Question
Consider the following statements regarding compliance function in NBFCs: i. Non-Banking Financial Companies in the Upper Layer (NBFC-U
- L and Middle Layer (NBFC-M
- L would be required, inter alia, to have an independent Compliance Function and a Chief Compliance Officer (CC
- O 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?
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