Answer-<p>As per the recent guidelines, NBFCs in the Middle Layer (ML) and Upper Layer (UL) are requi...

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Answer-&lt;p&gt;As per the recent guidelines, NBFCs in the Middle Layer (ML) and Upper Layer (UL) are requi...

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The CCO shall be appointed for a minimum fixed tenure of not less than 3 years. However, in exceptional cases, the Board  Board Committee may relax the minimum tenure by one year, provided appropriate succession planning is put in place. The CCO shall have direct reporting lines to the MD amp CEO andor Board  Board Committee. In case the CCO reports to the MD amp CEO, the Board  Board Committee shall meet the CCO at quarterly intervals on a one-to-one basis, without the presence of the senior management, including MD amp CEO. The CCO shall not have any reporting relationship with the business verticals. Further, the performance appraisal of the CCO shall be reviewed by the Board  Board Committee. NBFC-UL and NBFC-ML shall put in place a Board approved policy and a Compliance Function, including the appointment of a Chief Compliance Officer CCO, latest by April 1, 2023 and October 1, 2023, respectively.

As per the recent guidelines, NBFCs in the Middle Layer (M

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