Question
Which of the following company is not a Non-Banking
Financial Company (NBFC)?Solution
- NBFC Religare Enterprises Ltd (REL) has paid Rs 5.41 crore to SEBI to settle its past cases.
- In order to settle another legacy issue REL had submitted an application for settlement under the SEBI (Settlement Proceedings) Regulations, 2018.
- The application along with the settlement terms proposed by the company were examined by SEBI which having considered the facts and circumstances of the case.
- The certain compliance requirements were overlooked/not complied with during the period between April 1, 2011 to March 31, 2018.
- During the aforesaid period, the control and management of the company rested with erstwhile promoters Malvinder Mohan Singh and Shivinder Mohan Singh and certain individuals who were accustomed to act on their instructions.
- Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 and engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business.
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