Return of Data with CIC and other entity
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NBFC Compliance Filings: Key Regulatory Reporting Requirements
Compliance filings are a critical aspect of regulatory adherence for Non-Banking Financial Companies (NBFCs) in India. Below is a comprehensive guide to the different types of NBFC return data filings with various regulatory entities.
1. Credit Information Companies (CICs) Reporting
Entities Involved:
- TransUnion CIBIL
- Equifax
- Experian
- CRIF High Mark
Purpose:
- Provide credit information to lenders for assessing borrower creditworthiness.
Reporting Requirement:
- Must be reported by the 10th day of the subsequent month.
2. National E-Governance Services Limited (NeSL) Reporting
Purpose:
- Maintain transparency in the financial debt of NBFCs.
- Monitor credit exposure and risks in the financial system.
Reporting Requirement:
- NBFCs must submit financial debt reports to NeSL within one week after the start of the next month.
3. Financial Intelligence Unit – India (FIU-IND) Reporting
Regulatory Framework:
- Prevention of Money Laundering Act (PMLA), 2005 (Rule 3).
Purpose:
- Monitor transactions for money laundering risks.
- Report suspicious transactions to regulatory authorities.
Reporting Requirement:
- General Transaction Reporting Within 15 days of the subsequent month.
- Suspicious Transaction Reporting (STR) Within 7 working days once suspicion is confirmed.
4. Central Registry of Securitisation and Asset Reconstruction (CERSAI) Filings
Purpose:
- Register the security interest on secured loans.
- Protect lenders' rights over collateral.
Reporting Requirement:
- Filing should be initiated immediately after loan disbursement.
- Timely registration ensures lender security and compliance.
5. Central KYC Registry (CKYCR) Filings
Purpose:
- Maintain a centralized KYC repository for customers.
- Reduce document submission burden for financial institutions.
Reporting Requirement:
- Filing must be completed within 10 days of starting an account relationship or loan disbursal.
- NBFCs must collect, verify, and register KYC details promptly.
Why Choose Panchal S K and Associates?
- Seamless Compliance Management - Timely filing of regulatory reports.
- Automated Reporting Solutions - Minimize manual errors and ensure accuracy.
- Regulatory Advisory & Risk Mitigation - Stay ahead of compliance risks.