Question
Consider the following statements regarding compliance
function in NBFCs: i.        Non-Banking Financial Companies in the Upper Layer (NBFC-UL) and Middle Layer (NBFC-ML) would be required, inter alia, to have an independent Compliance Function and a Chief Compliance Officer (CCO) ii.       The CCO has to meet fit and proper criteria based on the requirements defined by RBI. iii.     The CCO shall be appointed for a minimum fixed tenure of not less than 2 years. Which of the above statements are true?Solution
Ref: RBI/2022-23/24 Ref.No.DoS.CO.PPG./SEC.01/11.01.005/2022-23, April 11, 2022.
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