Banking

RBI simplifies the application process for registration of Core Investment Companies

10.04.2023

The Reserve Bank has undertaken a comprehensive review of the system of processing of applications for registration as Core Investment Companies (CICs) to make the registration process smoother and hassle free. Accordingly, the application form has been revamped to make it structured and aligned with the extant CIC regulations. Also, the number of documents to be furnished along with the application form has been reduced to 18 from the existing set of 52 documents to make the registration process user friendly.

Application should be made in the prescribed form only. In case the company has changed its name earlier, a list of all the earlier names of the company and date/s of change along with the reasons for such change/s should be furnished. If the company is registered with the Reserve Bank of India as an NBFC and has been advised to register as a CIC, a copy of the letter should be enclosed. If the company had been advised by the Reserve Bank of India in the past that it did not require registration by virtue of qualifying as an Unregistered Core Investment Company, a copy of the letter should be enclosed. A list containing the details of all the court cases pending against the company, its directors and shareholders, including those pending in consumer forum, should be submitted.

The revised application form together with an indicative list of documents/information to be furnished along with the application has been uploaded on the RBI website. It may be noted that the documents to be furnished along with the application are indicative and not exhaustive. The Reserve Bank, may, call for further document/s to satisfy itself on the eligibility of the company seeking registration as a CIC. In the event of the Reserve Bank calling for further documents in addition to those mentioned in the list, the applicant company must respond within a stipulated time of one month.

Tags : Application process Registration CICs

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