Registration requirement for housing finance companies now governed by Reserve Bank, with certification, capital and transitional application rules. The amendment transfers primary registration and supervisory authority for housing finance institutions that are companies to the Reserve Bank, requiring a certificate of registration and specified net owned funds before carrying on housing finance as principal business. Applications pending with the National Housing Bank are transferred to and deemed made to the Reserve Bank, and existing valid registrations are deemed continued. The Reserve Bank may require the National Housing Bank to inspect books and report; definitions of subsidiaries and companies in the same group are aligned with the Companies Act.
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Provisions expressly mentioned in the judgment/order text.
Registration requirement for housing finance companies now governed by Reserve Bank, with certification, capital and transitional application rules.
The amendment transfers primary registration and supervisory authority for housing finance institutions that are companies to the Reserve Bank, requiring a certificate of registration and specified net owned funds before carrying on housing finance as principal business. Applications pending with the National Housing Bank are transferred to and deemed made to the Reserve Bank, and existing valid registrations are deemed continued. The Reserve Bank may require the National Housing Bank to inspect books and report; definitions of subsidiaries and companies in the same group are aligned with the Companies Act.
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