONS,
1996</span></b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"> <o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">(SEE REGULATION 3)</span></b><b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="font-size: 10.5pt;">APPLICATION FOR GRANT OF CERTIFICATE OF
REGISTRATION</span></b><span style="border: 1pt none windowtext; font-size: 10.5pt; padding: 0cm;"> </span><span style="border: 1pt none windowtext; font-size: 12pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="font-size: 10.5pt;">AS VENTURE CAPITAL FUND</span></b><span style="border: 1pt none windowtext; font-size: 10.5pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="font-size: 10.5pt;">SECURITIES AND EXCHANGE BOARD OF INDIA</span></b><span style="border: 1pt none windowtext; font-size: 10.5pt; padding: 0cm;"> </span><span style="border: 1pt none windowtext; font-size: 12pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b>Plot No.
C4-A, โGโ BLOCK, BANDRA KURLA COMPLEX,</b><b><span style="border: 1pt none windowtext; font-size: 12pt; padding: 0cm;"><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b>BANDRA
(EAST), MUMBAI โ 400051 </b><span style="border: 1pt none windowtext; font-size: 12pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="border: 1pt none windowtext; font-size: 10.5pt; padding: 0cm;"><br style="mso-special-character: line-break;" />
<!--[if !supportLineBreakNewLine]--><br style="mso-special-character: line-break;" />
<!--[endif]--></span></b><b><span style="border: 1pt none windowtext; font-size: 12pt; padding: 0cm;"><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="border: 1pt none windowtext; font-size: 10.5pt; padding: 0cm;"><br style="mso-special-character: line-break;" />
<!--[if !supportLineBreakNewLine]--><br style="mso-special-character: line-break;" />
<!--[endif]--></span></b><b><span style="border: 1pt none windowtext; font-size: 12pt; padding: 0cm;"><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">INSTRUCTIONS:</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">i. This form is meant for use by
the company or trust (hereinafter referred to as the applicant) for application
for grant of certificate of registration as venture capital fund.</span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">ii. The applicant should complete
this form, and submit it, along with all supporting documents to the Board at
its head office at Mumbai.</span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">iii. This application
form should be filled in accordance with these regulations.</span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">iv. The application shall be
considered by the Board provided it is complete in all respects.</span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">v. All answers must
be legible.</span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">vi. Information which needs to be
supplied in more detail may be given on separate sheets which should be
attached to the application form.</span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">vii. The application must be
signed and all signatures must be original.</span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">viii. The application must be accompanied by
an application fee as specified the Second Schedule to these regulations.</span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">1.</span></b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"> </span><b><span style="color: #333333; font-size: 10.5pt;">Name, address of the registered office, address for correspondence,
telephone number(s), fax number(s), telex number(s) of the applicant and the
name of the contact person</span></b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">.</span><span style="border: 1pt none; color: #333333; font-size: 7.5pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; font-size: 13.5pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">2.
Please indicate to which of the following categories the applicant belongs.</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">(i) a company established under the
Companies Act, 1956 (1 of 1956)</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">(ii) a trust set up
under the Indian Trusts Act, 1882 (2 of 1882)</span></b><span style="border: 1pt none; color: #333333; font-size: 7pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">3.
Date and place of incorporation or establishment and date of commencement of
business (enclose certificate of incorporation, memorandum and articles of
association or trust deed in terms of which incorporated or established).</span></b><span style="border: 1pt none; color: #333333; font-size: 7pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">4. (a) Details of
members of the Board of Trustees or directors of the trustee company, as the
case may be, in case the applicant has been set up as a trust.</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">(b) Details of
members of the Board of Directors of the venture capital fund in case the
applicant has been set up as a company.</span></b><span style="border: 1pt none; color: #333333; font-size: 7pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">5.
Please state whether the applicant, his partner, director or principal officer
is involved in any litigation connected with the securities market which has an
adverse bearing on the business of the applicant; or has at any time been
convicted for any moral turpitude or at any time has been found guilty of any
economic offence. In case the applicant is a trust, the above information
should be provided for the members of the Board of Trustees or of the above
mentioned persons connected with the Trustee Company.</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">If yes, the details
thereof</span></b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;">.</span><span style="border: 1pt none; color: #333333; font-size: 7pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">6. Please
also state whether there has been any instance of violation or non-adherence to
the securities laws, code of ethics/conduct, code of business rules, for which
the applicant, or its parent or holding company or affiliate may have been
subject to economic, or criminal, liability, or suspended from carrying out its
operations, or the registration revoked temporarily.</span></b><span style="border: 1pt none; color: #333333; font-size: 7pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><!--[endif]--></span><b><span style="color: #333333; font-size: 10.5pt;"> </span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">7. Details
of asset management company, if any. (enclose copy of agreement with the asset
management company).</span></b><b><span style="color: #333333; font-size: 7.5pt;"> </span></b><span style="border: 1pt none; color: #333333; font-size: 13.5pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">8. Declaration
statement (to be given as below). </span></b><b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"><br />
</span></b><b><span style="color: #333333; font-size: 10.5pt;">We hereby agree and declare that the
information supplied in the application, including the attachment sheets, is
complete and true.</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">AND we further agree that, we shall
notify the Securities and Exchange Board of India immediately any
change in the information provided in the application.</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">We further agree that we shall comply
with, and be bound by the Securities and Exchange Board ofIndia Act, 1992,
and the Securities and Exchange Board of India (Venture Capital Fund)
Regulations, 1996, and Government of India guidelines / instructions
as may be announced by the Securities and Exchange Board
of India from time to time.</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">We further agree that as a condition
of registration, we shall abide by such operational instructions/directives as
may be issued by the Securities and Exchange Board of India from time
to time. </span></b><b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"><br />
</span></b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"> </span><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">For and on behalf
of................................... </span></b><b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"><br />
</span></b><b><span style="color: #333333; font-size: 10.5pt;">(Name of the applicant)</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">Authorised signatory
..................
................ </span></b><b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"><br />
</span></b><b><span style="color: #333333; font-size: 10.5pt;">
(Name)
(Signature)</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><span style="color: #333333; font-size: 10.5pt;">Date: </span></b><b><span style="border: 1pt none; color: #333333; font-size: 10.5pt; padding: 0cm;"><br />
</span></b><b><span style="color: #333333; font-size: 10.5pt;">Place:</span></b><span style="border: 1pt none; color: #333333; font-size: 10pt; padding: 0cm;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div style="text-align: center;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b style="mso-bidi-font-weight: normal;"><span style="border: 1pt none; color: #0b5394; font-size: 18pt; padding: 0cm;">VC Registration & Compliance</span></b></span></div>
<div style="text-align: center;">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="border: 1pt none; padding: 0cm;"><span style="color: #cccccc;"><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">โ </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">โ </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">โ </span><span style="border: 1pt none; font-size: 8pt; padding: 0cm;">Ozg Lawyers </span></span></span></span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-18758676497748901572018-10-20T23:33:00.002-07:002018-10-20T23:33:39.182-07:00 Bail Format in India - Law & Practice - Ozg Lawyers
<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Baill Laws in India are described under Section 437, 438, 439
of Code of Criminal Procedure, 1973. A brief description of the aforesaid
sections is given hereunder for ready reference:<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Section 437 of Code of Criminal Procedure, 1973 contemplates
that any person arrested or detained in a non-bail able offence, the Court
other than Sessions Court may grant him bail.<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Section 438 of Code of Criminal Procedure, 1973 contemplates
that the Session Court or the High Court may grant anticipatory bail to a
person apprehending arrest.<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Section 439 of Code of Criminal Procedure, 1973 contemplates
that the Sessions Court or the High Court can grant bail to a person who has
been arrested.<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Bail laws in India are very complicated as the bail to any
accused person is at the discretion of the court which considers the facts of
the case, the conduct of the accused, the background of the accused, the law
and several other factors. The role of a lawyer in getting bail from the court
becomes very important as the accused can be confined to judicial custody if
the case is not properly presented and contested before the court by a
competent lawyer.<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12pt; line-height: 115%;"><b>Request a FREE Callback from a Bail Expert at Ozg Lawyers @</b></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; font-size: 12.0pt; line-height: 115%;"> <a href="http://bail.ozg.in/">bail.ozg.in</a><o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">BAIL FORMAT INDIA UNDER
SECTION 437 OF CODE OF CRIMINAL PROCEDURE<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">BEFORE THE COURT OF METROPOLITAN MAGISTRATE, AT (give the
name of the police station or the Illaka Magistrate where the bail application
is being filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">IN THE MATTER OF<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">STATE<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">VS<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">(Mention the name of the applicant)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">FIR Number: (Mention the FIR number)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Under Section: (Mention the sections under which the FIR has
been filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Police Station: (Mention the name of the Police Station)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Accused under custody since: (Give the date on which accused
has been arrested)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br />
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12pt; line-height: 18.4px;"><b>Request a FREE Callback from a Bail Expert at Ozg Lawyers @</b></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; font-size: 12pt; line-height: 18.4px;"> <a href="http://bail.ozg.in/">bail.ozg.in</a></span></b><br />
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">APPLICATION UNDER
SECTION 437 CRPC FOR GRANT OF BAIL ON BEHALF OF THE ACCUSED (name of the
applicant of the bail along with his fathers name, address and other details)<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b>
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">MOST RESPECTFULLY SUBMITTED AS UNDER:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">1. That the present FIR has been registered on false and
bogus facts. The facts stated in the FIR are fabricated, concocted and without
any basis.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">2. That the police has falsely implicated the applicant and
arrested him in the present case, the applicant is a respectable citizen of the
society and is not involved any criminal case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">3. That the facts stated in the complainant against the
applicant are civil disputes and does not constitute any criminal offence at
all.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">4. That the applicant is not required in any kind of
investigation nor any kind of custodial interrogation is required, nor any
recovery is to be made at the instance of the applicant.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">5. That the applicant is having very good antecedents, he
belongs to good family and there is no criminal case pending against them.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">6. That the applicant is a permanent resident and there are
no chances of his absconding from the course of justice.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">7. That the applicant undertakes to present himself before
the police/court as and when directed.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">8. That the applicant undertakes that he will not, directly
or indirectly make any inducement, threat or promise to any person acquainted
with the facts of the case so as to dissuade him from disclosing such facts to
the Court or to any police officer.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">9. That the applicant further undertakes not to tamper with
the evidence or the witnesses in any manner.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">10. That the applicant shall not leave India without the
previous permission of the Court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">11. That the applicant is ready and willing to accept any
other conditions as may be imposed by the Court or the police in connection
with the case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">PRAYER<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">It is therefore prayed that the court may order for the
release of the applicant on bail in the interest of justice.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Any other order which the court may deem fit and proper in
the facts and circumstances of the case may be also passed in favor of the
applicant.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">APPLICANT<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">THROUGH<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">COUNSEL<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br />
<br />
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">IMPORTANT TIPS FOR
FILING OF BAIL FORMAT INDIA UNDER SECTION 437 OF THE CODE OF CRIMINAL
PROCEDURE:<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India under Section 437 of the Code of
Criminal Procedure is filed before the court of the concerned Magistrate first
who is also called the Ilaka Magistrate.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India under Section 437 of the Code of
Criminal Procedure is filed after the arrest of the accused by the police.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India under Section 437 of Code of Criminal
Procedure can be filed by any close relative or Parokar on behalf of the
accused if the bail application is being moved when the accused is not before
the Court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India is also to be signed by the Counsel who
is filing the bail format India either through his memo of appearance or power of
attorney.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">No court fee is to be paid on the bail format India when the
accused is in custody.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The details of the FIR, name of the accused, fathers name of
the accused should be properly mentioned in the bail format India so that the
Jail authorities are able to identify him properly after the release order from
the Court.<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
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<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">BAIL FORMAT INDIA UNDER
SECTION 438 OF THE CODE OF CRIMINAL PROCEDURE FOR ANTICIPATORY BEFORE THE
SESSIONS COURT<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">BEFORE THE DISTRICT AND SESSIONS JUDGE COURT AT (give the
name of the District Court where the anticipatory bail application format India
is being filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">IN THE MATTER OF<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">STATE<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">VS<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">(Mention the name of the accused)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">FIR Number: (Mention the FIR number)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Under Section: (Mention the sections under which the FIR has
been filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Police Station: (Mention the name of the Police Station)<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">APPLICATION U/S 438
CRPC FOR GRANT OF ANTICIPATORY BAIL ON BEHALF OF THE ACCUSED</span></b><span style="font-size: 12.0pt; line-height: 115%;"> (name of the applicant of the bail)<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">MOST RESPECTFULLY SUBMITTED AS UNDER:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">1. That the present FIR has been registered on false and
bogus facts. The facts stated in the FIR are fabricated, concocted and without
any basis.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">2. That the police has falsely implicated the applicant in
the present case, the applicant is a respectable citizen of the society and is
not involved any criminal case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">3. That the facts stated in the complainant against the
applicant are civil disputes and does not constitute any criminal offence at
all.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">4. That the applicant is not required in any kind of
investigation nor any kind of custodial interrogation is required.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">5. That the applicant is having very good antecedents, he
belongs to good family and there is no criminal case pending against them.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">6. That the applicant is a permanent resident and there are
no chances of his absconding from the course of justice.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">7. That the applicant undertakes to present himself before
the police/court as and when directed.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">8. That the applicant undertakes that he will not, directly
or indirectly make any inducement, threat or promise to any person acquainted
with the facts of the case so as to dissuade him from disclosing such facts to
the Court or to any police officer.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">9. That the applicant further undertakes not to tamper with
the evidence or the witnesses in any manner.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">10. That the applicant shall not leave India without the
previous permission of the Court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">11. That the applicant is ready and willing to accept any
other conditions as may be imposed by the Court or the police in connection
with the case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">12. That the Court below has failed to consider all the facts
and circumstances of the case and has wrongly dismissed the anticipatory bail
application.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">It is therefore prayed that the court may direct the release
the applicant on bail in the event of his arrest by the police.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Any other order which the court may deem fit and proper in
the facts and circumstances of the case may be also passed in favor of the
applicant.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">APPLICANT<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">THROUGH<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">COUNSEL<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12pt; line-height: 18.4px;"><b>Request a FREE Callback from a Bail Expert at Ozg Lawyers @</b></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; font-size: 12pt; line-height: 18.4px;"> <a href="http://bail.ozg.in/">bail.ozg.in</a></span></b><br />
<b style="mso-bidi-font-weight: normal;"><br /></b>
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">IMPORTANT TIPS FOR
FILING OF BAIL FORMAT INDIA UNDER SECTION 438 OF THE CODE OF CRIMINAL
PROCEDURE:<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India under Section 438 of the Code of
Criminal Procedure is filed before the Sessions Court at first.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India under Section 438 of the Code of
Criminal Procedure is to be signed by the accused or the applicant of the bail.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">An affidavit in support of the bail format India is also to
be filed along with the main application.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">A readable copy of the FIR is also to be filed along with the
bail format India.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">All relevant documents are also to be filed along with the
bail format India by which the applicant is seeking bail from the court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India is also to be signed by the Counsel who
is filing the bail format India either through his memo of appearance or power
of attorney.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The details of the FIR, name of the accused, fathers name of
the accused should be properly mentioned in the bail format India so that the
said contents are properly mentioned in the judicial records.<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12pt; line-height: 18.4px;"><b>Request a FREE Callback from a Bail Expert at Ozg Lawyers @</b></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; font-size: 12pt; line-height: 18.4px;"> <a href="http://bail.ozg.in/">bail.ozg.in</a></span></b><br />
<b style="mso-bidi-font-weight: normal;"><br /></b>
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">ANTICIPATORY BAIL
FORMAT INDIA UNDER SECTION 438 OF CODE OF CRIMINAL PROCEDURE TO BE FILED BEFORE
THE HIGH COURT IN THE EVENT OF THE APPLICATION FOR ANTICIPATORY BAIL BEING
DISMISSED BY THE SESSIONS COURT<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b>
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">BEFORE THE HIGH COURT AT (give the name of the High Court
where the anticipatory bail application format India is being filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">IN THE MATTER OF<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">STATE<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">VS<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">(Mention the name of the accused)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">FIR Number: (Mention the FIR number)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Under Section: (Mention the sections under which the FIR has
been filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Police Station: (Mention the name of the Police Station)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><b><br /></b></span>
<span style="font-size: 12.0pt; line-height: 115%;"><b><br /></b></span>
<span style="font-size: 12.0pt; line-height: 115%;"><b>APPLICATION U/S 438 CRPC FOR GRANT OF ANTICIPATORY BAIL ON
BEHALF OF THE ACCUSED</b> (name of the applicant of the bail)<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">MOST RESPECTFULLY SUBMITTED AS UNDER:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">1. That the present FIR has been registered on false and
bogus facts. The facts stated in the FIR are fabricated, concocted and without
any basis.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">2. That the police has falsely implicated the applicant in
the present case, the applicant is a respectable citizen of the society and is
not involved any criminal case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">3. That the facts stated in the complainant against the
applicant are civil disputes and does not constitute any criminal offence at
all.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">4. That the applicant is not required in any kind of
investigation nor any kind of custodial interrogation is required.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">5. That the applicant is having very good antecedents, he
belongs to good family and there is no criminal case pending against them.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">6. That the applicant is a permanent resident and there are
no chances of his absconding from the course of justice.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">7. That the applicant undertakes to present himself before
the police/court as and when directed.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">8. That the applicant undertakes that he will not, directly
or indirectly make any inducement, threat or promise to any person acquainted
with the facts of the case so as to dissuade him from disclosing such facts to
the Court or to any police officer.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">9. That the applicant further undertakes not to tamper with
the evidence or the witnesses in any manner.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">10. That the applicant shall not leave India without the previous
permission of the Court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">11. That the applicant is ready and willing to accept any
other conditions as may be imposed by the Court or the police in connection
with the case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">12. That the Court below has failed to consider all the facts
and circumstances of the case and has wrongly dismissed the anticipatory bail
application.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">It is therefore prayed that the court may direct the release
the applicant on bail in the event of his arrest by the police.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Any other order which the court may deem fit and proper in
the facts and circumstances of the case may be also passed in favor of the
applicant.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">APPLICANT<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">THROUGH<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">COUNSEL<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12.0pt; line-height: 115%;"><br /></span></b><span style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12pt; line-height: 18.4px;"><b>Request a FREE Callback from a Bail Expert at Ozg Lawyers @</b></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; font-size: 12pt; line-height: 18.4px;"> <a href="http://bail.ozg.in/">bail.ozg.in</a></span></b><br />
<b style="mso-bidi-font-weight: normal;"><br /></b>
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">IMPORTANT TIPS FOR
FILING OF BAIL FORMAT INDIA UNDER SECTION 438 OF THE CODE OF CRIMINAL
PROCEDURE:<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b>
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India under Section 438 of the Code of
Criminal Procedure is to be signed by the accused or the applicant of the bail.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">An affidavit in support of the bail format India is also to
be filed along with the main application.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">A readable copy of the FIR is also to be filed along with the
bail format India.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">All relevant documents are also to be filed along with the
bail format India by which the applicant is seeking bail from the court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India is also to be signed by the Counsel who
is filing the bail format India either through his memo of appearance or power
of attorney.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The details of the FIR, name of the accused, fathers name of
the accused should be properly mentioned in the bail format India so that the
said contents are properly mentioned in the judicial records.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">A certified or true copy of the order passed by the Sessions
Court be also filed along with.<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><b>BAIL FORMAT INDIA UNDER SECTION 439 OF THE CODE OF CRIMINAL
PROCEDURE FOR BAIL BEFORE THE SESSIONS COURT</b><o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><b><br /></b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">BEFORE THE DISTRICT AND SESSIONS JUDGE COURT AT (give the name
of the District Court where the bail application format India is being filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">IN THE MATTER OF<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">STATE<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">VS<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">(Mention the name of the accused)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">FIR Number: (Mention the FIR number)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Under Section: (Mention the sections under which the FIR has
been filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Police Station: (Mention the name of the Police Station)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Accused under custody since (Give the date from when the
accused is in custody)<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12pt; line-height: 18.4px;"><b>Request a FREE Callback from a Bail Expert at Ozg Lawyers @</b></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; font-size: 12pt; line-height: 18.4px;"> <a href="http://bail.ozg.in/">bail.ozg.in</a></span></b><br />
<b style="mso-bidi-font-weight: normal;"><br /></b>
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">APPLICATION U/S 439
CRPC FOR GRANT OF BAIL ON BEHALF OF THE ACCUSED </span></b><span style="font-size: 12.0pt; line-height: 115%;">(name of the applicant of the bail)<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">MOST RESPECTFULLY SUBMITTED AS UNDER:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">1. That the present FIR has been registered on false and
bogus facts. The facts stated in the FIR are fabricated, concocted and without
any basis.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">2. That the police has falsely implicated the applicant in
the present case, and arrested him although the applicant is a respectable
citizen of the society and is not involved any criminal case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">3. That the facts stated in the complainant against the
applicant are civil disputes and does not constitute any criminal offence at
all.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">4. That the applicant is not required in any kind of
investigation nor any kind of custodial interrogation is required.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">5. That the applicant is having very good antecedents, he
belongs to good family and there is no criminal case pending against them.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">6. That the applicant is a permanent resident and there are
no chances of his absconding from the course of justice.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">7. That the applicant undertakes to present himself before
the police/court as and when directed.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">8. That the applicant undertakes that he will not, directly
or indirectly make any inducement, threat or promise to any person acquainted
with the facts of the case so as to dissuade him from disclosing such facts to
the Court or to any police officer.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">9. That the applicant further undertakes not to tamper with
the evidence or the witnesses in any manner.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">10. That the applicant shall not leave India without the
previous permission of the Court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">11. That the applicant is ready and willing to accept any
other conditions as may be imposed by the Court or the police in connection
with the case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">12. That the Court below has failed to consider all the facts
and circumstances of the case and has wrongly dismissed the bail application.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">It is therefore prayed that the court may direct the release
the applicant on bail in the interest of justice.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Any other order which the court may deem fit and proper in
the facts and circumstances of the case may be also passed in favor of the
applicant.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">APPLICANT<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">THROUGH<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">COUNSEL<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12pt; line-height: 18.4px;"><b>Request a FREE Callback from a Bail Expert at Ozg Lawyers @</b></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; font-size: 12pt; line-height: 18.4px;"> <a href="http://bail.ozg.in/">bail.ozg.in</a></span></b><br />
<b style="mso-bidi-font-weight: normal;"><br /></b>
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">IMPORTANT TIPS FOR
FILING OF BAIL FORMAT INDIA UNDER SECTION 439 OF THE CODE OF CRIMINAL
PROCEDURE:<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India under Section 439 of the Code of
Criminal Procedure can be signed by any close relative or Parokar of the
accused.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">An affidavit in support of the bail format India is also to
be filed alongwith the main application.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">A readable copy of the FIR is also to be filed alongwith the
bail format India.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">All relevant documents are also to be filed alongwith the
bail format India on the basis of which the applicant is seeking bail from the
court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India is also to be signed by the Counsel who
is filing the bail format India either through his memo of appearance or power
of attorney.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The details of the FIR, name of the accused, fathers name of
the accused should be properly mentioned in the bail format India so that the
said contents are properly mentioned in the release order and the Jail
authorities are able to identify the accused properly.<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;">BAIL FORMAT INDIA TO BE
FILED BEFORE THE HIGH COURT IN THE EVENT OF THE APPLICATION FOR BAIL BEING
DISMISSED BY THE SESSIONS COURT<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b>
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">BEFORE THE HIGH COURT AT (give the name of the High Court
where the bail application format India is being filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">IN THE MATTER OF<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">STATE<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">VS<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">(Mention the name of the accused)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">FIR Number: (Mention the FIR number)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Under Section: (Mention the sections under which the FIR has
been filed)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Police Station: (Mention the name of the Police Station)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Accused in custody since: (Give the date since when the
accused is in custody)<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span>
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;"><b>APPLICATION U/S 439 CRPC FOR GRANT OF ANTICIPATORY BAIL ON
BEHALF OF THE ACCUSED </b>(name of the applicant of the bail)<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">MOST RESPECTFULLY SUBMITTED AS UNDER:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">1. That the present FIR has been registered on false and
bogus facts. The facts stated in the FIR are fabricated, concocted and without
any basis.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">2. That the police has falsely implicated the applicant in
the present case, and has arrested him. The applicant is a respectable citizen
of the society and is not involved any criminal case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">3. That the facts stated in the complainant against the
applicant are civil disputes and does not constitute any criminal offence at
all.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">4. That the applicant is not required in any kind of
investigation nor any kind of custodial interrogation is required.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">5. That the applicant is having very good antecedents, he
belongs to good family and there is no criminal case pending against them.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">6. That the applicant is a permanent resident and there are
no chances of his absconding from the course of justice.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">7. That the applicant undertakes to present himself before
the police/court as and when directed.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">8. That the applicant undertakes that he will not, directly
or indirectly make any inducement, threat or promise to any person acquainted
with the facts of the case so as to dissuade him from disclosing such facts to
the Court or to any police officer.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">9. That the applicant further undertakes not to tamper with
the evidence or the witnesses in any manner.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">10. That the applicant shall not leave India without the
previous permission of the Court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">11. That the applicant is ready and willing to accept any
other conditions as may be imposed by the Court or the police in connection
with the case.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">12. That the Court below has failed to consider all the facts
and circumstances of the case and has wrongly dismissed the bail application.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">It is therefore prayed that the court may direct the release
the applicant on bail in the interest of justice.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">Any other order which the court may deem fit and proper in
the facts and circumstances of the case may be also passed in favor of the
applicant.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">APPLICANT<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">THROUGH<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">COUNSEL<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12.0pt; line-height: 115%;"><br /></span></b><span style="mso-bidi-font-weight: normal;"><span style="color: #002060; font-size: 12pt; line-height: 18.4px;"><b>Request a FREE Callback from a Bail Expert at Ozg Lawyers @</b></span></span><b style="mso-bidi-font-weight: normal;"><span style="color: #e36c0a; font-size: 12pt; line-height: 18.4px;"> <a href="http://bail.ozg.in/">bail.ozg.in</a></span></b><br />
<b style="mso-bidi-font-weight: normal;"><br /></b>
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">[succ]<b style="mso-bidi-font-weight: normal;">IMPORTANT TIPS
FOR FILING OF BAIL FORMAT INDIA UNDER SECTION 439 OF THE CODE OF CRIMINAL
PROCEDURE:</b><o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 115%;"><b style="mso-bidi-font-weight: normal;"><br /></b></span>
<span style="font-size: 12.0pt; line-height: 115%;"><b style="mso-bidi-font-weight: normal;"><br /></b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India under Section 439 of the Code of
Criminal Procedure can be signed by any close relative or Parokar of the
accused.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">An affidavit in support of the bail format India is also to
be filed along with the main application.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">A readable copy of the FIR is also to be filed along with the
bail format India.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">All relevant documents are also to be filed along with the
bail format India by which the applicant is seeking bail from the court.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The bail format India is also to be signed by the Counsel who
is filing the bail format India either through his memo of appearance or power
of attorney.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">The details of the FIR, name of the accused, fathers name of
the accused should be properly mentioned in the bail format India so that the
said contents are properly mentioned in the release order, and the Jail
authorities can identify the accused properly.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12.0pt; line-height: 115%;">A certified copy or true copy of the order passed by the
Court of Session is to be filed along with with the bail format India.<o:p></o:p></span></div>
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-63110674205027598062018-10-16T23:11:00.000-07:002018-10-16T23:11:05.198-07:00P2P NBFC (Lending Platform) Application Procedure - RBI License & Compliance
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RBI/DNBR/2017-18/57<br />
Master Direction DNBR (PD) 090/03.10.124/2017-18</div>
<div align="right" class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
October 04, 2017<br />
(<span style="color: brown;">Updated as on February 23, 2018</span>)<br />
(<span style="color: green;">Updated as on November 09, 2017</span>)</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
Master Directions - Non-Banking Financial Company โ Peer to Peer Lending Platform (Reserve Bank) Directions, 2017</div>
<div style="font-size: 13px; margin: 5px;">
The Reserve Bank of India, (hereinafter referred to as โthe Bankโ) issued a Notification No DNBR.045/CGM (CDS)-2017 dated August 24, 2017 in terms of sub-clause (iii) of clause(f) of section 45I of the Reserve Bank of India Act, 1934 (hereinafter referred to as โthe Actโ) and on being satisfied that it is necessary to do so, in exercise of the powers conferred under section 45IA, 45JA, 45L,and 45M of the Act, and of all the powers enabling it in this behalf, hereby issues these Directions for compliance of the same by every Non-Banking Financial Company that carries on the business of a Peer to Peer Lending Platform.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
1. Short title and commencement of the Directions:</div>
<div style="font-size: 13px; margin: 5px;">
(1) These Directions shall be known as the Non-Banking Financial Company โ Peer to Peer Lending Platform (Reserve Bank) Directions, 2017.</div>
<div style="font-size: 13px; margin: 5px;">
(2) These Directions shall come into force with immediate effect.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
2. Applicability of the Directions</div>
<div style="font-size: 13px; margin: 5px;">
These Directions shall apply to every Non-Banking Financial Company- Peer to Peer Lending Platform (NBFC-P2P) as defined in these Directions.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
3. Scope</div>
<div style="font-size: 13px; margin: 5px;">
These Directions provide a framework for the registration and operation of NBFC-P2Ps in India.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
4. Definitions</div>
<div style="font-size: 13px; margin: 5px;">
(1) In these Directions, unless the context otherwise requires, the terms used herein shall bear the meanings assigned to them below โ</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="i">
<li><div style="margin: 5px !important;">
โCompanyโ means a company as defined in clause (20) of section 2 of the Companies Act, 2013;</div>
</li>
<li><div style="margin: 5px !important;">
โLeverage Ratioโ means the Total Outside Liabilities divided by Owned Funds, of the NBFC-P2P.</div>
</li>
<li><div style="margin: 5px !important;">
โNon-performing assetโ (NPA) means a loan where interest and/ or installment of principal remain overdue for a period of 90 days or more.</div>
</li>
<li><div style="margin: 5px !important;">
โParticipantโ means a person who has entered into an arrangement with an NBFC-P2P to lend on it or to avail of loan facilitation services provided by it;</div>
</li>
<li><div style="margin: 5px !important;">
โPeer to Peer Lending Platformโ means an intermediary providing the services of loan facilitation via online medium or otherwise, to the participants as defined at Item (iv) of sub-paragraph (1) of paragraph 4 of these directions;</div>
</li>
<li><div style="margin: 5px !important;">
โNon-banking financial company - Peer to Peer Lending Platformโ (NBFC-P2P) means a non-banking institution which carries on the business of a Peer to Peer Lending Platform.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(2) Words or expressions used in these Directions but not defined herein and defined in the Act or in the Companies Act, 2013 shall have the same meaning as assigned to them under those Acts.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
5. Registration<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
(1) Eligibility Criteria</div>
<div style="font-size: 13px; margin: 5px;">
(i) No non-banking institution other than a company shall undertake the business of Peer to Peer Lending Platform.</div>
<div style="font-size: 13px; margin: 5px;">
(ii) No NBFC-P2P shall commence or carry on the business of a Peer to Peer Lending Platform without obtaining a Certificate of Registration (hereinafter referred to as โCoRโ) from the Bank. Provided that an entity carrying on the business of a Peer-to-Peer Lending Platform as on the effective date of these directions, can continue to do so, subject to the conditions laid down in sub-paragraph (2)(vii) in this Paragraph.</div>
<div style="font-size: 13px; margin: 5px;">
(iii) Every company seeking registration with the Bank as an NBFC-P2P shall have a net owned fund of not less than rupees twenty million or such higher amount as the Bank may specify.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
(2) Process of Registration</div>
<div style="font-size: 13px; margin: 5px;">
(i) Every existing and prospective NBFC-P2P shall make an application for registration to the Department of Non-Banking Regulation, Mumbai of the Bank, in the form which will be specified by the Bank for the purpose. Existing NBFC-P2Ps shall apply within three months from the issuance of these Directions.</div>
<div style="font-size: 13px; margin: 5px;">
(ii) The Bank, for the purpose of considering the application for registration, shall require the following conditions, among others, to be fulfilled:</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
The company is incorporated in India;</div>
</li>
<li><div style="margin: 5px !important;">
The company has the necessary technological, entrepreneurial and managerial resources to offer such services to the participants;</div>
</li>
<li><div style="margin: 5px !important;">
The company has the adequate capital structure to undertake the business of Peer to Peer Lending Platform;</div>
</li>
<li><div style="margin: 5px !important;">
The promoters and the Directors of the company are fit and proper;</div>
</li>
<li><div style="margin: 5px !important;">
The general character of the management of the company is not prejudicial to the public interest;</div>
</li>
<li><div style="margin: 5px !important;">
The company has submitted a plan for, or implemented, a robust and secure Information Technology system;</div>
</li>
<li><div style="margin: 5px !important;">
The company has submitted a viable business plan for conducting the business of Peer to Peer Lending Platform;</div>
</li>
<li><div style="margin: 5px !important;">
Public interest shall be served by the grant of CoR;</div>
</li>
<li>Any other condition as may be specified by the Bank, fulfillment of which, in the opinion of the Bank, is necessary to ensure that the commencement of or carrying on the business in India shall not be prejudicial to the public interest.</li>
</ol>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
In case of prospective NBFC-P2Ps</div>
<div style="font-size: 13px; margin: 5px;">
(iii) The Bank may, after being satisfied that the conditions specified under paragraph 5(2)(ii) are fulfilled, grant in-principle approval for setting up of a Peer to Peer Lending Platform, subject to such conditions which it may consider fit to impose.</div>
<div style="font-size: 13px; margin: 5px;">
(iv) The validity of the in-principle approval issued by the Bank will be twelve months from the date of granting such in-principle approval.</div>
<div style="font-size: 13px; margin: 5px;">
(v) Within the period of twelve months, the company shall put in place the technology platform, enter into all other legal documentations required and report position of compliance with the terms of grant of in-principle approval to the Bank.</div>
<div style="font-size: 13px; margin: 5px;">
(vi) The Bank may, after being satisfied that the entity is ready to commence operations, grant a CoR as an NBFCโP2P, subject to conditions as deemed fit by the Bank.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
In case of existing NBFC-P2Ps</div>
<div style="font-size: 13px; margin: 5px;">
(vii) Companies that are undertaking the business of Peer to Peer Lending Platform, as defined at paragraph 4(1)(v) of these directions, as on the date of effect of these directions, shall apply for registration as an NBFC-P2P to the Bank within 3 months from that date. Such companies, which have applied to the Bank for registration as an NBFC - P2P, shall be permitted to continue the business of a Peer to Peer Lending Platform till their application for issuance of CoR is rejected, subject to such conditions, including winding down of business, as the Reserve Bank may impose.</div>
<div style="font-size: 13px; margin: 5px;">
(viii) The Bank may cancel the CoR granted to an NBFC-P2P, if such company โ</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
ceases to carry on the business of Peer to Peer Lending Platform in India; or</div>
</li>
<li><div style="margin: 5px !important;">
has failed to comply with any condition subject to which the CoR has been issued to it; or</div>
</li>
<li><div style="margin: 5px !important;">
is no longer eligible to hold the CoR; or</div>
</li>
<li><div style="margin: 5px !important;">
at any time fails to fulfill any of the conditions referred to in paragraphs 5(2)(ii) and 5(2)(v); or</div>
</li>
<li><div style="margin: 5px !important;">
fails to โ<br />
(i) comply with any Direction issued by the Bank; or<br />
(ii) maintain accounts, publish and disclose its financial position in accordance with the requirements of any law or any Direction or order issued by the Bank; or<br />
(iii) submit or offer for inspection its books of account or other relevant documents when so demanded by the Bank.</div>
</li>
</ol>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
6. Scope of Activities</div>
<div style="font-size: 13px; margin: 5px;">
(1) An NBFC-P2P shall-</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="i">
<li><div style="margin: 5px !important;">
act as an intermediary providing an online marketplace or platform to the participants involved in Peer to Peer lending;</div>
</li>
<li><div style="margin: 5px !important;">
not raise deposits as defined by or under Section 45I(bb) of the Act or the Companies Act, 2013;</div>
</li>
<li><div style="margin: 5px !important;">
not lend on its own;</div>
</li>
<li><div style="margin: 5px !important;">
not provide or arrange any credit enhancement or credit guarantee;</div>
</li>
<li><div style="margin: 5px !important;">
not facilitate or permit any secured lending linked to its platform; i.e. only clean loans will be permitted;</div>
</li>
<li><div style="margin: 5px !important;">
not hold, on its own balance sheet, funds received from lenders for lending, or funds received from borrowers for servicing loans; or such funds as stipulated in paragraph 9;</div>
</li>
<li><div style="margin: 5px !important;">
not cross sell any product except for loan specific insurance products;</div>
</li>
<li><div style="margin: 5px !important;">
not permit international flow of funds;</div>
</li>
<li><div style="margin: 5px !important;">
ensure adherence to legal requirements applicable to the participants as prescribed under relevant laws.</div>
</li>
<li><div style="margin: 5px !important;">
store and process all data relating to its activities and participants on hardware located within India.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(2) Further, NBFC-P2P shall-</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="i">
<li><div style="margin: 5px !important;">
undertake due diligence on the participants;</div>
</li>
<li><div style="margin: 5px !important;">
undertake credit assessment and risk profiling of the borrowers and disclose the same to their prospective lenders;</div>
</li>
<li><div style="margin: 5px !important;">
require prior and explicit consent of the participant to access its credit information;</div>
</li>
<li><div style="margin: 5px !important;">
undertake documentation of loan agreements and other related documents;</div>
</li>
<li><div style="margin: 5px !important;">
provide assistance in disbursement and repayments of loan amount;</div>
</li>
<li><div style="margin: 5px !important;">
render services for recovery of loans originated on the platform.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(3) NBFC-P2P shall not undertake any activity other than those stated in paras 6(1) and 6(2) of these Directions. Deployment of investible funds by an NBFC-P2P in instruments specified by the Bank, not for trading, shall however be permitted.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
7. Prudential Norms</div>
<div style="font-size: 13px; margin: 5px;">
(1) NBFC-P2P shall maintain a Leverage Ratio not exceeding 2.</div>
<div style="font-size: 13px; margin: 5px;">
(2) The aggregate exposure of a lender to all borrowers at any point of time, across all P2Ps, shall be subject to a cap of โน 10,00,000/-.</div>
<div style="font-size: 13px; margin: 5px;">
(3) The aggregate loans taken by a borrower at any point of time, across all P2Ps, shall be subject to a cap of โน 10,00,000/-.</div>
<div style="font-size: 13px; margin: 5px;">
(4) The exposure of a single lender to the same borrower, across all P2Ps, shall not exceed โน 50,000/-.</div>
<div style="font-size: 13px; margin: 5px;">
(5) The maturity of the loans shall not exceed 36 months.</div>
<div style="font-size: 13px; margin: 5px;">
(6) P2Ps shall obtain a certificate from the borrower or lender, as applicable, that the limits prescribed above are being adhered to.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
8. Operational Guidelines</div>
<div style="font-size: 13px; margin: 5px;">
(1) NBFC-P2P shall have a Board approved policy in place -</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="i">
<li><div style="margin: 5px !important;">
Setting out the eligibility criteria for participants on it.</div>
</li>
<li><div style="margin: 5px !important;">
Determining the pricing of services provided by it.</div>
</li>
<li><div style="margin: 5px !important;">
Setting out the rules for matching lenders with borrowers in an equitable and non-discriminatory manner.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(2) The outsourcing of any activity by NBFC-P2P does not diminish its obligations and it shall be responsible for the actions of its service providers including recovery agents and the confidentiality of information pertaining to the participant that is available with the service providers.</div>
<div style="font-size: 13px; margin: 5px;">
(3) No loan shall be disbursed unless the individual lender/s have approved the individual recipient/s of the loan and all concerned participants have signed the loan contract.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
9. Fund Transfer Mechanism</div>
<div style="font-size: 13px; margin: 5px;">
Fund transfer between the participants on the Peer to Peer Lending Platform shall be through escrow account mechanisms which will be operated by a trustee. At least two escrow accounts, one for funds received from lenders and pending disbursal, and the other for collections from borrowers, shall be maintained. The trustee shall mandatorily be promoted by the bank maintaining the escrow accounts. All fund transfers shall be through and from bank accounts and cash transaction is strictly prohibited. The mechanism as described in the Annex-I may be adopted by the NBFC-P2P.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
10. Submission of data to Credit Information Companies (CICs)</div>
<div style="font-size: 13px; margin: 5px;">
(1) An NBFC-P2P shall become member of all CICs and submit data (including historical data) to them.</div>
<div style="font-size: 13px; margin: 5px;">
(2) NBFC-P2P shall:</div>
<div style="font-size: 13px; margin: 5px;">
(i) keep the credit information (relating to borrower transactions on the platform) maintained by it, updated regularly on a monthly basis or at such shorter intervals as may be mutually agreed upon between the NBFC-P2P and the CICs;</div>
<div style="font-size: 13px; margin: 5px;">
(ii) take all such steps which may be necessary to ensure that the credit information furnished by it is up to date, accurate and complete;</div>
<div style="font-size: 13px; margin: 5px;">
(iii) include necessary consents in the agreement with the participants for providing the required credit information;<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
11. Transparency and Disclosure Requirements</div>
<div style="font-size: 13px; margin: 5px;">
(1) An NBFC-P2P shall be required to disclose the following:</div>
<div style="font-size: 13px; margin: 5px;">
(i) to the lender</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
details about the borrower/s including personal identity, required amount, interest rate sought and credit score as arrived by the NBFC-P2P.</div>
</li>
<li><div style="margin: 5px !important;">
details about all the terms and conditions of the loan, including likely return, fees and taxes;</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(ii) to the borrower - details about the lender/s including proposed amount, interest rate offered but excluding personal identity and contact details;</div>
<div style="font-size: 13px; margin: 5px;">
(iii) publicly disclose on its website:</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
overview of credit assessment/score methodology and factors considered;</div>
</li>
<li><div style="margin: 5px !important;">
disclosures on usage/protection of data;</div>
</li>
<li><div style="margin: 5px !important;">
grievance redressal mechanism;</div>
</li>
<li><div style="margin: 5px !important;">
portfolio performance including share of non-performing assets on a monthly basis and segregation by age; and</div>
</li>
<li><div style="margin: 5px !important;">
its broad business model.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(2) NBFC-P2P shall ensure that the providing of services to a participant, who has applied for availing of such services, is backed by appropriate agreements between the participants and the NBFC-P2P. The agreements shall categorically specify all the terms and conditions among the borrower, the lender and the NBFC-P2P.</div>
<div style="font-size: 13px; margin: 5px;">
(3) The interest rates displayed on the platform shall be in Annualized Percentage Rate (APR) format.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
12. Fair Practices Code</div>
<div style="font-size: 13px; margin: 5px;">
(1) An NBFC-P2P shall put in place a Fair Practices Code, based on the Guidelines outlined herein, with the approval of its Board. The same should be put up on its web-site, for the information of various stakeholders.</div>
<div style="font-size: 13px; margin: 5px;">
(2) NBFC-P2P shall be required to obtain explicit affirmation from the lender stating that he/ she has understood the risks associated with the proposed transaction and that there is no guarantee of return and that there exists a likelihood of loss of entire principal in case of default by a borrower. The platform shall not provide any assurance for the recovery of loans. Further, the platform shall display a caveat that โReserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by the NBFC-P2P, and does not provide any assurance for repayment of the loans lent on itโ.<br />
<br /></div>
<div style="font-size: 13px; margin: 5px;">
(3) In the matter of recovery of loans, NBFC-P2P shall ensure that the staff are adequately trained to deal with the participants in an appropriate manner and shall not resort to harassment viz; persistently bothering the borrowers at odd hours, use of coercion for recovery of loans, etc.<br />
<br /></div>
<div style="font-size: 13px; margin: 5px;">
(4) NBFC-P2P shall ensure that any information relating to the participants received by it is not disclosed to any third party without the consent of the participants.<br />
<br /></div>
<div style="font-size: 13px; margin: 5px;">
(5) The Board of Directors shall also provide for periodic review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management. A consolidated report of such reviews shall be submitted to the Board at regular intervals, as may be prescribed by it.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
13. Participant Grievance Redressal<br />
<br /></div>
<div style="font-size: 13px; margin: 5px;">
(1) An NBFC-P2P shall put in place a Board approved policy to address participant grievances/complaints. Complaints shall be handled/ disposed of by NBFC-P2P within such time and in such manner as provided for in its Board approved policy, but in any case not beyond a period of one month from the date of receipt.</div>
<div style="font-size: 13px; margin: 5px;">
(2) At the operational level, NBFC-P2P shall display the following information prominently, for the benefit of participants, on the website:</div>
<div style="font-size: 13px; margin: 5px;">
(i) the name and contact details (Telephone / Mobile Nos. as also email address) of the Grievance Redressal Officer who can be approached for resolution of complaints against the NBFC-P2P.</div>
<div style="font-size: 13px; margin: 5px;">
(ii) that if the complaint / dispute is not redressed within a period of one month, the participant may appeal to the Customer Education and Protection Department of the Bank.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<span style="color: brown;">13A. Nodal Officer/ Principal Nodal Officer</span><br />
<span style="color: brown;"><br /></span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: brown;">NBFCs covered under the Ombudsman Scheme for Non-Banking Financial Companies, 2018 shall appoint Nodal Officer/ Principal Nodal Officer in accordance with directions as provided under Annex VII.</span></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
14. Information Technology Framework, Data Security and Business Continuity Plan</div>
<div style="font-size: 13px; margin: 5px;">
(1) Business of an NBFC-P2P shall be primarily Information Technology (IT) driven. The technology should be scalable to handle growth in business.</div>
<div style="font-size: 13px; margin: 5px;">
(2) There should be adequate safeguards built in its IT systems to ensure that it is protected against unauthorized access, alteration, destruction, disclosure or dissemination of records and data. The Bank may from time to time, prescribe technical specifications, as deemed fit.</div>
<div style="font-size: 13px; margin: 5px;">
(3) NBFC-P2P should have a Board approved Business Continuity Plan in place for safekeeping of information and documents and servicing of loans for full tenure in case of closure of platform.</div>
<div style="font-size: 13px; margin: 5px;">
(4) Information System Audit of the internal systems and processes shall be in place and shall be conducted at least once in two years by CISA certified external auditors. Report of the external auditor shall be submitted to the Regional Office of the Department of Non-Banking Supervision of the Bank, under whose jurisdiction the Registered Office of the NBFC-P2P is located, within one month of submission of the report by the external auditor.</div>
<div style="font-size: 13px; margin: 5px;">
(5) There shall be reasonable arrangements in place to ensure that loan agreements facilitated on the platform will continue to be managed and administered by a third party in accordance with the contract terms, if the NBFC-P2P ceases to carry on the P2P activity.</div>
<div style="font-size: 13px; margin: 5px;">
(6) NBFC-P2P would be required to conform with Master Direction DNBS.PPD. No. 04/66.15.001/2016-17 dated June 8, 2017 on Information Technology Framework for NBFC Sector, as stipulated in Section A from inception.<br />
<br /></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
15. Fit and Proper Criteria</div>
<div style="font-size: 13px; margin: 5px;">
(1) An NBFC-P2P shall</div>
<div style="font-size: 13px; margin: 5px;">
(i) ensure that a policy is put in place, with the approval of the Board of Directors, setting out โFit and Properโ criteria to be met by its directors. These criteria shall be consistent with the requirements contained in Annexes II to IV;</div>
<div style="font-size: 13px; margin: 5px;">
(ii) ensure that Directors meet the fit and proper criteria at the time of their appointment and on an ongoing basis, certify and inform the same to the Bank on a half-yearly basis;</div>
<div style="font-size: 13px; margin: 5px;">
(iii) obtain a declaration and undertaking from the Directors giving additional information. The declaration and undertaking shall be on the lines of the format given in Annex III;</div>
<div style="font-size: 13px; margin: 5px;">
(iv) obtain a Deed of Covenants signed by the Directors, which shall be in the format as given in Annex IV;</div>
<div style="font-size: 13px; margin: 5px;">
(v) advise the Bank of any change of Directors, or key management personnel, and issue a certificate from the Managing Director/CEO of the NBFC-P2P that fit and proper criteria in selection of the Directors have been followed. The statement must reach the Regional Office of the Department of Non-Banking Supervision of the Bank under whose jurisdiction the Registered Office of the NBFC-P2P is located, within 15 days of the change. An annual statement shall be submitted by the CEO of the NBFC-P2P to the said Regional Office, giving the names of its Directors for the quarter ending on March 31, which should be certified by the auditors.</div>
<div style="font-size: 13px; margin: 5px;">
The Bank, if it deems fit and in public interest, may independently assess whether the directors are, individually or collectively, fit and proper and the NBFC-P2P shall remove the concerned director/s, on being advised by the Bank to do so.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
16. Requirement to obtain prior approval of the Bank for allotment of shares, acquisition or transfer of control of NBFC-P2P</div>
<div style="font-size: 13px; margin: 5px;">
(1) Prior written permission of the Bank shall be required for โ</div>
<div style="font-size: 13px; margin: 5px;">
(i) any allotment of shares which will take the aggregate holding of an individual or group to equivalent of 26 per cent and more of the paid up capital of the NBFC-P2P;</div>
<div style="font-size: 13px; margin: 5px;">
<span class="head" style="font-weight: bold;">Explantation:</span> For the purpose of this paragraph, the term</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
"holding" refers to both direct and indirect holding, beneficial or otherwise. The holding will be computed with reference to the holding of the applicant, relatives (where the applicant is a natural person) and associated enterprises.</div>
</li>
<li><div style="margin: 5px !important;">
"relative" has the same meaning as assigned under section 2(77) of the Companies Act, 2013.</div>
</li>
<li><div style="margin: 5px !important;">
"associate entrepriseโ has the same meaning as assigned to it in Explanation I to Section 12B of the Banking Regulation Act, 1949.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(ii) any takeover or acquisition of control of an NBFC-P2P, which may or may not result in change of management;</div>
<div style="font-size: 13px; margin: 5px;">
(iii) any change in the shareholding of an NBFC-P2P, including progressive increases over time, which would result in acquisition by/ transfer of shareholding to, any entity, of 26 per cent or more of the paid up equity capital of the NBFC-P2P;</div>
<div style="font-size: 13px; margin: 5px;">
<span class="head" style="font-weight: bold;">Provided that,</span> prior approval would not be required in case of any shareholding going beyond 26% due to buyback of shares / reduction in capital where it has approval of a competent Court. The same is to be reported to the Bank not later than one month from its occurrence;</div>
<div style="font-size: 13px; margin: 5px;">
(iv) any change in the management of the NBFC-P2P which would result in change in more than 30 per cent of the Directors, excluding independent Directors;</div>
<div style="font-size: 13px; margin: 5px;">
(v) any change in shareholding that will give the acquirer a right to nominate a Director.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
Application for Prior Approval</div>
<div style="font-size: 13px; margin: 5px;">
(2) An NBFC-P2P shall submit an application, on the company letter head, for obtaining prior approval of the Bank, along with the following documents:</div>
<div style="font-size: 13px; margin: 5px;">
(i) Information about the proposed Directors/ shareholders as per Annex V;</div>
<div style="font-size: 13px; margin: 5px;">
(ii) Sources of funds of the proposed shareholders acquiring the shares in the NBFC-P2P;</div>
<div style="font-size: 13px; margin: 5px;">
(iii) Declaration by the proposed Directors/ shareholders that they are not associated with any unincorporated body that is accepting deposits;</div>
<div style="font-size: 13px; margin: 5px;">
(iv) Declaration by the proposed Directors/ shareholders that they are not associated with any company, the application for CoR of which has been rejected by the Bank;</div>
<div style="font-size: 13px; margin: 5px;">
(v) Declaration by the proposed Directors/ shareholders that they have not been convicted of any crime and that there are no pending criminal cases against them, including proceedings initiated under section 138 of the Negotiable Instruments Act,1881; and</div>
<div style="font-size: 13px; margin: 5px;">
(vi) Bankers' Report on the proposed Directors / shareholders.</div>
<div style="font-size: 13px; margin: 5px;">
(3) Applications in this regard shall be submitted to the Regional Office of the Department of Non-Banking Supervision of the Bank where the company is registered.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
Public Notice about Change in Control/ Management</div>
<div style="font-size: 13px; margin: 5px;">
(4) A public notice of at least 30 days shall be given before effecting the sale of, or transfer of the ownership by sale of shares, or transfer of control, whether with or without sale of shares. Such public notice shall be given by the NBFC-P2P and also by the other party or jointly by the parties concerned, after obtaining the prior permission of the Bank.</div>
<div style="font-size: 13px; margin: 5px;">
(5) The public notice shall indicate the intention to sell or transfer ownership/control, the particulars of transferee and the reasons for such sale or transfer of ownership/ control. The notice shall be published in at least one leading national and in one leading local (covering the place of registered office) vernacular newspaper.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
Information with respect to change of address, directors, auditors, etc. to be submitted</div>
<div style="font-size: 13px; margin: 5px;">
(6) Every NBFC-P2P shall communicate, not later than one month from the occurrence of any change in:</div>
<div style="font-size: 13px; margin: 5px;">
(i) the complete postal address, telephone number/s and fax number/s of the registered / corporate office;</div>
<div style="font-size: 13px; margin: 5px;">
(ii) the residential addresses of the Directors of the company;</div>
<div style="font-size: 13px; margin: 5px;">
(iii) the names and office address of the auditors of the company; and</div>
<div style="font-size: 13px; margin: 5px;">
(iv) the specimen signatures of the officers authorised to sign on behalf of the NBFC-P2P to the Regional Office of the Department of Non-Banking Supervision of the Bank within whose jurisdiction the Registered Office of the NBFC-P2P is located.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<span style="color: green;">17. Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFC-P2P.</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">NBFC-P2P shall conduct a self-assessment of their existing outsourcing arrangements and bring these in line with the directions as provided at Annex VI.</span></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
18. Reporting Requirements</div>
<div style="font-size: 13px; margin: 5px;">
(1) The Bank may, from time to time, prescribe return/s to be submitted by NBFC-P2P, as it deems fit.</div>
<div style="font-size: 13px; margin: 5px;">
(2) The following quarterly statements shall be submitted to the aforesaid Regional Office within 15 days after the quarter to which these relate.</div>
<div style="font-size: 13px; margin: 5px;">
(i) A statement, showing the number and amount in respect of loans;</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
disbursed during the quarter;</div>
</li>
<li><div style="margin: 5px !important;">
closed during the quarter; and</div>
</li>
<li><div style="margin: 5px !important;">
outstanding at the beginning and at the end of the quarter, including the number of lenders and borrowers outstanding as at the end of the quarter</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(ii) The amount of funds held in the Escrow Account, bifurcated into funds received from lenders and funds received from borrowers, with credit and debit summations for the quarter.</div>
<div style="font-size: 13px; margin: 5px;">
(iii) Number of complaints outstanding at beginning and at end of quarter, and disposed of during the quarter, bifurcated as received from</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
lenders and</div>
</li>
<li><div style="margin: 5px !important;">
borrowers.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(iv) The Leverage Ratio, with details of its numerator and denominator.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
19. Supervision</div>
<div style="font-size: 13px; margin: 5px;">
The Bank may, at any time, cause an inspection by one or more of its officers or employees, or by any other agency as Bank may deem fit, of any NBFC-P2P.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
20. Exemptions</div>
<div style="font-size: 13px; margin: 5px;">
The Bank may, if it considers necessary for avoiding any hardship or for any other just and sufficient reason, grant extension of time to comply with or exempt any NBFC-P2P or class of NBFC-P2Ps or all NBFC-P2Ps, from all or any of the provisions of these Directions, either generally or specially, and subject to such conditions as it may impose.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
21. Clarifications</div>
<div style="font-size: 13px; margin: 5px;">
If any question arises relating to the interpretation of these directions, the matter shall be referred to the Bank and the decision of the Bank shall be final.</div>
<div align="right" style="font-size: 13px; margin: 5px;">
(C.D.Srinivasan)<br />
Chief General Manager</div>
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<div align="right" class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<a href="https://www.blogger.com/null" id="ANN2" style="background: none 0px 0px repeat scroll rgba(0, 0, 0, 0); line-height: 20px;"></a>Annex II</div>
<div align="center" class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
โFit and Properโ Criteria for Directors of NBFC-P2Ps</div>
<div style="font-size: 13px; margin: 5px;">
NBFC-P2Ps are advised to ensure that the procedures mentioned below are followed and minimum criteria fulfilled by the persons before they are appointed on the Boards:</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
NBFC-P2Ps should undertake a process of due diligence to determine the suitability of the person for appointment / continuing to hold appointment as a Director on the Board, based upon qualification, expertise, track record, integrity and other โfit and properโ criteria. NBFC-P2Ps should obtain necessary information and declaration from the proposed / existing Directors for the purpose in the format given at Annex III.</div>
</li>
<li><div style="margin: 5px !important;">
The process of due diligence should be undertaken by the NBFC-P2Ps at the time of appointment / renewal of appointment.</div>
</li>
<li><div style="margin: 5px !important;">
The Boards of the NBFC-P2Ps should constitute Nomination Committees to scrutinize the declarations.</div>
</li>
<li><div style="margin: 5px !important;">
Based on the information provided in the signed declaration, Nomination Committees should decide on the acceptance or otherwise of the Directors, where considered necessary.</div>
</li>
<li><div style="margin: 5px !important;">
Where there is any change in information provided by the Directors earlier, the same should be furnished by them to the NBFC-P2P immediately.</div>
</li>
<li><div style="margin: 5px !important;">
NBFC-P2Ps should obtain annually as on 31st March a simple declaration from the Directors that the information already provided has not undergone change and where there is any change, requisite details are furnished by them forthwith.</div>
</li>
<li><div style="margin: 5px !important;">
The Board of the NBFC-P2P must ensure in public interest that the nominated/ elected Directors execute the deeds of covenants in the format given in Annex IV.</div>
</li>
</ol>
<hr style="background: grey; border-bottom: 0px; border-left: 0px; border-right: 0px; border-top-color: rgb(204, 204, 204); border-top-style: solid; font-size: 13px; height: 1px; margin: 1em 0px; padding: 0px;" />
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<div style="box-sizing: border-box; font-family: arial, serif; margin-bottom: 20px; padding-bottom: 0px; padding-top: 0px; text-align: center;">
<span style="color: #38761d; font-family: "trebuchet ms" , sans-serif; font-size: x-large;">RBI Compliance Group</span></div>
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<div style="font-size: 14.3px;">
<span style="color: #444444;">Ozg Compliance & Regulatory Practice Center</span></div>
<div>
<br />
<div>
<span style="font-family: "arial" , serif;"><span style="color: #0b5394; font-size: medium;">Email:</span><span style="color: #990000; font-size: medium;"> ask@nbfc.in</span></span></div>
<span style="color: #f1c232; font-family: "arial" , serif; font-size: 14.3px;"></span><br />
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<span style="color: #38761d; font-size: large;"><a href="http://nbfcregistration.com/" style="color: #3366cc;"><b>nbfcregistration.com</b></a></span></div>
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<span style="font-size: xx-small;">@ <a href="http://twitter.com/RBIcompliance" style="color: #3366cc;">twitter.com/RBIcompliance</a> @ <a href="http://instagram.com/RBIcompliance" style="color: #3366cc;">instagram.com/RBIcompliance</a> @ <a href="http://facebook.com/RBIcompliance" style="color: #3366cc;">facebook.com/RBIcompliance</a></span></div>
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<br />
<a href="https://www.blogger.com/null" id="ANN3" style="background: none 0px 0px repeat scroll rgba(0, 0, 0, 0); line-height: 20px;"></a>Annex III</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
Name of NBFC-P2P: ________________________</div>
<table align="center" border="0" cellpadding="0" cellspacing="1" class="tablebg" style="border-collapse: collapse; border-color: rgb(239, 209, 170); border-style: solid; border-width: 1px; color: black; font-size: 13px; width: 85%;"><tbody>
<tr style="height: auto !important;"><td colspan="4" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"><span class="head" style="font-weight: bold;">Declaration and Undertaking by Director (<u>with enclosures as appropriate as on</u>)</span></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" width="31"><span class="head" style="font-weight: bold;">I.</span></td><td colspan="2" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"><span class="head" style="font-weight: bold;">Personal details of director</span></td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" width="117"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" width="26">a.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" width="977">Full name</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">b.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Date of Birth</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">c.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Educational Qualifications</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">d.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Relevant Background and Experience</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">e.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Permanent Address</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">f.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Present Address</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">g.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">E-mail Address / Telephone Number</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">h.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Permanent Account Number under the Income Tax Act and name and address of Income Tax Circle</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">i.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Relevant knowledge and experience</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">j.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Any other information relevant to Directorship of the NBFC-P2P</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" class="head" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;">II</td><td class="head" colspan="2" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;">Relevant Relationships of Director</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">a.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">List of Relatives if any who are connected with the NBFC-P2P (Refer to the relevant provisions of Companies Act, 2013)</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">b.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">List of entities if any in which he/she is considered as being interested</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">c.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">List of entities in which he/she is considered as holding substantial interest within the meaning of prudential norms as prescribed in these Directions.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">d.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Name of NBFCs in which he/she is or has been a member of the board (giving details of period during which such office was held)</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">e.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Fund and non-fund facilities, if any, presently availed of by him/her and/or by entities listed in II (b) and (c) above from the NBFC</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">f.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Cases, if any, where the director or entities listed in II (b) and (c) above are in default or have been in default in the past in respect of credit facilities obtained from the NBFC or any other NBFC / bank.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" class="head" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;">III</td><td class="head" colspan="2" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;">Records of professional achievements</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">a.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Relevant professional achievements</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" class="head" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;">IV.</td><td class="head" colspan="2" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;">Proceedings, if any, against the director</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">a.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">If the director is a member of a professional association/body, details of disciplinary action, if any, pending or commenced or resulting in conviction in the past against him/her or whether he/she has been banned from entry into any profession/ occupation at any time.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">b.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Details of prosecution, if any, pending or commenced or resulting in conviction in the past against the director and/or against any of the entities listed in II (b) and (c) above for violation of economic laws and regulations</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">c.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Details of criminal prosecution, if any, pending or commenced or resulting in conviction in the last five years against the director</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">d.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Whether the director attracts any of the disqualifications envisaged under the Companies Act, 2013?</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">e.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Has the director or any of the entities at II (b) and (c) above been subject to any investigation at the instance of Government department or agency?</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">f.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Has the director at any time been found guilty of violation of rules/regulations/ legislative requirements by customs/ excise /income tax/foreign exchange /other revenue authorities, if so give particulars</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">g.</td><td align="justify" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;">Whether the director has at any time come to the adverse notice of a regulator such as SEBI, IRDA, MCA.</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="center" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td><td align="justify" class="head" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;">(Though it shall not be necessary for a candidate to mention in the column about orders and findings made by the regulators which have been later on reversed/set aside in toto, it would be necessary to make a mention of the same, in case the reversal/setting aside is on technical reasons like limitation or lack of jurisdiction, etc and not on merit, If the order of the regulator is temporarily stayed and the appellate/ court proceedings are pending, the same also should be mentioned.)</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td align="center" class="head" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;">V.</td><td align="justify" class="head" colspan="2" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;">Any other explanation / information in regard to items I to III and other information considered relevant for judging fit and proper</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
</tbody></table>
<table align="center" border="0" cellpadding="0" cellspacing="1" class="tablebg" style="border-collapse: collapse; border-color: rgb(239, 209, 170); border-style: solid; border-width: 1px; color: black; font-size: 13px; width: 85%;"><tbody>
<tr class="head" style="font-weight: bold; height: auto !important;"><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="3%"></td><td colspan="2" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">Undertaking</td></tr>
<tr style="height: auto !important;"><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="3%"></td><td align="justify" colspan="2" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">I confirm that the above information is to the best of my knowledge and belief true and complete. I undertake to keep the NBFC-P2P fully informed, as soon as possible, of all events which take place subsequent to my appointment which are relevant to the information provided above.</td></tr>
<tr style="height: auto !important;"><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="3%"></td><td align="justify" colspan="2" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top">I also undertake to execute the deed of covenant required to be executed by all directors of the NBFC-P2P.</td></tr>
<tr style="height: auto !important;"><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="3%"></td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="65%">Place :</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="32%">Signature</td></tr>
<tr style="height: auto !important;"><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="3%"></td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="65%">Date :</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="32%"></td></tr>
<tr style="height: auto !important;"><td align="center" class="head" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="3%">VI.</td><td align="justify" class="head" style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); font-weight: bold; height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="65%">Remarks of Chairman of Nomination Committee/Board of Directors of NBFC-P2P</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="32%"></td></tr>
<tr style="height: auto !important;"><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="3%"></td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="65%">Place :</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="32%">Signature</td></tr>
<tr style="height: auto !important;"><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="3%"></td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="65%">Date:</td><td style="border-collapse: separate; border: 1px solid rgb(239, 209, 170); height: auto !important; padding-left: 3px; padding-right: 3px;" valign="top" width="32%"></td></tr>
</tbody></table>
<hr style="background: grey; border-bottom: 0px; border-left: 0px; border-right: 0px; border-top-color: rgb(204, 204, 204); border-top-style: solid; font-size: 13px; height: 1px; margin: 1em 0px; padding: 0px;" />
<div align="right" class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<a href="https://www.blogger.com/null" id="ANN4" style="background: none 0px 0px repeat scroll rgba(0, 0, 0, 0); line-height: 20px;"></a>Annex IV</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<u>Form of Deed of Covenant with a Director</u></div>
<div style="font-size: 13px; margin: 5px;">
<span class="head" style="font-weight: bold;">THIS DEED OF COVENANTS</span> is made this ______ day of ________Two thousand _____ <span class="head" style="font-weight: bold;">BETWEEN</span> _______________, having its registered office at ____________ (hereinafter called the โNBFC-P2P") of the one part and Mr / Ms_____________ of ______________ (hereinafter called the "Director") of the other part.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
WHEREAS</div>
<div style="font-size: 13px; margin: 5px;">
A. The director has been appointed as a director on the Board of Directors of the NBFC-P2P (hereinafter called "the Board") and is required as a term of his / her appointment to enter into a Deed of Covenants with the NBFC-P2P.</div>
<div style="font-size: 13px; margin: 5px;">
B. The director has agreed to enter into this Deed of Covenants, which has been approved by the Board, pursuant to his said terms of appointment.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
NOW IT IS HEREBY AGREED AND THIS DEED OF COVENANTS WITNESSETH AS FOLLOWS:</div>
<div style="font-size: 13px; margin: 5px;">
1. The Director acknowledges that his / her appointment as director on the Board of the NBFC-P2P is subject to applicable laws and regulations including the Memorandum and Articles of Association of the NBFC-P2P and the provisions of this Deed of Covenants.</div>
<div style="font-size: 13px; margin: 5px;">
2. The Director covenants with the NBFC-P2P that:</div>
<div style="font-size: 13px; margin: 5px;">
(i) The Director shall disclose to the Board the nature of his / her interest, direct or indirect, if he / she has any interest in or is concerned with a contract or arrangement or any proposed contract or arrangement entered into or to be entered into between the NBFC-P2P and any other entity, immediately upon becoming aware of the same or at meeting of the Board at which the question of entering into such contract or arrangement is taken into consideration or if the director was not at the date of that meeting concerned or interested in such proposed contract or arrangement, then at the first meeting of the Board held after he / she becomes so concerned or interested and in case of any other contract or arrangement, the required disclosure shall be made at the first meeting of the Board held after the Director becomes concerned or interested in the contract or arrangement.</div>
<div style="font-size: 13px; margin: 5px;">
(ii) The Director shall disclose by general notice to the Board his / her other directorships, his / her memberships of bodies corporate, his / her interest in other entities and his / her interest as a partner or proprietor of firms and shall keep the Board apprised of all changes therein.</div>
<div style="font-size: 13px; margin: 5px;">
(iii) The Director shall provide to the NBFC-P2P a list of his / her relatives as defined in the Companies Act, 2013 and to the extent the Director is aware of directorships and interests of such relatives in other bodies corporate, firms and other entities.</div>
<div style="font-size: 13px; margin: 5px;">
(iv) The Director shall in carrying on his / her duties as director of the NBFC-P2P:</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
use such degree of skill as may be reasonable to expect from a person with his / her knowledge or experience;</div>
</li>
<li><div style="margin: 5px !important;">
in the performance of his / her duties take such care as he / she might be reasonably expected to take on his / her own behalf and exercise any power vested in him / her in good faith and in the interests of the NBFC-P2P;</div>
</li>
<li><div style="margin: 5px !important;">
shall keep himself / herself informed about the business, activities and financial status of the NBFC-P2P to the extent disclosed to him / her;</div>
</li>
<li><div style="margin: 5px !important;">
attend meetings of the Board and Committees thereof (collectively for the sake of brevity hereinafter referred to as "Board") with fair regularity and conscientiously fulfil his / her obligations as director of the NBFC-P2P;</div>
</li>
<li><div style="margin: 5px !important;">
shall not seek to influence any decision of the Board for any consideration other than in the interests of the NBFC-P2P;</div>
</li>
<li><div style="margin: 5px !important;">
shall bring independent judgment to bear on all matters affecting the NBFC-P2P brought before the Board including but not limited to statutory compliances, performance reviews, compliances with internal control systems and procedures, key executive appointments and standards of conduct;</div>
</li>
<li><div style="margin: 5px !important;">
shall in exercise of his / her judgement in matters brought before the Board or entrusted to him / her by the Board be free from any business or other relationship which could materially interfere with the exercise of his / her independent judgement; and</div>
</li>
<li><div style="margin: 5px !important;">
shall express his / her views and opinions at Board meetings without any fear or favour and without any influence on exercise of his / her independent judgement;</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(v) The Director shall have:</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
fiduciary duty to act in good faith and in the interests of the NBFC-P2P and not for any collateral purpose;</div>
</li>
<li><div style="margin: 5px !important;">
duty to act only within the powers as laid down by the NBFC-P2Pโs Memorandum and Articles of Association and by applicable laws and regulations; and</div>
</li>
<li><div style="margin: 5px !important;">
duty to acquire proper understanding of the business of the NBFC-P2P.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(vi) The Director shall:</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
not evade responsibility in regard to matters entrusted to him / her by the Board;</div>
</li>
<li><div style="margin: 5px !important;">
not interfere in the performance of their duties by the whole-time directors and other officers of the NBFC-P2P and wherever the director has reasons to believe otherwise, he / she shall forthwith disclose his / her concerns to the Board; and</div>
</li>
<li><div style="margin: 5px !important;">
not make improper use of information disclosed to him / her as a member of the Board for his / her or someone elseโs advantage or benefit and shall use the information disclosed to him / her by the NBFC-P2P in his / her capacity as director of the NBFC-P2P only for the purposes of performance of his / her duties as a director and not for any other purpose.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
3. The NBFC-P2P covenants with the Director that:</div>
<div style="font-size: 13px; margin: 5px;">
(i) the NBFC-P2P shall apprise the Director about:</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
Board procedures including identification of legal and other duties of Director and required compliances with statutory obligations;</div>
</li>
<li><div style="margin: 5px !important;">
control systems and procedures;</div>
</li>
<li><div style="margin: 5px !important;">
voting rights at Board meetings including matters in which Director should not participate because of his / her interest, direct or indirect therein;</div>
</li>
<li><div style="margin: 5px !important;">
qualification requirements and provide copies of Memorandum and Articles of Association;</div>
</li>
<li><div style="margin: 5px !important;">
corporate policies and procedures;</div>
</li>
<li><div style="margin: 5px !important;">
insider dealing restrictions;</div>
</li>
<li><div style="margin: 5px !important;">
constitution of, delegation of authority to and terms of reference of various committees constituted by the Board;</div>
</li>
<li><div style="margin: 5px !important;">
appointments of Senior Executives and their authority;</div>
</li>
<li><div style="margin: 5px !important;">
remuneration policy,</div>
</li>
<li><div style="margin: 5px !important;">
deliberations of committees of the Board, and</div>
</li>
<li><div style="margin: 5px !important;">
communicate any changes in policies, procedures, control systems, applicable regulations including Memorandum and Articles of Association of the NBFC-P2P, delegation of authority, Senior Executives, etc. and appoint the compliance officer who shall be responsible for all statutory and legal compliance.</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(ii) the NBFC-P2P shall disclose and provide to the Board including the director all information which is reasonably required for them to carry out their functions and duties as a Director of the NBFC-P2P and to take informed decisions in respect of matters brought before the Board for its consideration or entrusted to the director by the Board or any committee thereof;</div>
<div style="font-size: 13px; margin: 5px;">
(iii) the disclosures to be made by the NBFC-P2P to the Directors shall include but not be limited to the following:</div>
<ol style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;" type="a">
<li><div style="margin: 5px !important;">
all relevant information for taking informed decisions in respect of matters brought before the Board;</div>
</li>
<li><div style="margin: 5px !important;">
NBFC-P2Pโs strategic and business plans and forecasts;</div>
</li>
<li><div style="margin: 5px !important;">
organisational structure of the NBFC-P2P and delegation of authority;</div>
</li>
<li><div style="margin: 5px !important;">
corporate and management controls and systems including procedures;</div>
</li>
<li><div style="margin: 5px !important;">
economic features and marketing environment;</div>
</li>
<li><div style="margin: 5px !important;">
information and updates as appropriate on NBFC-P2Pโs products;</div>
</li>
<li><div style="margin: 5px !important;">
information and updates on major expenditure;</div>
</li>
<li><div style="margin: 5px !important;">
periodic reviews of performance of the NBFC-P2P; and</div>
</li>
<li><div style="margin: 5px !important;">
report periodically about implementation of strategic initiatives and plans;</div>
</li>
</ol>
<div style="font-size: 13px; margin: 5px;">
(iv) the NBFC-P2P shall communicate outcome of Board deliberations to Directors and concerned personnel and prepare and circulate minutes of the meeting of Board to Directors in a timely manner and to the extent possible within two business days of the date of conclusion of the Board meeting; and</div>
<div style="font-size: 13px; margin: 5px;">
(v) advise the Director about the levels of authority delegated in matters placed before the Board.</div>
<div style="font-size: 13px; margin: 5px;">
4. The NBFC-P2P shall provide to the director periodic reports on the functioning of internal control system including effectiveness thereof.</div>
<div style="font-size: 13px; margin: 5px;">
5. The NBFC-P2P shall appoint a compliance officer who shall be a senior executive reporting to the Board and be responsible for setting forth policies and procedures and shall monitor adherence to the applicable laws and regulations and policies and procedures including but not limited to directions of Reserve Bank of India and other concerned statutory and governmental authorities.</div>
<div style="font-size: 13px; margin: 5px;">
6. The Director shall not assign, transfer, sublet or encumber his / her office and his / her rights and obligations as director of the NBFC-P2P to any third party provided that nothing herein contained shall be construed to prohibit delegation of any authority, power, function or delegation by the Board or any committee thereof subject to applicable laws and regulations including Memorandum and Articles of Association of the NBFC-P2P.</div>
<div style="font-size: 13px; margin: 5px;">
7.The failure on the part of either party hereto to perform, discharge, observe or comply with any obligation or duty shall not be deemed to be a waiver thereof nor shall it operate as a bar to the performance, observance, discharge or compliance thereof at any time or times thereafter.</div>
<div style="font-size: 13px; margin: 5px;">
8. Any and all amendments and / or supplements and / or alterations to this Deed of Covenants shall be valid and effectual only if in writing and signed by the Director and the duly authorised representative of the NBFC-P2P.</div>
<div style="font-size: 13px; margin: 5px;">
9. This Deed of Covenants has been executed in duplicate and both the copies shall be deemed to be originals.</div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
IN WITNESS WHEREOF THE PARTIES HAVE DULY EXECUTED THIS AGREEMENT ON THE DAY, MONTH AND YEAR FIRST ABOVE WRITTEN.</div>
<table align="center" border="0" cellpadding="0" cellspacing="0" class="td" style="border-collapse: collapse; border-color: rgb(239, 209, 170); color: black; font-size: 13px; text-align: justify; width: 75%;"><tbody>
<tr style="height: auto !important;"><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;" width="433">For the NBFC-P2P</td><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;" width="452">Director</td></tr>
<tr style="height: auto !important;"><td colspan="2" style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;">By โฆโฆโฆโฆโฆโฆโฆ..</td></tr>
<tr style="height: auto !important;"><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;" width="433">Name:</td><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;">Name:</td></tr>
<tr style="height: auto !important;"><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;" width="433">Title:</td><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;" width="433">In the presence of:</td><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;"></td></tr>
<tr style="height: auto !important;"><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;" width="433">1.</td><td style="border-collapse: collapse; border: 1px solid rgb(239, 209, 170) !important; font-size: 13px !important; height: auto !important; padding-left: 3px; padding-right: 3px;">2. โฆโฆโฆโฆโฆโฆโฆโฆ.</td></tr>
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<a href="https://www.blogger.com/null" id="AN6" style="background: none 0px 0px repeat scroll rgba(0, 0, 0, 0); line-height: 20px;"></a><span style="color: green;">Annex VI</span><br />
<span style="color: green;"><br /></span></div>
<div align="center" class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<span style="color: green;">Directions on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFC-P2P</span></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<span style="color: green;">1. Introduction</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">1.1 'Outsourcing' is defined as the NBFCโs use of a third party (either an affiliated entity within a corporate group or an entity that is external to the corporate group) to perform activities on a continuing basis that would normally be undertaken by the NBFC itself, now or in the future.</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">โContinuing basis' includes agreements for a limited period.</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">1.2 NBFCs have been outsourcing various activities and are hence exposed to various risks as detailed in para 5.3. Further, the outsourced activities are to be brought within regulatory purview to a) protect the interest of the customers of NBFCs and b) to ensure that the NBFC concerned and the Reserve Bank of India have access to all relevant books, records and information available with service provider. Typically outsourced financial services include applications processing (loan origination, credit card), document processing, marketing and research, supervision of loans, data processing and back office related activities, besides others.</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">1.3 Some key risks in outsourcing are Strategic Risk, Reputation Risk, Compliance Risk, Operational Risk, Legal Risk, Exit Strategy Risk, Counterparty Risk, Country Risk, Contractual Risk, Access Risk, Concentration and Systemic Risk. The failure of a service provider in providing a specified service, a breach in security/ confidentiality, or non-compliance with legal and regulatory requirements by the service provider can lead to financial losses or loss of reputation for the NBFC and could also lead to systemic risks.</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">1.4 It is therefore imperative for the NBFC outsourcing its activities to ensure sound and responsive risk management practices for effective oversight, due diligence and management of risks arising from such outsourced activities. The directions are applicable to material outsourcing arrangements as explained in para 3 which may be entered into by an NBFC with a service provider located in India or elsewhere. The service provider may either be a member of the group/ conglomerate to which the NBFC belongs, or an unrelated party.</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">1.5 The underlying principles behind these directions are that the regulated entity shall ensure that outsourcing arrangements neither diminish its ability to fulfil its obligations to customers and RBI nor impede effective supervision by RBI. NBFCs, therefore, have to take steps to ensure that the service provider employs the same high standard of care in performing the services as is expected to be employed by the NBFCs, if the activities were conducted within the NBFCs and not outsourced. Accordingly, NBFCs shall not engage in outsourcing that would result in their internal control, business conduct or reputation being compromised or weakened.</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">1.6 (i) These directions are concerned with managing risks in outsourcing of financial services and are not applicable to technology-related issues and activities not related to financial services, such as usage of courier, catering of staff, housekeeping and janitorial services, security of the premises, movement and archiving of records, etc. NBFCs which desire to outsource financial services would not require prior approval from RBI. However, such arrangements would be subject to on-site/ off- site monitoring and inspection/ scrutiny by RBI.</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">(ii) In regard to outsourced services relating to credit cards, RBI's detailed instructions contained in its circular on credit card activities vide DBOD.FSD.BC.49/24.01.011/2005-06 dated November 21, 2005 would be applicable.</span></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<span style="color: green;">2. Activities that shall not be outsourced</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">NBFCs which choose to outsource financial services shall, however, not outsource core management functions including Internal Audit, Strategic and Compliance functions and decision-making functions such as determining compliance with KYC norms for opening deposit accounts, according sanction for loans (including retail loans) and management of investment portfolio. However, for NBFCs in a group/conglomerate, these functions may be outsourced within the group subject to compliance with instructions in Para 6.Further, while internal audit function itself is a management process, the internal auditors can be on contract.</span></div>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<span style="color: green;">3. Material Outsourcing</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">For the purpose of these directions, material outsourcing arrangements are those which, if disrupted, have the potential to significantly impact the business operations, reputation, profitability or customer service. Materiality of outsourcing would be based on:</span></div>
<ul style="font-size: 13px; margin: 1em 0px; padding: 0px 0px 0px 65px;">
<li><div style="margin: 5px !important;">
<span style="color: green;">the level of importance to the NBFC of the activity being outsourced as well as the significance of the risk posed by the same;</span></div>
</li>
<li><div style="margin: 5px !important;">
<span style="color: green;">the potential impact of the outsourcing on the NBFC on various parameters such as earnings, solvency, liquidity, funding capital and risk profile;</span></div>
</li>
<li><div style="margin: 5px !important;">
<span style="color: green;">the likely impact on the NBFCโs reputation and brand value, and ability to achieve its business objectives, strategy and plans, should the service provider fail to perform the service;</span></div>
</li>
<li><div style="margin: 5px !important;">
<span style="color: green;">the cost of the outsourcing as a proportion of total operating costs of the NBFC;</span></div>
</li>
<li><div style="margin: 5px !important;">
<span style="color: green;">the aggregate exposure to that particular service provider, in cases where the NBFC outsources various functions to the same service provider and</span></div>
</li>
<li><div style="margin: 5px !important;">
<span style="color: green;">the significance of activities outsourced in context of customer service and protection.</span></div>
</li>
</ul>
<div class="head" style="font-size: 13px; font-weight: bold; margin: 5px;">
<span style="color: green;">4. NBFC's role and Regulatory and Supervisory Requirements</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">4.1 The outsourcing of any activity by NBFC does not diminish its obligations, and those of its Board and senior management, who have the ultimate responsibility for the outsourced activity. NBFCs would therefore be responsible for the actions of their service provider including Direct Sales Agents/ Direct Marketing Agents and recovery agents and the confidentiality of information pertaining to the customers that is available with the service provider. NBFCs shall retain ultimate control of the outsourced activity.</span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">4.2 It is imperative for the NBFC, when performing its due diligence in relation to outsourcing, to consider all relevant laws, regulations, guidelines and conditions of approval, licensing or registration.</span></div>
<div style="font-size: 13px;">
<span style="color: green;"></span></div>
<div style="font-size: 13px; margin: 5px;">
<span style="color: green;">4.3 Outsourcing arrangements shall not affect the rights of a customer against the NBFC, including the ability of the customer to obtain redress as applicable under relevant laws. In cases where the customers are required to deal with the service providers in the process of dealing with the NBFC, NBFCs shall incorporate a clause in the relative product literature/ brochures, etc., stating that they may use the services of agents in sales/ marketing etc. of the products. The role of agents may be indicated in broad terms.</span></div>
<span style="color: green; font-size: 13px;">
</span>
<br />
<div style="margin: 5px !important;">
<span style="color: green; font-size: 13px;">4.4 The service provider shall not impede or interfere with the ability of the NBFC to effectively oversee and manage its activities nor shall it impede the Reserve Bank of India in carrying out its supervisory functions and objectives.</span></div>
<span style="color: green; font-size: 13px;">
</span>
<br />
<div style="margin: 5px !important;">
<span style="color: green; font-size: 13px;">4.5 NBFCs need to have a robust grievance redress mechanism, which in no way shall be compromised on account of outsourcing.</span></div>
<span style="color: green; font-size: 13px;">
</span>
<div style="margin: 5px !important;">
<span style="color: green; font-size: 13px;">4.6 The service provider, if not a group company of the NBFC, shall not be owned or controlled by any director of the NBFC or their relatives; these terms have the same meaning as assigned under Companies Act, 2013.</span></div>
<span style="color: green; font-size: 13px;">
<div class="head" style="font-weight: bold; margin: 5px !important;">
5. Risk Management practices for Outsourced Financial Services</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.1 Outsourcing Policy</div>
<div style="margin: 5px !important;">
An NBFC intending to outsource any of its financial activities shall put in place a comprehensive outsourcing policy, approved by its Board, which incorporates, inter alia, criteria for selection of such activities as well as service providers, delegation of authority depending on risks and materiality and systems to monitor and review the operations of these activities.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.2 Role of the Board and Senior Management</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.2.1 Role of the Board</div>
<div style="margin: 5px !important;">
The Board of the NBFC, or a Committee of the Board to which powers have been delegated shall be responsible <em>inter alia</em> for the following:</div>
<div style="margin: 5px !important;">
i. approving a framework to evaluate the risks and materiality of all existing and prospective outsourcing and the policies that apply to such arrangements;</div>
<div style="margin: 5px !important;">
ii. laying down appropriate approval authorities for outsourcing depending on risks and materiality;</div>
<div style="margin: 5px !important;">
iii. setting up suitable administrative framework of senior management for the purpose of these directions;</div>
<div style="margin: 5px !important;">
iv. undertaking regular review of outsourcing strategies and arrangements for their continued relevance, and safety and soundness and</div>
<div style="margin: 5px !important;">
v. deciding on business activities of a material nature to be outsourced, and approving such arrangements.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.2.2 Responsibilities of the Senior Management</div>
<div style="margin: 5px !important;">
i. Evaluating the risks and materiality of all existing and prospective outsourcing, based on the framework approved by the Board;</div>
<div style="margin: 5px !important;">
ii. developing and implementing sound and prudent outsourcing policies and procedures commensurate with the nature, scope and complexity of the outsourcing activity;</div>
<div style="margin: 5px !important;">
iii. reviewing periodically the effectiveness of policies and procedures;</div>
<div style="margin: 5px !important;">
iv. communicating information pertaining to material outsourcing risks to the Board in a timely manner;</div>
<div style="margin: 5px !important;">
v. ensuring that contingency plans, based on realistic and probable disruptive scenarios, are in place and tested;</div>
<div style="margin: 5px !important;">
vi. ensuring that there is independent review and audit for compliance with set policies and</div>
<div style="margin: 5px !important;">
vii. undertaking periodic review of outsourcing arrangements to identify new material outsourcing risks as they arise.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.3 Evaluation of the Risks</div>
<div style="margin: 5px !important;">
The NBFCs shall evaluate and guard against the following risks in outsourcing:</div>
<div style="margin: 5px !important;">
i. Strategic Risk โ Where the service provider conducts business on its own behalf, inconsistent with the overall strategic goals of the NBFC.</div>
<div style="margin: 5px !important;">
ii. Reputation Risk โ Where the service provided is poor and customer interaction is not consistent with the overall standards expected of the NBFC.</div>
<div style="margin: 5px !important;">
iii. Compliance Risk โ Where privacy, consumer and prudential laws are not adequately complied with by the service provider.</div>
<div style="margin: 5px !important;">
iv. Operational Risk- Arising out of technology failure, fraud, error, inadequate financial capacity to fulfil obligations and/ or to provide remedies.</div>
<div style="margin: 5px !important;">
v. Legal Risk โ Where the NBFC is subjected to fines, penalties, or punitive damages resulting from supervisory actions, as well as private settlements due to omissions and commissions of the service provider.</div>
<div style="margin: 5px !important;">
vi. Exit Strategy Risk โ Where the NBFC is over-reliant on one firm, the loss of relevant skills in the NBFC itself preventing it from bringing the activity back in-house and where NBFC has entered into contracts that make speedy exits prohibitively expensive.</div>
<div style="margin: 5px !important;">
vii. Counter party Risk โ Where there is inappropriate underwriting or credit assessments.</div>
<div style="margin: 5px !important;">
viii. Contractual Risk โ Where the NBFC may not have the ability to enforce the contract.</div>
<div style="margin: 5px !important;">
ix. Concentration and Systemic Risk โ Where the overall industry has considerable exposure to one service provider and hence the NBFC may lack control over the service provider.</div>
<div style="margin: 5px !important;">
x. Country Risk โ Due to the political, social or legal climate creating added risk.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.4 Evaluating the Capability of the Service Provider</div>
<div style="margin: 5px !important;">
5.4.1 In considering or renewing an outsourcing arrangement, appropriate due diligence shall be performed to assess the capability of the service provider to comply with obligations in the outsourcing agreement. Due diligence shall take into consideration qualitative and quantitative, financial, operational and reputational factors. NBFCs shall consider whether the service providers' systems are compatible with their own and also whether their standards of performance including in the area of customer service are acceptable to it. NBFCs shall also consider, while evaluating the capability of the service provider, issues relating to undue concentration of outsourcing arrangements with a single service provider. Where possible, the NBFC shall obtain independent reviews and market feedback on the service provider to supplement its own findings.</div>
<div style="margin: 5px !important;">
5.4.2 Due diligence shall involve an evaluation of all available information about the service provider, including but not limited to the following:</div>
<div style="margin: 5px !important;">
i. past experience and competence to implement and support the proposed activity over the contracted period;</div>
<div style="margin: 5px !important;">
ii. financial soundness and ability to service commitments even under adverse conditions;</div>
<div style="margin: 5px !important;">
iii. business reputation and culture, compliance, complaints and outstanding or potential litigation;</div>
<div style="margin: 5px !important;">
iv. security and internal control, audit coverage, reporting and monitoring environment, business continuity management and</div>
<div style="margin: 5px !important;">
v. ensuring due diligence by service provider of its employees.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.5 The Outsourcing Agreement</div>
<div style="margin: 5px !important;">
The terms and conditions governing the contract between the NBFC and the service provider shall be carefully defined in written agreements and vetted by NBFC's legal counsel on their legal effect and enforceability. Every such agreement shall address the risks and risk mitigation strategies. The agreement shall be sufficiently flexible to allow the NBFC to retain an appropriate level of control over the outsourcing and the right to intervene with appropriate measures to meet legal and regulatory obligations. The agreement shall also bring out the nature of legal relationship between the parties - i.e. whether agent, principal or otherwise. Some of the key provisions of the contract shall be the following:</div>
<div style="margin: 5px !important;">
i. the contract shall clearly define what activities are going to be outsourced including appropriate service and performance standards;</div>
<div style="margin: 5px !important;">
ii. the NBFC must ensure it has the ability to access all books, records and information relevant to the outsourced activity available with the service provider;</div>
<div style="margin: 5px !important;">
iii. the contract shall provide for continuous monitoring and assessment by the NBFC of the service provider so that any necessary corrective measure can be taken immediately;</div>
<div style="margin: 5px !important;">
iv. a termination clause and minimum period to execute a termination provision, if deemed necessary, shall be included;</div>
<div style="margin: 5px !important;">
v. controls to ensure customer data confidentiality and service providers' liability in case of breach of security and leakage of confidential customer related information shall be incorporated;</div>
<div style="margin: 5px !important;">
vi. there must be contingency plans to ensure business continuity;</div>
<div style="margin: 5px !important;">
vii. the contract shall provide for the prior approval/ consent by the NBFC of the use of subcontractors by the service provider for all or part of an outsourced activity;</div>
<div style="margin: 5px !important;">
viii. it shall provide the NBFC with the right to conduct audits on the service provider whether by its internal or external auditors, or by agents appointed to act on its behalf and to obtain copies of any audit or review reports and findings made on the service provider in conjunction with the services performed for the NBFC;</div>
<div style="margin: 5px !important;">
ix. outsourcing agreements shall include clauses to allow the Reserve Bank of India or persons authorised by it to access the NBFC's documents, records of transactions, and other necessary information given to, stored or processed by the service provider within a reasonable time;</div>
<div style="margin: 5px !important;">
x. outsourcing agreement shall also include a clause to recognise the right of the Reserve Bank to cause an inspection to be made of a service provider of an NBFC and its books and account by one or more of its officers or employees or other persons;</div>
<div style="margin: 5px !important;">
xi. the outsourcing agreement shall also provide that confidentiality of customer's information shall be maintained even after the contract expires or gets terminated and</div>
<div style="margin: 5px !important;">
xii. the NBFC shall have necessary provisions to ensure that the service provider preserves documents as required by law and take suitable steps to ensure that its interests are protected in this regard even post termination of the services.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.6 Confidentiality and Security</div>
<div style="margin: 5px !important;">
5.6.1 Public confidence and customer trust in the NBFC is a prerequisite for the stability and reputation of the NBFC. Hence the NBFC shall seek to ensure the preservation and protection of the security and confidentiality of customer information in the custody or possession of the service provider.</div>
<div style="margin: 5px !important;">
5.6.2 Access to customer information by staff of the service provider shall be on 'need to know' basis i.e., limited to those areas where the information is required in order to perform the outsourced function.</div>
<div style="margin: 5px !important;">
5.6.3 The NBFC shall ensure that the service provider is able to isolate and clearly identify the NBFC's customer information, documents, records and assets to protect the confidentiality of the information. In instances, where service provider acts as an outsourcing agent for multiple NBFCs, care shall be taken to build strong safeguards so that there is no comingling of information / documents, records and assets.</div>
<div style="margin: 5px !important;">
5.6.4 The NBFC shall review and monitor the security practices and control processes of the service provider on a regular basis and require the service provider to disclose security breaches.</div>
<div style="margin: 5px !important;">
5.6.5 The NBFC shall immediately notify RBI in the event of any breach of security and leakage of confidential customer related information. In these eventualities, the NBFC would be liable to its customers for any damages.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.7 Responsibilities of Direct Sales Agents (DSA)/ Direct Marketing Agents (DMA)/ Recovery Agents</div>
<div style="margin: 5px !important;">
5.7.1 NBFCs shall ensure that the DSA/ DMA/ Recovery Agents are properly trained to handle their responsibilities with care and sensitivity, particularly aspects such as soliciting customers, hours of calling, privacy of customer information and conveying the correct terms and conditions of the products on offer, etc.</div>
<div style="margin: 5px !important;">
5.7.2 NBFCs shall put in place a board approved Code of conduct for DSA/ DMA/ Recovery Agents, and obtain their undertaking to abide by the code. In addition, Recovery Agents shall adhere to extant instructions on Fair Practices Code for NBFCs as also their own code for collection of dues and repossession of security. It is essential that the Recovery Agents refrain from action that could damage the integrity and reputation of the NBFC and that they observe strict customer confidentiality.</div>
<div style="margin: 5px !important;">
5.7.3 The NBFC and their agents shall not resort to intimidation or harassment of any kind, either verbal or physical, against any person in their debt collection efforts, including acts intended to humiliate publicly or intrude the privacy of the debtors' family members, referees and friends, making threatening and anonymous calls or making false and misleading representations.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.8 Business Continuity and Management of Disaster Recovery Plan</div>
<div style="margin: 5px !important;">
5.8.1 An NBFC shall require its service providers to develop and establish a robust framework for documenting, maintaining and testing business continuity and recovery procedures. NBFCs need to ensure that the service provider periodically tests the Business Continuity and Recovery Plan and may also consider occasional joint testing and recovery exercises with its service provider.</div>
<div style="margin: 5px !important;">
5.8.2 In order to mitigate the risk of unexpected termination of the outsourcing agreement or liquidation of the service provider, NBFCs shall retain an appropriate level of control over their outsourcing and the right to intervene with appropriate measures to continue its business operations in such cases without incurring prohibitive expenses and without any break in the operations of the NBFC and its services to the customers.</div>
<div style="margin: 5px !important;">
5.8.3 In establishing a viable contingency plan, NBFCs shall consider the availability of alternative service providers or the possibility of bringing the outsourced activity back in-house in an emergency and the costs, time and resources that would be involved.</div>
<div style="margin: 5px !important;">
5.8.4 Outsourcing often leads to the sharing of facilities operated by the service provider. The NBFC shall ensure that service providers are able to isolate the NBFC's information, documents and records, and other assets. This is to ensure that in appropriate situations, all documents, records of transactions and information given to the service provider, and assets of the NBFC, can be removed from the possession of the service provider in order to continue its business operations, or deleted, destroyed or rendered unusable.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.9 Monitoring and Control of Outsourced Activities</div>
<div style="margin: 5px !important;">
5.9.1 The NBFC shall have in place a management structure to monitor and control its outsourcing activities. It shall ensure that outsourcing agreements with the service provider contain provisions to address their monitoring and control of outsourced activities.</div>
<div style="margin: 5px !important;">
5.9.2 A central record of all material outsourcing that is readily accessible for review by the Board and senior management of the NBFC shall be maintained. The records shall be updated promptly and half yearly reviews shall be placed before the Board or Risk Management Committee.</div>
<div style="margin: 5px !important;">
5.9.3 Regular audits by either the internal auditors or external auditors of the NBFC shall assess the adequacy of the risk management practices adopted in overseeing and managing the outsourcing arrangement, the NBFC's compliance with its risk management framework and the requirements of these directions.</div>
<div style="margin: 5px !important;">
5.9.4 NBFCs shall at least on an annual basis, review the financial and operational condition of the service provider to assess its ability to continue to meet its outsourcing obligations. Such due diligence reviews, which can be based on all available information about the service provider shall highlight any deterioration or breach in performance standards, confidentiality and security, and in business continuity preparedness.</div>
<div style="margin: 5px !important;">
5.9.5 In the event of termination of the outsourcing agreement for any reason in cases where the service provider deals with the customers, the same shall be publicized by displaying at a prominent place in the branch, posting it on the web-site, and informing the customers so as to ensure that the customers do not continue to deal with the service provider.</div>
<div style="margin: 5px !important;">
5.9.6 Certain cases, like outsourcing of cash management, might involve reconciliation of transactions between the NBFC, the service provider and its sub-contractors. In such cases, NBFCs shall ensure that reconciliation of transactions between the NBFC and the service provider (and/ or its sub-contractor), are carried out in a timely manner. An ageing analysis of entries pending reconciliation with outsourced vendors shall be placed before the Audit Committee of the Board (ACB) and NBFCs shall make efforts to reduce the old outstanding items therein at the earliest.</div>
<div style="margin: 5px !important;">
5.9.7 A robust system of internal audit of all outsourced activities shall also be put in place and monitored by the ACB of the NBFC.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.10 Redress of Grievances related to Outsourced Services</div>
<div style="margin: 5px !important;">
i. NBFCs shall constitute Grievance Redressal Machinery as contained in RBIโs circular on Grievance Redressal Mechanism vide DNBS.CC.PD.No.320/03.10.01/2012-13 dated February 18, 2013. At the operational level, all NBFCs shall display the name and contact details (Telephone/ Mobile nos. as also email address) of the Grievance Redressal Officer prominently at their branches/ places where business is transacted. The designated officer shall ensure that genuine grievances of customers are redressed promptly without involving delay. It shall be clearly indicated that NBFCs' Grievance Redressal Machinery will also deal with the issue relating to services provided by the outsourced agency.</div>
<div style="margin: 5px !important;">
ii. Generally, a time limit of 30 days may be given to the customers for preferring their complaints/ grievances. The grievance redressal procedure of the NBFC and the time frame fixed for responding to the complaints shall be placed on the NBFC's website.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
5.11 Reporting of transactions to FIU or other competent authorities</div>
<div style="margin: 5px !important;">
NBFCs would be responsible for making Currency Transactions Reports and Suspicious Transactions Reports to FIU or any other competent authority in respect of the NBFCs' customer related activities carried out by the service providers.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
6. Outsourcing within a Group/ Conglomerate</div>
<div style="margin: 5px !important;">
6.1 In a group structure, NBFCs may have back-office and service arrangements/ agreements with group entities e.g. sharing of premises, legal and other professional services, hardware and software applications, centralize back-office functions, outsourcing certain financial services to other group entities, etc. Before entering into such arrangements with group entities, NBFCs shall have a Board approved policy and also service level agreements/arrangements with their group entities, which shall also cover demarcation of sharing resources i.e. premises, personnel, etc. Moreover the customers shall be informed specifically about the company which is actually offering the product/service, wherever there are multiple group entities involved or any cross selling observed.</div>
<div style="margin: 5px !important;">
6.2 While entering into such arrangements, NBFCs shall ensure that these:</div>
<div style="margin: 5px !important;">
a. are appropriately documented in written agreements with details like scope of services, charges for the services and maintaining confidentiality of the customer's data;</div>
<div style="margin: 5px !important;">
b. do not lead to any confusion to the customers on whose products/services they are availing by clear physical demarcation of the space where the activities of the NBFC and those of its other group entities are undertaken;</div>
<div style="margin: 5px !important;">
c. do not compromise the ability to identify and manage risk of the NBFC on a stand-alone basis;</div>
<div style="margin: 5px !important;">
d. do not prevent the RBI from being able to obtain information required for the supervision of the NBFC or pertaining to the group as a whole; and</div>
<div style="margin: 5px !important;">
e. incorporate a clause under the written agreements that there is a clear obligation for any service provider to comply with directions given by the RBI in relation to the activities of the NBFC.</div>
<div style="margin: 5px !important;">
6.3 NBFCs shall ensure that their ability to carry out their operations in a sound fashion would not be affected if premises or other services (such as IT systems, support staff) provided by the group entities become unavailable.</div>
<div style="margin: 5px !important;">
6.4 If the premises of the NBFC are shared with the group entities for the purpose of cross-selling, NBFCs shall take measures to ensure that the entity's identification is distinctly visible and clear to the customers. The marketing brochure used by the group entity and verbal communication by its staff / agent in the NBFCs premises shall mention nature of arrangement of the entity with the NBFC so that the customers are clear on the seller of the product.</div>
<div style="margin: 5px !important;">
6.5 NBFCs shall not publish any advertisement or enter into any agreement stating or suggesting or giving tacit impression that they are in any way responsible for the obligations of its group entities.</div>
<div style="margin: 5px !important;">
6.6 The risk management practices expected to be adopted by an NBFC while outsourcing to a related party (i.e. party within the Group / Conglomerate) would be identical to those specified in Para 5 of this directions.</div>
<div class="head" style="font-weight: bold; margin: 5px !important;">
7. Off-shore outsourcing of Financial Services</div>
<div style="margin: 5px !important;">
7.1 The engagement of service providers in a foreign country exposes an NBFC to country risk -economic, social and political conditions and events in a foreign country that may adversely affect the NBFC. Such conditions and events could prevent the service provider from carrying out the terms of its agreement with the NBFC. To manage the country risk involved in such outsourcing activities, the NBFC shall take into account and closely monitor government policies and political, social, economic and legal conditions in countries where the service provider is based, both during the risk assessment process and on a continuous basis, and establish sound procedures for dealing with country risk problems. This includes having appropriate contingency and exit strategies. In principle, arrangements shall only be entered into with parties operating in jurisdictions generally upholding confidentiality clauses and agreements. The governing law of the arrangement shall also be clearly specified.</div>
<div style="margin: 5px !important;">
7.2 The activities outsourced outside India shall be conducted in a manner so as not to hinder efforts to supervise or reconstruct the India activities of the NBFC in a timely manner.</div>
<div style="margin: 5px !important;">
7.3 As regards the off-shore outsourcing of financial services relating to Indian Operations, NBFCs shall additionally ensure that</div>
<div style="margin: 5px !important;">
a) Where the off-shore service provider is a regulated entity, the relevant off-shore regulator will neither obstruct the arrangement nor object to RBI inspection visits/ visits of NBFCs internal and external auditors.</div>
<div style="margin: 5px !important;">
b) The availability of records to management and the RBI will withstand the liquidation of either the offshore custodian or the NBFC in India.</div>
<div style="margin: 5px !important;">
c) The regulatory authority of the offshore location does not have access to the data relating to Indian operations of the NBFC simply on the ground that the processing is being undertaken there (not applicable if off shore processing is done in the home country of the NBFC).</div>
<div style="margin: 5px !important;">
d) The jurisdiction of the courts in the off shore location where data is maintained does not extend to the operations of the NBFC in India on the strength of the fact that the data is being processed there even though the actual transactions are undertaken in India and</div>
<div style="margin: 5px !important;">
e) All original records continue to be maintained in India.</div>
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<span style="color: brown;"><a href="https://www.blogger.com/null" id="AN7" style="background: none 0px 0px repeat scroll rgba(0, 0, 0, 0); line-height: 20px;"></a>Annex VII</span></div>
<div class="head" style="color: brown; font-size: 13px; font-weight: bold; margin: 5px;">
Ombudsman Scheme for Non-Banking Financial Companies, 2018 - Appointment of the Nodal Officer/Principal Nodal Officer</div>
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The Reserve Bank of India (RBI) has brought into operation on February 23, 2018, the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (The Scheme). The Scheme is available on the RBI website http://www.rbi.org.in. The Non-Banking Financial Companies (NBFCs) that are covered under the Scheme (covered NBFCs) are advised to ensure that a suitable mechanism exists for receiving and addressing complaints from their customers with specific emphasis on resolving such complaints expeditiously and in a fair manner.</div>
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2. In this connection attention is invited to para 15.3 of the Scheme in terms of which</div>
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The NBFCs covered by the Scheme shall appoint Nodal Officers (NOs) at their Head/Registered/Regional/Zonal Offices and inform all the Offices of the Ombudsman about the same.</div>
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The NOs so appointed shall be responsible for representing the company and furnishing information to the Ombudsman in respect of complaints filed against the NBFC.</div>
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<li><div style="margin: 5px !important;">
Wherever more than one zone/region of a NBFC is falling within the jurisdiction of an Ombudsman, one of the NOs shall be designated as the โPrincipal Nodal Officerโ (PNO) for such zones or regions.</div>
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3. The PNO/NO shall be responsible, inter alia, for representing the covered NBFC before the Ombudsman and the Appellate Authority under the Scheme. The PNO/NO appointed at the Head Office of the NBFC shall be responsible for coordinating and liaising with the Customer Education and Protection Department (CEPD), RBI, Central Office. Covered NBFCs are at liberty to appoint the Grievance Redressal Officer (GRO) identified by the respective NBFCs in terms of extant guidelines on Grievance Redressal Mechanism, applicable to them, as the PNO or NO, provided that the officer concerned is sufficiently senior in the organisation. Where there is more than one Nodal Officer for a zone, the PNO shall be responsible for representing the company and furnishing information to the Ombudsman in respect of complaints filed against the NBFC.</div>
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4. With a view to strengthening the Grievances Redressal System and enhancing its effectiveness, the NBFCs shall take necessary steps as outlined above. Further, the name and details of the PNO/NO at the Head Office may be forwarded to the Chief General Manager, Consumer Education and Protection Department, Reserve Bank of India, Central Office, 1st Floor, Amar Building, Sir P.M. Road, Mumbai 400 001 (<a class="links" href="mailto:cgmcepd@rbi.org.in" style="background: none 0px 0px repeat scroll rgba(0, 0, 0, 0); color: rgb(0, 0, 255) !important; line-height: 20px; text-decoration-line: none;" target="_blank">email</a>). The names and contact details of PNOs/NOs of the zones may be forwarded to the RBI Ombudsman of the concerned zone.</div>
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Display of Information</div>
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5. Covered NBFCs shall display prominently, for the benefit of their customers, at their branches/ places where business is transacted, the name and contact details (Telephone/ Mobile numbers as also email addresses) of the PNOs/NOs/GROs and the name and contact details of the Ombudsman, who can be approached by the customer.</div>
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6. Covered NBFCs shall prominently display the salient features of the Scheme (in English, Hindi and Vernacular language) at all their offices and branches in such a manner that a person visiting the office or branch has easy access to the information. A template for the salient features of the Scheme to be displayed is enclosed for reference. (Appendix A)</div>
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7. All the above details along with a copy of the Scheme should also be prominently displayed on the web-site of covered NBFCs.</div>
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<span style="font-family: "arial" , serif;"><span style="color: #0b5394; font-size: medium;">Email:</span><span style="color: #990000; font-size: medium;"> ask@nbfc.in</span></span></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-52396511777539602392018-08-22T12:38:00.001-07:002018-08-22T12:38:46.452-07:00NBFC Registration Procedure & Checklist
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small;">Any entity desirous of commencing the business of and being registered as NBFC shall apply to RBI for the license (CoR) and must also fulfill the following norms:</span></h2>
<ul style="background-color: white; border: none; box-sizing: border-box; list-style: none; margin: 0px; outline: none; padding: 0px;">
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">It should be a company incorporated under Companies Act, 2013.</span></li>
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">It should be a company having minimum net owned funds of INR 2 crores.</span></li>
</ul>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-large;"><b><br /></b></span>
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-large;"><b>Where to Make Application?</b></span></div>
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<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">The online application is available on RBI's website (COSMOS).</span></li>
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Hard copy of the application along with attached documents shall be submitted to regional RBI Office.</span></li>
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">The license will be granted only after vigilant inspection of the application and documents attached with it.</span></li>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-large;">Checklist for <a href="http://nbfcregistration.com/">NBFC Registration</a>:</span></h2>
<ul style="background-color: white; border: none; box-sizing: border-box; list-style: none; margin: 0px; outline: none; padding: 0px;">
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Certified copy of Certificate of Incorporation issued by the registrar of companies.</span></li>
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Extract of the main object clause in the MOA clearly depicting the financial business.</span></li>
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">The Audited balance sheet and Profit & Loss account along with directors & auditors report for the entire period of company's existence, or for last three years, whichever is less.</span></li>
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Copy of the certificate of Director's highest educational and professional qualification.</span></li>
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Copy of Director's experience certificate in the Financial Services Sector (including Banking Sector).</span></li>
<li style="border: none; box-sizing: border-box; list-style: square; margin: 0px 0px 15px 50px; outline: none; padding: 0px; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Bankers report depicting details of deposits and loans balances as on the date of application and the conduct of the account.</span></li>
</ul>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-75356379566314709212018-08-10T03:19:00.007-07:002018-08-10T03:19:59.447-07:00NBFC Company Takeover Procedure
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: 15px;">NBFC takeover procedure has been simplified by the RBI. NBFC takeover is easier process in comparison to NBFC fresh registration. In NBFC takeover, firstly acquirer of NBFC should conduct due diligence and overview the financials of the target company. Under this, MOU is signed with advance money. </span><span style="font-family: "trebuchet ms" , sans-serif; font-size: 15px; text-align: left;">In takeover balance sheet of the seller entity stands null after all its assets and liabilities are transferred to the acquirer. There are following 8 steps in order to complete the </span><span style="font-family: "trebuchet ms" , sans-serif; font-size: 15px;">NBFC takeover.</span></div>
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<a href="http://takeover.ozg.in/" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="647" data-original-width="970" height="426" src="https://4.bp.blogspot.com/-y-sKM2pqdNI/W2vjWy43qpI/AAAAAAAABSg/Er8Y-IQM3gc_77TpLGSVHz9hv_J-MrLfgCLcBGAs/s640/56454gfgf.jpg" width="640" /></a></div>
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<strong style="box-sizing: inherit;"><span style="color: #3d85c6; font-family: "trebuchet ms" , sans-serif; font-size: large;">1. Memorandum of Understanding</span></strong></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">First step is signing of the MOU i.e. Memorandum of Understanding with the proposed company, it specifies that both the companies agree to enter into an agreement of takeover. It is signed by both the directors of the Acquirer Company and Target Company. While signing of MOU, token money is given by Acquirer Company to the target company. It shall also specify the responsibilities and requirement of each company.</span></div>
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<strong style="box-sizing: inherit;"><span style="color: #3d85c6; font-family: "trebuchet ms" , sans-serif; font-size: large;">2. Convene Board Meeting</span></strong></div>
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<em style="box-sizing: inherit;"><span style="font-family: "trebuchet ms" , sans-serif;">After signing of MOU, Board Meeting shall be convened in both the companies to discuss following matters:</span></em></div>
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<li style="text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">To fix day, date, time and place of convening Extra Ordinary General Meeting.</span></li>
<li style="text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">For passing resolution in EGM.</span></li>
<li style="text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">In relation to takeover scheme, reply to query of RBI.</span></li>
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<strong style="box-sizing: inherit;"><span style="color: #3d85c6; font-family: "trebuchet ms" , sans-serif; font-size: large;">3. Public Notice</span></strong></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">After obtaining the RBI approval, public notice shall be made to invite any objection of the public which is taking place due to take over in two newspaper within 30 days of such approval.</span></div>
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<strong style="box-sizing: inherit;"><span style="color: #3d85c6; font-family: "trebuchet ms" , sans-serif; font-size: large;">4. Signing of Share Transfer Agreement</span></strong></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">After the expiry of the 31st day of the notice in newspaper, share transfer agreement shall be signed and remaining consideration shall be paid by the acquirer company.</span></div>
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<strong style="box-sizing: inherit;"><span style="color: #3d85c6; font-family: "trebuchet ms" , sans-serif; font-size: large;">5. NOC from Creditors (If applicable)</span></strong></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Target Company shall obtain NOC from its creditors before the transfer of business from Target Company to Acquirer Company.</span></div>
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<strong style="box-sizing: inherit;"><span style="color: #3d85c6; font-family: "trebuchet ms" , sans-serif; font-size: large;">6. Transfer of Assets</span></strong></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">After this, transfer of assets shall take place in case no objections have been received and RBI approved the scheme. But the transfer should not contravene any clause of the agreement.</span></div>
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<strong style="box-sizing: inherit;"><span style="color: #3d85c6; font-family: "trebuchet ms" , sans-serif; font-size: large;">7. Valuation of the Entity</span></strong></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Valuation shall be done in accordance with the rules provided by the RBI. The technique adopted for valuation shall be Discounted Cash Flow (DCF) Method, this will represent the net present value of the entity. After the evaluation, a certificate shall be obtained by the Chartered Accountant briefing the method adopted for valuation.</span></div>
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<strong style="box-sizing: inherit;"><span style="color: #3d85c6; font-family: "trebuchet ms" , sans-serif; font-size: large;">8. Intimation to Regional RBI Office</span></strong></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">After the process of valuation and approval of the takeover scheme, NBFC shall submit an application to the Regional Office of RBI. Application shall be on the letter head of the company. Any change in management of the NBFC after the takeover should also be intimated on a continuous basis to RBI.</span></div>
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<em style="box-sizing: inherit;"><span style="color: #cc0000; font-family: "trebuchet ms" , sans-serif;">Application made to the Regional Office shall contain following details:</span></em></div>
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<li style="box-sizing: inherit; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Information of the proposed directors and shareholders.</span></li>
<li style="box-sizing: inherit; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Sources of funds of Acquirer.</span></li>
<li style="box-sizing: inherit; text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Declaration by the shareholders and directors regarding their association with any unincorporated entity which is accepting deposit.</span></li>
<li style="text-align: justify;"><span style="font-family: "trebuchet ms" , sans-serif;">Declaration by the directors regarding no criminal proceedings have been initiated against them in past or are pending against them in any court of law.</span></li>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-84014608324506058862018-08-10T03:19:00.004-07:002018-08-10T03:19:38.808-07:00RBI Compliance Filing for NBFC Company - Monthly, Quarterly, Half-Yearly & Yearly
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<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="587"><b><span style="font-size: medium;">MONTHLY COMPLIANCE</span></b></td></tr>
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<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="116">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="289">Purpose of the Form</td><td style="box-sizing: inherit; padding: 15px 20px;" width="182">Department</td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="587">submitted by all NBFC-NDSIs(Non-Deposit taking NBFCs)</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="116">Monthly Return</td><td style="box-sizing: inherit; padding: 15px 20px;" width="289">Monthly Return on NBFC-ND-SI with asset size of Rs.100 CR. & above</td><td style="box-sizing: inherit; padding: 15px 20px;" width="182">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="116">NBS_ALM-1</td><td style="box-sizing: inherit; padding: 15px 20px;" width="289">Statement of Short term dynamic liquidity(Within 10 days of the close of the Month)</td><td style="box-sizing: inherit; padding: 15px 20px;" width="182">RBI</td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="587"><b> All Non-Banking Financial Companies which are accepting / holding public deposits having asset size above Rs. 100 crores or having public deposits of Rs. 20 crores and above:</b></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="116">NBS-6</td><td style="box-sizing: inherit; padding: 15px 20px;" width="289">Monthly Return regarding Exposure To Capital Market</td><td style="box-sizing: inherit; padding: 15px 20px;" width="182">RBI</td></tr>
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<tr style="box-sizing: inherit;"><td colspan="5" style="box-sizing: inherit; padding: 15px 20px;" width="580"><span style="font-size: large;"><b> QUARTERLY COMPLIANCE</b></span></td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
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<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">Form Name</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269">Purpose of the Form</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">Department</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td colspan="5" style="box-sizing: inherit; padding: 15px 20px;" width="580">provided by all NBFCโs accepting / holding public deposits, and MNBCs โ except Residuary Non-Banking Companies:</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">NBS 1</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269">Quarterly Return on Important Financial Parameters of Deposit Taking NBFCs</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">NBS -2</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269"> Quarterly Statement of Capital Funds, Risk Assets/Exposures and risk assets Ratio.</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">CA & CEO certificate for NBS-2</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269">Certifying NBS-2</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">NBS 3</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269">Submit quarterly return reading Statutory Liquid asset</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
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<tr style="box-sizing: inherit;"><td colspan="5" style="box-sizing: inherit; padding: 15px 20px;" width="580"><b> Submitted by all Non Deposit taking NBFCs</b></td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131"> NBS -7</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269"> Quarterly Statement of Capital Funds, Risk Assets/Exposures and risk assets Ratio.</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">SA and CEO certificate for NBS-7</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269">Certifying NBS-7</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td colspan="5" style="box-sizing: inherit; padding: 15px 20px;" width="580"><span style="font-size: medium;"> <b> NBFCs having asset size between 50-100 cr</b></span></td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">Quarterly Return</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269">Quarterly Return by NBFC-ND with asset size of Rs.50 โ 100 Cr.</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td colspan="5" style="box-sizing: inherit; padding: 15px 20px;" width="580">submitted by all SCRCs (Securitisation and reconstruction company)</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">SCRC</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269">Quarterly statement of assets acquired, securitized& reconstructed</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td colspan="5" style="box-sizing: inherit; padding: 15px 20px;" width="580">submitted by all NBFCs</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">Branch Info</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="269">Branch Details</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
<tr style="box-sizing: inherit;"><td colspan="6" style="box-sizing: inherit; padding: 15px 20px;" width="585"><b><span style="font-size: large;"> HALF YEARLY COMPLIANCES</span></b></td></tr>
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<tr style="box-sizing: inherit;"><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="132">Form Name</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="271">Purpose of the Form</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="181">Department</td></tr>
<tr style="box-sizing: inherit;"><td colspan="6" style="box-sizing: inherit; padding: 15px 20px;" width="585"> <b>To be provided by all NBFC accepting / holding public deposits having asset size above Rs. 100 crores or having public deposits of Rs. 20 crores and above</b></td></tr>
<tr style="box-sizing: inherit;"><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="132">NBS_ALM-2</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="271">Asset liability mismatches and interest rate exposure(Within 20 days ofthe close of half year)</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="181">Regional office of the Department in whose jurisdiction NBFC is registered</td></tr>
<tr style="box-sizing: inherit;"><td colspan="6" style="box-sizing: inherit; padding: 15px 20px;" width="585"> provided by all NBFC-NDSIs (Non Deposit taking NBFCs)</td></tr>
<tr style="box-sizing: inherit;"><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="132">NBS_ALM-3</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="271">Interest rate sensitivity</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="181">statement shall filed with the Bank</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131"></td><td style="box-sizing: inherit; padding: 15px 20px;" width="1"></td><td style="box-sizing: inherit; padding: 15px 20px;" width="268"></td><td style="box-sizing: inherit; padding: 15px 20px;" width="3"></td><td style="box-sizing: inherit; padding: 15px 20px;" width="176"></td><td style="box-sizing: inherit; padding: 15px 20px;" width="5"></td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 580px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="580"><b>NBFCโs accepting / holding public deposits, and MNBC</b></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">NBS-4</td><td style="box-sizing: inherit; padding: 15px 20px;" width="269">Repayment of Deposits only in respect of rejected/cancelled companies</td><td style="box-sizing: inherit; padding: 15px 20px;" width="179">Department of Non-Banking Supervision, RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">CA certificate for NBS 4</td><td style="box-sizing: inherit; padding: 15px 20px;" width="269">Certifying NBS-4</td><td style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 596px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="4" style="box-sizing: inherit; padding: 15px 20px;" width="596"><span style="font-size: large;"><b> EXTRA COMPLIANCE</b></span></td></tr>
<tr style="box-sizing: inherit;"><td colspan="4" style="box-sizing: inherit; padding: 15px 20px;" width="596"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="152"><br /></td><td style="box-sizing: inherit; padding: 15px 20px;" width="312"></td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="132"></td></tr>
<tr style="box-sizing: inherit;"><td colspan="4" style="box-sizing: inherit; padding: 15px 20px;" width="596"><b><span style="font-size: medium;">All NBFCs whether holding public deposits or not</span></b></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="152">Special Return</td><td style="box-sizing: inherit; padding: 15px 20px;" width="312">General information and Net Owned Funds</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="132">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="152"></td><td style="box-sizing: inherit; padding: 15px 20px;" width="312"></td><td style="box-sizing: inherit; padding: 15px 20px;" width="99"></td><td style="box-sizing: inherit; padding: 15px 20px;" width="34"></td></tr>
<tr style="box-sizing: inherit;"><td colspan="4" style="box-sizing: inherit; padding: 15px 20px;" width="596"><b><span style="font-size: large;"> </span></b><b><span style="font-size: large;">COMPANIES ACT, 2013 </span></b><br />
<span style="font-size: large;"><b> Compliance </b></span><b><span style="font-size: large;"> </span></b></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="152">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="312">Purpose of the Form</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="132">Department</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="152">E-Form MGT-7</td><td style="box-sizing: inherit; padding: 15px 20px;" width="312">Filing of Annual Return(Within 60 days of AGM)</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="132">ROC<br />
<div style="box-sizing: inherit; margin-bottom: 20px; margin-top: 20px;">
</div>
<div style="box-sizing: inherit; margin-top: 20px;">
<br /></div>
</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="152">E-Form AOC-4</td><td style="box-sizing: inherit; padding: 15px 20px;" width="312">Filing of Balance Sheet & P & L A/c(Within 30days of AGM)</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="132">ROC<br />
<div style="box-sizing: inherit; margin-bottom: 20px; margin-top: 20px;">
</div>
<div style="box-sizing: inherit; margin-top: 20px;">
<br /></div>
</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="152">E-Form DIR-12</td><td style="box-sizing: inherit; padding: 15px 20px;" width="312">If there is any change in Directors(Within 30days of that change)</td><td colspan="2" style="box-sizing: inherit; padding: 15px 20px;" width="132">ROC<br />
<div style="box-sizing: inherit; margin-bottom: 20px; margin-top: 20px;">
</div>
<div style="box-sizing: inherit; margin-top: 20px;">
<br /></div>
</td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 597px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="597"><span style="font-size: large;"><b> Non-Deposit taking NBFCs </b></span></td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="597"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="135">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="277">Purpose of the Form</td><td style="box-sizing: inherit; padding: 15px 20px;" width="185">Department</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="135">Monthly Return</td><td style="box-sizing: inherit; padding: 15px 20px;" width="277">Monthly Return on NBFC-ND-SI with asset size of Rs.100 CR. & above</td><td style="box-sizing: inherit; padding: 15px 20px;" width="185">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="135">NBS_ALM-1</td><td style="box-sizing: inherit; padding: 15px 20px;" width="277">Statement of Short term dynamic liquidity(Within 10 days of the close of the Month)</td><td style="box-sizing: inherit; padding: 15px 20px;" width="185">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="135"> NBS -7</td><td style="box-sizing: inherit; padding: 15px 20px;" width="277"> Quarterly Statement of Capital Funds, Risk Assets/Exposures and risk assets Ratio.</td><td style="box-sizing: inherit; padding: 15px 20px;" width="185">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="135">SA & CEO certificate for NBS-7</td><td style="box-sizing: inherit; padding: 15px 20px;" width="277">Certifying NBS-7</td><td style="box-sizing: inherit; padding: 15px 20px;" width="185">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="135">NBS_ALM-3</td><td style="box-sizing: inherit; padding: 15px 20px;" width="277">Interest rate sensitivity</td><td style="box-sizing: inherit; padding: 15px 20px;" width="185">statement shall filed with the Bank</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="135">ALM_Return</td><td style="box-sizing: inherit; padding: 15px 20px;" width="277">Asset liability mismatches and interest rate exposure</td><td style="box-sizing: inherit; padding: 15px 20px;" width="185">RBI</td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 582px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="582"><b>Non-Banking Financial Companies accepting / holding public deposits having asset size above Rs. 100 crores or having public deposits of Rs. 20 crores and above</b></td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="582"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="270">Purpose of the Form</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">Department</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">NBS-6</td><td style="box-sizing: inherit; padding: 15px 20px;" width="270">Monthly Return On Exposure To Capital Market</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">NBS_ALM-2</td><td style="box-sizing: inherit; padding: 15px 20px;" width="270">Asset liability mismatches and interest rate exposure(Within 20 days of the close of half year)</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">Regional office of the Department in whose jurisdiction NBFC is registered</td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 583px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="583"><b>All NBFCโs accepting / holding public deposits, and MNBCs</b></td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="583"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271">Purpose of the Form</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">Department</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">NBS 1</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271">Quarterly Return on Important Financial Parameters of Deposit Taking NBFCs</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">NBS -2</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271"> Quarterly Statement of Capital Funds, Risk Assets/Exposures and risk assets Ratio.</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">CA & CEO certificate for NBS-2</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271">Certifying NBS-2</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">NBS 3</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271">Submitting return on Quarterly basis for Statutory Liquid Asset</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">NBS-4</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271">Repayment of Deposits only in respect of rejected/cancelled companies</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">Department of Non-Banking Supervision, RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">CA certificate for NBS 4</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271">Certifying NBS-4</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">RBI</td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 578px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="578"><span style="font-size: medium;"><b> NBFCs having asset size between 50-100 cr</b></span></td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="578"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="268">Purpose of the Form</td><td style="box-sizing: inherit; padding: 15px 20px;" width="179">Department</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">Quarterly Return</td><td style="box-sizing: inherit; padding: 15px 20px;" width="268">Quarterly Return by NBFC-ND with asset size of Rs.50 โ 100 Cr.</td><td style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 579px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="579"><b>All SCRCs (Securitisation and Reconstruction Company)</b></td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="579"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="269">Purpose of the Form</td><td style="box-sizing: inherit; padding: 15px 20px;" width="179">Department</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">SCRC</td><td style="box-sizing: inherit; padding: 15px 20px;" width="269">Quarterly statement to be filed for asset acquired, reconstructed and securitized</td><td style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 580px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="580"> <b> NBFCs having asset size between Rs 100 to Rs 500cr</b></td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="580"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="269">Purpose of the Form</td><td style="box-sizing: inherit; padding: 15px 20px;" width="179">Department</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="131">NBS-8</td><td style="box-sizing: inherit; padding: 15px 20px;" width="269">Annual Return on NBFC-ND With Asset Size From Rs.100 Cr. To 500 Cr</td><td style="box-sizing: inherit; padding: 15px 20px;" width="179">RBI</td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 582px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="582"><b><span style="font-size: medium;">Submitted by NBFCs asset size below Rs 100cr</span></b></td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="582"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="270">Purpose of the Form</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">Department</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">NBS-9</td><td style="box-sizing: inherit; padding: 15px 20px;" width="270">Annual Return on NBFC-ND-SI With Asset Size Below Rs.100 Cr</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">RBI</td></tr>
</tbody></table>
<div style="box-sizing: inherit; font-family: "Varela Round", Helvetica, Arial, sans-serif; font-size: 15px; margin-bottom: 20px; margin-top: 20px;">
<div style="text-align: center;">
<br /></div>
</div>
<table style="border-collapse: collapse; border-spacing: 0px; box-sizing: inherit; color: black; font-family: "varela round", helvetica, arial, sans-serif; font-size: 15px; margin: 0px 0px 1.5em; text-align: center; width: 583px;"><tbody style="box-sizing: inherit;">
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="583"><span style="font-size: large;"><b> Submitted by all NBFCs </b></span></td></tr>
<tr style="box-sizing: inherit;"><td colspan="3" style="box-sizing: inherit; padding: 15px 20px;" width="583"></td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">Form Name</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271">Purpose of the Form</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">Department</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">Special Return</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271">General information and Net Owned Funds</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">RBI</td></tr>
<tr style="box-sizing: inherit;"><td style="box-sizing: inherit; padding: 15px 20px;" width="132">Branch Info</td><td style="box-sizing: inherit; padding: 15px 20px;" width="271">Branch Details</td><td style="box-sizing: inherit; padding: 15px 20px;" width="180">RBI</td></tr>
</tbody></table>
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<div style="text-align: center;">
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;"><b>RBI Compliance Group</b></span></div>
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<span style="color: #444444;"><b>Ozg Compliance & Regulatory Practice Center</b></span></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-35260699339941492342018-08-10T03:19:00.001-07:002018-08-10T03:19:14.834-07:00How to Change the Name of NBFC after takeover?
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The name of the company may be such which reflects the business activity or it might be something simple & easy. There are abundant factors which are considered while finalizing a suitable name because in Long run the name will be a Brand. Sometimes, there arises a requirement to change the existing name of a Company due to change in its objects, corporate restructurings etc. Whatever might be the reason, Change of the name of a Company can only be done after complying with laws applicable to the Company. The legal provisions and procedure are discussed here in detail.</blockquote>
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<li style="box-sizing: inherit; text-align: justify;">The Altered name should be painted/affixed outside Registered & every office</li>
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<li style="box-sizing: inherit; text-align: justify;">Getting a new Common seal for the Company & make the alteration in every copy of MOA & AOA.</li>
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<li style="box-sizing: inherit; text-align: justify;">Change the stationery with new name stationary viz. Letterheads, Bill heads etc.</li>
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For alteration in the Name of <a href="http://nbfc.co.in/">NBFC</a> one require a prior approval from RBI and then MCA can allow one to amend the MOA.</blockquote>
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<li style="box-sizing: inherit; text-align: justify;">Name reservation from MCA</li>
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<li style="box-sizing: inherit; text-align: justify;">Notice to RBI for change in Name of the NBFC</li>
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<li style="box-sizing: inherit; text-align: justify;">Public notice of change in Name of NBFC</li>
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<li style="box-sizing: inherit; text-align: justify;">MGT-14 filing with MCA</li>
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<li style="box-sizing: inherit; text-align: justify;">NBFC RBI Compliance </li>
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<strong style="box-sizing: inherit;"><span style="font-size: large;">Procedure to Change the Name of NBFC?</span></strong></h2>
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The Name change procedure of NBFC is very much similar to similar to non-NBFC Company except for the requirement of RBI Approval in advance. Name Change in a company usually is done due to change in business activity of the company. The name change also occurs if there is a change in management of the company. If an <a href="http://nbfc.co.in/">NBFC</a> requires changing its name, it requires passing a special resolution in a board meeting. The minutes of the meeting needs to be submitted to the Ministry of Corporate Affairs (MCA) with the request for name change.</blockquote>
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<strong style="box-sizing: inherit;"><span style="font-size: large;">Step by step Analysis for Change in the Name of NBFC</span></strong></h2>
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One require prior RBI approval for change in names of NBFC<br />
Rest procedure will be same as a normal private or public limited company</blockquote>
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<strong style="box-sizing: inherit;">Board Resolution</strong></h4>
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The board will authorize the change in the name of the <a href="http://nbfc.co.in/">NBFC</a> & authorize a director or company secretary to do the necessary filing with the MCA by consideration of proposal of change of name & determining maximum 6 alternative names. A decision to convene another board meeting for a change of name (after approval) and to make changes in the Memorandum and Articles of Association (MOA & AOA) is made in the same meeting.</blockquote>
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<strong style="box-sizing: inherit;">Name Availability</strong></h4>
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Check the name availability at MCA and on trademark website. The new name shall be in adherence to the naming guidelines provided in the Companies Act, 2013.</blockquote>
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<strong style="box-sizing: inherit;">Filing of INC-1</strong></h4>
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The necessary form needs to be filed with ROC with the attachment of RBI NOC and the board resolution as well along with other requirements of the form to get final approval from the concerned ROC.</blockquote>
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<strong style="box-sizing: inherit;">Filing of MGT-14 & INC-24</strong></h4>
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Within 30 days of passing the special resolution for a name change, the company needs to file form MGT-14 with MCA with the attachment of Notice of extraordinary general meeting along with the explanatory statements; certified a true copy of the Special resolution passed; Altered MOA and AOA; and Minutes of the EGM. After filing form MGT-14 you need to file form INC-24 with CG along with Notice of EGM along with the explanatory statements, CTC of Special resolutions, altered MOA & AOA and Minutes of the extraordinary general meeting.</blockquote>
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<strong style="box-sizing: inherit;">Final Approval from MCA</strong></h4>
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One needs to file necessary form with ROC with the attachment of RBI NOC as well along with other requirements of the form and get final approval from the concerned ROC. After getting the name approval from ROC, the original Certificate of Registration as issued by the concerned Reserve Bank of India needs to be surrendered to the same department of Non-Bankingโs supervision to get new Certificate of Registrations as Non-Banking Finance Company with new name reissued by the concerned Department.</blockquote>
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<strong style="box-sizing: inherit;">Public Notice of change in the Name of NBFC</strong></h4>
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For changing the name of the company, you need to publish an advertisement in the in an English newspaper and in a Vernacular language newspaper where the registered office of the company is situated.</blockquote>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-2113434806846805844.post-59619413019912120352018-07-18T23:14:00.001-07:002018-07-18T23:14:13.620-07:00Gold Loan Procedure, Interest Rate in NBFC
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><span style="color: #38761d;"><span style="color: #38761d;">1) </span><b><span style="color: red;">Amount:</span> </b></span>Banks and <a href="http://nbfc.in/"><b><span style="color: black;">NBFC</span></b></a> provide gold loans for amounts ranging from Rs 50,000 to Rs 20 lakh. </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><span style="color: red;">2) <b><span style="color: cyan;">Documents Required</span><span style="color: blue;">: </span></b></span>For availing gold loans you require only address proof and identity proof documents like Aadhaar card or Voter's ID card.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: medium;"><span style="color: red;">3)<b> <span style="color: cyan;">Interest Rate</span><span style="color: blue;">:</span></b> </span>Typically banks (public and private sector banks) charge interest rate between 9-16 per cent on gold loans. However, if you avail gold loan from an </span><a href="http://nbfc.in/"><b><span style="color: black;">NBFC</span></b></a><span style="font-size: medium;">, interest rates could be higher. Further, gold loans given to women borrowers and for agricultural purpose carry lesser interest rate than gold loans given for a business purpose. For SBI, gold loans are priced at 2 per cent above the 1-year MCLR, which is currently 8.15 per cent (effective rate 10.15 per cent).</span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><img alt="Image result for ozg gold loan" height="391" src="https://pbs.twimg.com/media/DdumgTXUwAEp9jc.jpg" width="400" /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: medium;"><span style="color: blue;">4) <b>Other Charges:</b> </span>Other than interest rate, banks and </span><a href="http://nbfc.in/"><b><span style="color: black;">NBFC</span></b></a><span style="font-size: medium;"><span style="color: cyan;">s</span> also charge a loan processing fee of up to 2 per cent, gold valuation fees and stamp duty as applicable in a particular state. </span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><span style="color: blue;">5) <b>How much gold you need to mortgage:</b> </span> Financial institutions offer loan up to 75 per cent of the value of gold. Making-charge of gold ornaments and taxes paid for buying them are not considered for determining the value of gold. Amount of loan also depends on the purity of gold. Jewellery without any purity certification (like BIS Hallmark) attract higher haircut. However, it should be noted that lending institutions may ask for higher margin if gold prices depict excess fluctuation.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><span style="color: #38761d;">6) <b>Repayment:</b></span> Financial institutions typically offer between 6-60 months to repay a gold loan. Interest amount needs to be paid on a monthly basis while the capital amount needs to be paid on maturity. Some banks also offer EMI (equated monthly installment) facility to repay gold loans. </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><span style="color: #38761d;">7) <b>Part payment / Pre-payment:</b></span> Lending institutions also offer part repayment and prepayment facility on gold loans. However, some charge a pre-payment penalty on these loans.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><span style="color: cyan;"><span style="color: #38761d;">8)<b> Renewal:</b></span> </span>If you are not able to repay your gold loan in the stipulated time frame, you can also renew your gold loan for another six months, one year or two years depending on the terms and conditions of the lending organisation.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;"><span style="color: #38761d;">9) </span><b><span style="color: #38761d;">Disbursal:</span> </b>Gold loans are disbursed within few hours. One can either receive the loan amount in cash or can opt for account credit. Typically banks do not allow cash disbursal for gold loans above a particular amount like Rs 1 lakh or Rs 2 lakh. </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: medium;">10) At the time of disbursal, banks give a detailed list of gold jewellery / coins mortgaged along with their valuation details. You need to produce that document at the time of closure of loan in order to get your gold back.
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