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.

Further, when the provisional registration is done, the applicant must within a period of twelve months from the date of filing the application file the complete application.

The applicant can provide more than one independent claim in his application.

The drawing shall be presented in a neat and clear manner on a durable paper sheet.

The following points would elaborate on the role and responsibilities of an internal auditor: Evaluation of risk management An internal auditor assesses and informs risk management activities within the company.

Introduction Section 204(1) of the Companies Act of 2013 mandates secretarial audits of all listed entities and companies in other defined classes.

  As per Section 204 (1) of the Companies Act, 2013 read with rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Secretarial Audit is applicable to every company that is: • A listed company  • A public company having paid-up share capital of Rs. 50 crore or more. • A public company having a turnover of Rs. 250 crore or more.

The guidelines for obtaining CoR include, the applicant company must be registered under the Companies Act, 2013, the company shall maintain minimum NoF amount as specified by the bank for different categories of NBFC, and fulfill the 50-50 criteria of assets and income.