Group company oversight: central bank may require NBFCs to furnish group information and inspect group entities. Section 45NAA empowers the Bank to require an NBFC to annex or furnish, within specified times and intervals, statements and information about any group ... Summary
Group company oversight: central bank may require NBFCs to furnish group information and inspect group entities.
Section 45NAA empowers the Bank to require an NBFC to annex or furnish, within specified times and intervals, statements and information about any group company as necessary for the Act, and authorises the Bank to cause inspection or audit of any group company and its books notwithstanding the Companies Act; it defines "group company" by reference to subsidiary-parent, joint venture, associate, promoter-promotee, related party, common brand use, and significant equity investment, and adopts notified Accounting Standards as the benchmark.
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