Any Advocate defined under the Advocates Act 1961 is entitled to practice law as per the Bar Council of India.

This article focuses on providing the variance between NBFC and Fintech companies.

Companies exempted from obtaining Certificate of Registration (CoR) from RBI: There are certain entities, though being involved in financial activities does not require CoR from RBI as such entities are governed by other Acts.

The computation of the "Net Owned Fund" can be done as:  (a) Aggregate the paid-up equity capital and free reserves as per the latest balance sheet of the company after deducting therefrom the accumulated balance of loss; deferred revenue expenditure; and other intangible assets; and (b) Deduct the following – Investments of such companies in shares of its subsidiaries; companies in the same group; all other non-banking financial companies; and Book value of debentures, bonds, outstanding loans and advances (including hire-purchase and lease finance) made to, and deposits with, subsidiaries of such company; and companies in the same group,to the extent, such amount is more than 10% of (a) above.

The broad categorization of NBFCs are: Asset Finance Company (AFC)  Investment Company (IC) Loan Company (LC) Infrastructure Finance Company (IFC) Systemically Important Core Investment Company (CIC-ND-SI) Infrastructure Debt Fund (IDF-NBFC) Micro Finance Institution (NBFC-MFI) Non-Banking Financial Company – Factors (NBFC-Factors) Mortgage Guarantee Companies (MGC) Non-Operative Financial Holding Company (NOFHC) Various Returns and Intimations to be filed by NBFCs: NBS-1 Return: To be submitted by deposit-taking NBFCs on a quarterly basis to report financial details.

NBFC is incorporated under the Companies Act and its activities are governed by RBI.

Section 10 of the Patents Act, 1970, provides the details to be mentioned in the application for patent.

As per the Patent Act, 1970, the provisional patent application shall include the description of the invention, drawings if directed by the Controller.

Section 10 of the Patents Act, 1970 provides that the complete specification must end with a claim/(s) stating the scope of the invention for which application is filed by the applicant.

An inventor who has filed an application in India and wants to get the patent in other countries as well can file a corresponding application for the same invention in conventional countries or under PCT.