Reserve Bank supervisory powers expanded to remove directors and supersede boards of non banking financial companies, and increase penalties and governance controls. The Bill strengthens RBI regulatory powers over NBFCs by raising net owned fund requirements and penalties, authorising the RBI to remove directors and supersede boards of NBFCs (excluding Government Companies), extending RBI authority over group companies, enabling action against auditors for non compliance with RBI directions, and providing a statutory resolution mechanism; commencement to be notified by the Central Government.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reserve Bank supervisory powers expanded to remove directors and supersede boards of non banking financial companies, and increase penalties and governance controls.
The Bill strengthens RBI regulatory powers over NBFCs by raising net owned fund requirements and penalties, authorising the RBI to remove directors and supersede boards of NBFCs (excluding Government Companies), extending RBI authority over group companies, enabling action against auditors for non compliance with RBI directions, and providing a statutory resolution mechanism; commencement to be notified by the Central Government.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
