Page 52 - Banking Finance July 2020

RBI CIRCULAR

RBI

CIRCULAR

Extension of timeline for finalization of under section 12 of the Securities and Exchange Board
of India Act, 1992 (Act 15 of 1992) and not holding or
audited accounts accepting public deposit are exempted from the

RBI/2020-21/11 provisions of section 45-IA and 45-IC of the RBI Act, 1934
and also from the applicability of guidelines issued by
July 06, 2020
the Bank for NBFCs.
1. Please refer to para 18(2) of the Master Direction on 2. Consequent upon the repeal of Securities and Exchange
Systemically Important Non-Deposit taking Company Board of India (Venture Capital Funds) Regulations,
and Deposit taking Company (Reserve Bank) Directions, 1996 and enactment of Securities and Exchange Board
2016 and Non-Systemically Important Non-Deposit of India (Alternative Investment Funds) Regulations,
taking Company (Reserve Bank) Directions, 2016, as 2012, it has been decided to substitute the word
per which every applicable NBFC shall finalise its “Venture Capital Fund Companies” with “Alternative
balance sheet within a period of 3 months from the Investment Fund Companies”, in exercise of the powers
date to which it pertains. conferred under section 45NC of RBI Act, 1934.
2. In view of the on-going situation and taking in to 3. Master Direction on exemptions from the provisions of
account the feedback received from various Reserve Bank of India Act, 1934, is updated
stakeholders, it has been decided that every applicable accordingly.
NBFC shall finalise its balance sheet within a period of
3 months from the date to which it pertains or any date (Manoranjan Mishra)
as notified by SEBI for submission of financial results by Chief General Manager
listed entities.
Implementation of Section 51A of UAPA,
(Manoranjan Mishra)
Chief General Manager 1967 - Updates to UNSC’s 1267/ 1989 ISIL
(Da'esh) & Al-Qaida Sanctions List -
Exemption from Registration as NBFC –
Addition of one individual
Alternative Investment Fund (AIF) RBI/2020-21/14

RBI/2020-21/12 July 18, 2020
July 10, 2020 1. Please refer to Section 51 of our Master Direction on
Know Your Customer dated February 25, 2016 as
1. A reference is invited to para 5 of Master Directions amended on April 20, 2020, in terms of which
on Exemptions from the provisions of RBI Act, 1934 “Regulated Entities (REs) shall ensure that in terms of
dated August 25, 2016. Venture capital fund Section 51A of the Unlawful Activities (Prevention)
companies, holding a certificate of registration obtained (UAPA) Act, 1967, they do not have any account in the

52 | 2020 | JULY | BANKING FINANCE