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A core investment company can be defined as a type of Non-Banking Financial Company (NBFC) which holds bonds, debentures, and shares and it cannot practice the trading of these instruments. A CIC is primarily associated with the acquisition of securities and shares and also includes two other distinct traits. It holds a minimum of 90 percent of its net assets in the form of Debentures, Debt, Shares, and loans in group companies or bonds. The investments of the CIC in equity shares of group companies should be at least 60 percent of the net assets of the company. The recent improvements by the RBI have indicated the need for treating CICs differently than other NBFCs in terms of regulatory actions. RBI has also decided to classify CICs with assets of Rs. 100 crores or more than that as systemically important core investment companies.
Previously, core investment companies (CICs) did not have to obtain a Certificate of Registration (COR) from the Reserve Bank of India (RBI). However, the revision of regulatory frameworks by RBI in 2010 has introduced specific concerns that shall be emphasized by CICs. CICs which have assets valuation less than 100 crores INR are not subject to the scope of registration by RBI. All the CICs in a particular group will be taken into account for justifying the exemption of a CIC from RBI’s registration imperatives. The CICs which have assets measuring over 100 crores INR and do not access public funds are also exempted from the registration imperatives outlined by RBI.
CICs which have assets valued more than 100 crores INR and accessing public funds through debentures, borrowing from banks or financial institutes, inter-corporate deposits or commercial paper are known as Systemically Important Core Investment Companies (CICs-ND-SI). These CICs are mandatorily obliged to get a Certificate of Registration from the RBI. The CICs which have assets evaluated at more than 100 crores INR and are accessing public funds without registration can be subjected to a penalty for violation of the Core Investment Companies (Reserve Bank) Directions of 2016.
COMPLYKART is the leading name in CIC related services in India, our well-experienced professionals have been supporting comprehensively entrepreneurs in acquiring hassle free CIC Registration. Our services include expert advisory over CIC registration, filing Application, preparing necessary documents, getting requisite approvals from the Authorities, on behalf of people and entities located in all parts of India and abroad.
CICs which are registered and have total asset evaluation measuring less than 100 crores INR is the first type of CICs. These types of CICs are known for complying with the regulations outlined in Non-Systemically Important NBFC Prudential Norms of 2015.
The CICs which are registered and have total asset valuation more than 100 crores INR are the second type of CICs. These types of CICs follow the regulations illustrated in the Systemically Important NBFC Prudential Norms Directions of 2015.
The primary advantage obtained from a core investment company could be observed in the provision of financial security for different companies in a group.
The CIC model entails flexibility in terms of registration as compared to other NBFCs especially in terms of minimum net owned fund requirements.
A CIC does not need to have a minimum net owned fund if it is capable of fulfilling the requirements of capital as well as the leverage ratio.
The CIC model also implies that the leverage ratio should not exceed 2.5 times the value of adjusted net worth.
Submit the documents with our experts and our expert advisors shall be in touch with you on the eligibility criteria and registration process of CIC.
Each CIC is required to obtain a Certificate of Incorporation, and this has to be provided by the Registrar of Companies and the CIC-ND-SI should apply to the RBI within three months from the date of its incorporation.
The application form could be downloaded from the official website of RBI that would also include guidance for filling up the form & documents required.
The application form should be submitted at the Regional Office of Department of Non-Banking Supervision with the required documents that would be outlined in the later part of this discussion.
A contemporary approach to financial advisory services has been the foundation of our services for clients. This is specifically intended to facilitate new opportunities for clients to utilize their resources effectively with appropriate guidance for legal implications for starting a core investment company.
We believe in the power of support for succeeding in the financial services industry. Our clients can be assured of round the clock support from our managers and support staff to clear obstacles in the registration process.
Standard services for registration of a core investment company are built according to the preferences of clients. Our experts are always committed to communicating necessary details about the basic conditions required for core investment company registration.
Finally, we make sure to stay updated with the new norms and regulations introduced by RBI. The diverse expertise of our staff and knowledge of RBI guidelines makes it easier for us to serve our clients.
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