Non-Banking Financial Companies Certificate of Registration Cancellation

RBI sent Show Cause Notices to NBFCs for not providing the details of their Principal Officer to the Director of the Financial Intelligence Unit-India. These notices were sent for cancellation of the Registration Certificate due to non-compliance.
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Non-banking financial companies have received a number of Show Cause Notices from the Reserve Bank of India, the market regulator. The notices have been sent to companies that have not communicated the name, the address and the designation of the Principal Officer to the Director of the Financial Intelligence Unit – India as directed for cancelling the Certificate of Registration for non-compliances and violations to continue operating as non-banking financial companies.

In order to comply with the aforementioned norms, non-banking financial companies must register in the following manner.

  1. Visit https://finnet.gov.in.
  2. On the login page, select ‘Register New User’ and enter the ‘Search Reporting Entity’ page.
  3. Select ‘Register new Reporting Entity’.
  4. The basic information of the reporting entity must be entered here, like the name of the reporting entity, the category under which the reporting entity falls, and the details of the user after which you will have to click on ‘Submit’.
  5. The following message will be displayed: “The following registration details of the reporting entity have been submitted to FIU-IND. Your Reporting Entity Registration request number is ……
  6. The registration request number must be clicked on and a printout of the same must be taken and a hard copy or a scanned copy must be sent to the Financial Intelligence Unit – India. The hard copy can be sent by post to the Director, Financial Intelligence Unit – India, 6th Floor, Hotel Samrat, New Delhi – 110021. The scanned copy can be sent to ctrcell@fiuindia.gov.in via email.
  7. Once approval is complete, the distinctive ID number of your organisation registered with the Financial Intelligence Unit (FIUREID) shall be communicated with you through email.

Registration Process for the Principal Officer

The following is the process of registration for the Principal Officer:

  1. Visit https://finnet.gov.in.
  2. On the login page, select ‘Register New User’ to enter the ‘Search Reporting Entity’ page.
  3. Fill in your FIUREID.
  4. Hit ‘Search’ to see search results.
  5. Select the FIUREID link in order to see details regarding the Reporting Entity.
  6. Choose ‘Select this reporting entity’ and you will be directed to the next step.
  7. Furnish the information required for the registration of Principal Officer. Once registration is complete, a FINnet registration request will be generated along with ‘user registration request number’.
  8. You will have to print the FINnet registration request form and the Principal Officer must sign it along with his/her supervisor and the official stamp must be attested.
  9. The scanned copy must be sent to ctrcell@fiuindia.gov.in while the hard copy can be sent by post to the Director, Financial Intelligence Unit – India, 6th Floor, Hotel Samrat, New Delhi – 110021.

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