Question
As per RBI guidelines on fraud risk management in NBFCs,
the Special Committee of the Board for Monitoring and Follow-up of cases of Frauds (SCBMF) must consist of how many members, and who specifically?Solution
• RBI mandates that all NBFCs in the Upper Layer, Middle Layer, and Base Layer (with asset size ≥ ₹500 crore) must set up a Special Committee of the Board for Monitoring and Follow-up of cases of Frauds (SCBMF). • Composition requirements: o Minimum 3 members of the Board. o Must include the Chief Executive Officer (CEO). o Must include two Independent Directors. o The Chairperson of the committee must be an Independent Director. • For some Middle and Base Layer NBFCs, a Committee of Executives (CoE) can be constituted instead, with at least 3 members (including a Whole-time Director/equivalent rank official).
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