To obviate dual registration, certain category of NBFCs which are regulated by other regulators are exempted from the requirement for registration with RBI. Although, all the blow mentioned are NBFCs but thy have been exempted from the requirement of registration under section 45-IA of the RBI Act, 194 subjects to certain conditions:
Housing Finance Companies:
Housing Finance Companies are regulated by National Housing Bank (NHB0 and therefore must be registered with the NHB
Companies Regulated by SEBI:
Merchant Banking Companies, Stock Exchanges, Companies engaged in the business of stock-broking/sub-broking, Venture Capital Fund Companies, Merchant Banker/Venture Capital Fund Company/Stock-exchanges/Stockbrokers/sub-brokers are regulated by Securities and Exchange Board of India and must be registered with it.
Nidhi Companies
Nidhi Companies are regulated by Ministry of Corporate Affairs, Government of India for its operation matters a deployment of funds. It is regulated by RBI for its deposits taking activities.
Insurance Companies
Insurance Companies are regulated y Insurance Regulatory and Development Authority (IRDA) and must register with the IRDA.
Chit Fund Companies:
Chit Companies are regulated by the respective State Governments and must apply for registration to the Registrar of Chits in the respective State where they are located.
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