Shweta Gupta

Market Regulator RBI has issued various Show Cause Notices to Non-Banking Finance Companies who have failed to communicate the name, designation and address of the principal officer to Financial Intelligence Unit- India (FIU-IND) as directed in respect of Cancellation of Certificate of Registration for violations and non-compliances to carry on the business of non-banking financial institution and mandating them to comply.

NBFC

To ensure the Compliance of the above, NBFCs are required to complete the registration under the given process:

1) Registration of Reporting Entity

STEPS PARTICULARS
1 Go to https://finnet.gov.in/
2 Click Register New User on login page to go to Search Reporting Entity page.
3 Click on Register new Reporting Entity, ‘Click Here’
4 Enter basic details of the reporting entity such as reporting entity name, reporting entity category and details of the user. Click Submit
5 It displays the following message: “The following registration details of the reporting entity have been submitted to FIU-IND. Your Reporting

Entity registration request number is: ________.

6 Click on the registration request number to take the printout and send a scan copy or a hard copy to FIU. Scan copy should be emailed to ctrcell@fiuindia.gov.in. Paper/ hard copy may be posted to Director, Financial Intelligence Unit-India, 6th Floor, Hotel Samrat, New Delhi 110021. Envelope containing the Registration request should be superscribed as “New Registration Request”
7 On approval, the FIUREID (the unique identity number of your organization registered with FIU-IND) will be communicated at the email ID provided.

2) Principal Officer Registration Process

STEPS PARTICULARS
1 Go to https://finnet.gov.in
2 Click Register New User on login page to go to Search Reporting Entity page
3 Enter FIU Reporting Entity ID (FIUREID).
4 Click Search to display search results.
5 Click the FIUREID link to display Reporting Entity details.
6 Click on Select this reporting entity to move to next stage.
7 Submit the details for the registration of the principal officer. After registration, a FINnet registration request with “user registration request number” is generated.
8 The FINnet registration request form should be printed and signed by the principal officer and the supervisor to the principal officer along with the official stamp.
9 Send the signed and scanned copy of the request form to ctrcell@fiuindia.gov.in. Paper/ hard copy may be posted to Director, Financial Intelligence Unit-India, 6th Floor, Hotel Samrat, New Delhi 110021. Envelope containing the Registration request should be superscribed as “PO Registration Request”

THE PROVISIONS OF SECTION 45-IA(6) OF THE RBI ACT EMPOWER THE RBI TO CANCEL THE CoR ISSUED TO THE COMPANY ON ACCOUNT OF ANY OF THE REASONS REFERRED TO IN CLAUSES (i) TO (v) OF THAT SUB-SECTION.

ADHERE THE COMPLIANCE AS PER THE RBI DIRECTIONS AS SOON AS POSSIBLE TO AVOID RBI ADVERSE ACTION IN REGARDS TO THE CANCELLATION OF CERTIFICATE OF REGISTRATION.

(Author- Shweta Gupta, Founder and CEO, MUDS can be reached at shweta@muds.co.in)

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