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    Saturday, November 16, 2019

    What is NBFC – Registration, Documentation, Process & Cancellation

    November 16, 2019 10
    What is NBFC – Registration, Documentation, Process & Cancellation
    A Non-Banking Financial Company, NBFC Registration is a company registered under the Companies Act, 1956 involved in the business of loans and credits, obtaining of shares/stocks/bonds/debentures/securities issued by Government or local administration or other commercial agreements of a like variety, leasing, hire-purchase, guarantee business, chit and fund business but does not constitute any business whose primary business is that of cultivation activity, manufacturing activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of permanent capital. 
    A non-banking organisation which is a company and has the primary business of managing securities under any scheme or succession in one lump sum or parts by way of offerings or in any other practice is also a non-banking financial company (Residuary NBFC).

    How to Obtain an NBFC License

    There are specific requirements that the applicant organisation must fulfil to obtain the NBFC License. 
    An application is required before the reserve bank of India along with the requisite documents on the website of the RBI (COSMOS). RBI may issue a notice in case it has any query concerning the application of NBFC submitted, respond to the notice promptly to avoid the rejection of the application. Well, Let’s have a deep dig to get the pre-conditions required to be followed to obtain an NBFC RBI Registration.

    How to License is Issued by RBI for NBFC

    NBFC License is issued under the terms of Section 45-IA of the RBI Act, 1934, no Non-banking Financial company can begin or carry on business of a non-banking financial institution without Getting a registration from the Reserve bank of India and without having a Net Owned Funds of ₹ 25 lakhs (₹ Two crore since April 1999).

    Procedures for applying for NBFC Registration India

    The applicant must file an online form in RBI’s secured website through COSMOS for the login page.
    In the window, click on one excel sheet and download the application form.
    The applicant shall indicate the correct name of the Regional Office in the field “C-8” of the “Annex-I identification Particulars” in the Excel application form.
    After submission, the company will get a Company Application Reference Number for the Company registration application filed online.
    At last, the applicant must get the print out of the application and submit the application form indicating the Company Application Reference Number, along with the required documents, to the concerned regional office of the Reserve Bank of India.
    There are certain conditions that the applicant company must fulfil to get the NBFC Registration in India. An application is required to be made before RBI along with the requisite documents on the website of the RBI (COSMOS). RBI may issue a notice in case it has any query about the NBFC application submitted, respond to the notice promptly to avoid the rejection of the application. Let’s first understand the pre-conditions required to Register NBFC:

    How to Get NBFC License from RBI

    To get the NBFC registration with RBI, The applicant must file an online application in RBI’s secured website through COSMOS for the login page.
    In the window, click on one excel sheet and download the application form.
    The applicant shall indicate the correct name of the Regional Office in the field “C-8” of the “Annex-I identification Particulars” in the Excel application form.
    After submission, the company will get a Company Application Reference Number for the Company registration application filed online.
    At last, the applicant must get the print out of the application and submit the application form indicating the Company Application Reference Number, along with the required documents, to the concerned regional office of the Reserve Bank of India.

    RBI Cancelled the License of which NBFC

    Here find the list of cancelled NBFC (Non-Banking Finance Company) registrations by RBI Oct, 2019.
    1- Dhanvarsha Finance & Leasing Co. Ltd. 
    2 – DIAMONDHOME FINSERVE LIMITED (cancelled vide RD Orders LTD 10-09-2018)Gujarat
    3 – Dinesh  Capital  (P)  LtdGujarat
    4 – DISHA MICROFIN LIMITED (cancelled on conversion to SFB)Gujarat
    5 – Dynemic Holdings Pvt. Ltd. 
    6 – Elecon  Finlease  And  Industries  LtdGujarat
    7 – Eriez Finance And Investment Ltd.Gujarat
    8 – ESSENAR INVESTMENTS PVT. LTD. (cancelled vide RD Orders dtd 18-7-2018)Gujarat
    9 – Ficon Lease & Finance Ltd.Gujarat
    10 – For Testing – Dummy 
    11 – For Testing – Dummy 
    12 – Friends Mercantile Private LimitedGujarat
    13 – Galaxy  Consolidated  Finance  LtdGujarat
    14 – Gandhidham Fincap Ltd. (cancelled vide RD Orders dtd 18-7-2018)Gujarat
    15 – Gangadhar  Lease  Finance  Pvt,  LtdGujarat
    16 – Ganpat  Finvest  Services  Pvt.  Ltd (cancelled vide RD Orders dtd 18-7-2018)Gujarat
    17 – Garden Finance Ltd – Merged with Garden Silk Ltd.Gujarat
    18 – GAUTAM INFIN LIMITED (cancelled vide RD Orders dtd 18-7-2018)Gujarat
    19 – GEERA FINANCE LTD.Gujarat
    20 – Global  Securities  LtdGujarat
    21 – GOLDMINE SHARES & FINANCE PVT LTDGujarat
    22 – Gold Star  Lease  Financing  Ltd (cancelled vide RD Orders dtd 10-09-2018)Gujarat
    23 – Goodluck Finstock & Leasing Ltd.Gujarat
    24 – Goswamis Credits & Investment Private Limited (presently known as Goswamis Credits & Investment Limited) CoR cancelled vide Cancellation Order of ED dtd 4-4-2018Gujarat
    25 – G.S.F.C. Investment  &  Leasing Company  Ltd – AmalgamationGujarat
    26 – Gujarat  Arth  LtdGujarat
    27 – Gujarat  Credit  Corporation  LtdGUJARAT
    28 – Gujarat Financial  & Capital  Ltd (presently known as Gujarat Financial & Capital P Ltd) Cancelled vide CO Order dated March 16, 2018Gujarat
    29 – Gujarat Gas Financial Services LtdGujarat
    30 – GUJARAT LEASE FINANCING LTDGujarat
    31 – GUJARAT STATE INVESTMENTS LIMITEDGujarat
    32 – Gujarat Toll  Road   Investment  Co.  LtdGujarat
    33 – Gujarat Venture Finance Limited 
    34 – Gunjan Holdings Pvt.Ltd. (cancelled vide RD’s Order dtd 17-12-18 for not meeting minimum NOF as on 31-3-2017)Gujarat
    35 – HARDIK FINANCE LIMITEDGujarat
    36 – HARI-LEELA FISCAL PVT LTDGujarat
    37 – Hindustan Finsecurities LtdGujarat
    38 – Interface Financial  Services Ltd. 
    39 – Jaihind Leasing & Finance LtdGujarat
    40 – JALARAM FINVEST LTD.Gujarat
    41 – Jaslene Finance Ltd.Gujarat
    42 – Jayant  Security & Finance  LtdGujarat
    43 – Jay Investment  Pvt LtdGujarat
    44 – JHAVERI CREDIT & CAPITALS LIMITEDGujarat
    45 – Kailash    Ficom  LimitedGujarat
    46 – Kandla  Finance  LtdGujarat
    47 – Kanubhai  Finance  LtdGujarat
    48 – Kanvel  Finance  Pvt.  LtdGujarat
    49 – Kargil Holdings Pvt. Ltd.Gujarat
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    Wednesday, October 16, 2019

    Definition & Eligibility Criteria of Collective investment scheme

    October 16, 2019 0
    Definition & Eligibility Criteria of Collective investment scheme
    A Collective Investment Scheme is an investment scheme where various individuals come together and pool their money in order to invest their whole fund collection in a selective asset. The revenues and profits flowing from this venture would be shared as per the agreement finalized amongst the investors prior to the act. Collective Investment Schemes, on a global scale, have broader connotations which include mutual funds as well. However, the Schemes, as prescribed in Section 11AA of the SEBI Act of 1992, excludes mutual funds and other schemes in India. The Securities Exchange Board of India regulates them under the SEBI (Collective Investment Scheme) Regulations of 1999.


    A Collective investment scheme is any scheme or arrangement, which meets the conditions, introduced to in sub-section (2) of section 11AA of the SEBI Act. Any scheme or regularity made or offered by any company under which the grants, or payments made by the investors, are pooled and utilized to receive profits, income, produce or property, and is managed on behalf of the investors is a CIS. Investors do not have the day to day control over the management and operation of such a scheme or arrangements.

    Eligibility for Collective Investment Scheme Registration


    The following are the eligibility criteria to register for collective investment schemes.


    • The applicant should be set up and registered as a company under the Companies Act of 1956.
    • The applicant has defined the management of collective investment schemes as one of the main objects in its Memorandum of Association.
    • The applicant is fit and proper as an individual for the grant of such a certificate of registration.
    • The applicant has a net worth of INR 5 Crores or more. However, this is under the condition that, at the time of making the application, the applicant shall have a minimum net worth of INR 3 Crores which shall increase to INR 5 Crores within 3 years from the date of grant of registration.
    • The applicant has adequate infrastructure in order to enable it to operate collective investment schemes in accordance with the provision of the relevant regulations.
    • A minimum of 50% of the directors of such Collective Investment Management Companies shall consist of individuals who are independent and are not directly or indirectly associated with the individuals who have control over the concerned Collective Investment Management Company.
    • The directors/ key personnel of the applicant shall consist of individuals of honesty and integrity with adequate professional experience in the related field. They must not have been convicted for an offense involving moral turpitude, any economic offense or for the violation of any securities laws.
    • No individuals, directly or indirectly connected with the applicant, has been refused registration by the Board under the Act in the past.

    A registered Collective Investment Management Company is eligible to raise funds from the public for a particular Scheme and in turn, issues them what are called “units” (which are essentially shares of that Scheme given in proportion to the contribution made by the investor). These units, by law, have to be compulsorily listed on the stock exchange platform.

    Also, Read Redressal Mechanism and Penalty Provisions against Collective Investment Management Company (CIMC).
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    Thursday, July 25, 2019

    What is the best way to Sell your Product in China?

    July 25, 2019 0
    What is the best way to Sell your Product in China?

    China is willing to create new business relationships worldwide. They accept the best quality products served to them no matter where they are coming from. Selling your products in China can be a great opportunity for new business startups who want to increase their sales globally.

    How to sell Goods and Services in China?

    Here are the ways to sell your products in China to earn huge profits and mark territory for your products globally:


    Sell your Product in China - Enterslice

    Sell products according to their interests: It should be clear that the products you are selling should be interesting and useful for the people of China. To make it easier, we have enlisted the top products that have a huge demand in China:


     1.    Clothing and shoes:

    No one can say no to trendy clothes and shoes, the same as in the case of China. They are always looking ahead to remain in fashion and that is why they prefer wearing trendsetter clothes and shoes. Chinese consumers especially the young ones like to wear international style clothes that are comfortable and of good quality. Maternity clothing is always in demand due to growing families.
    That is why shoes are also a popular import product in the Chinese community. They are fond of sneakers that are not available in their Chinese shoe stores.

    2.    Makeup and accessories:
    No matter how many pieces of jeweler and makeup products you have, it is never enough for women. Chinese women are fond of traditional jewelry from various countries. While they also prefer good quality make up products especially the Ayurveda ones that can be useful for their skin and make them look beautiful and amazing. Along with that they also prefer buying a lot of makeup accessories like brush, blushers, pins, hair bands, etc.

    3.    Packaged healthy foods and baby foods:
    Life is quite busy in china and they are more dependent upon ready to cook food rather than cooking it all from raw materials. That is why they are always looking ahead to have some healthy packaged food items. If you can sell some, I must say buddy there is a great scope for your business in China.

    4.    Supplements and fresh health products:
    Chinese people are becoming more conscious about their health. You can sell them a good range of effective and healthy supplements like vitamins, minerals, protein shakes, etc. Moreover, because of their busy schedules, they are fonder of people who can deliver fresh fruits and vegetables and other groceries to their homes. If you can do something like that it can be a very successful business idea in China.


    Create an interesting and attractive Chinese website:

    It is the most important step to accomplish your e-commerce company in China. You have to create a website and keep in mind to create a Chinese website because most of the people in China don’t speak or understand too many other languages, so it is better to make a website that is comfortable and convenient for them and they don’t have to do a lot of effort to reach your products. Another main thing you need to fulfill is to host your Chinese Website to Hong Kong or Singapore for speed access. Make sure to have a 24/7 customer service for your Chinese consumers. 

    Use social platforms for marketing of your products:

    Most of the people are active on social platforms like Instagram, Snapchat, Wechat, Sina Weibo are intimately tied with various online shopping sites and can be a key pillar in your digital marketing strategy. You can use these platforms to market and advertise your products. Choose some highly followed Chinese models or stars to advertise them and let people know more about your products. It can be a very good way to grab the attention of a lot of people in very little time.

    Summary:
    Chinese have a huge market for international products. They love to explore the latest trends and traditional products. You need to serve the goods and services that are attractive and useful for them. Make sure to operate a well designed Chinese website and offer them payments modes like Alipay and cash on delivery to make it comfortable and convenient for them. To know more about it or to register your company in China.
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