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This is an archive article published on March 22, 1998

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NBFC norms review likelyMUMBAI: The Reserve Bank of India RBI is under pressure to dilute its hardline stance on non-banking finance compa...

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NBFC norms review likely

MUMBAI: The Reserve Bank of India RBI is under pressure to dilute its hardline stance on non-banking finance companies NBFCs. If industry sources are to be believed, the right wing BJP-led government at the centre has pressed for a review of the Reserve Bank of India8217;s guidelines on the sector. quot;Finance minister Yashwant Sinha indicated this to the Reserve Bank governor Bimal Jalan on Friday,quot; a source said. The Centre8217;s stand on the NBFC sector is in line with the BJP manifesto.

Plantation firms

MUMBAI: The SEBI panel on collective investment schemes is considering a net worth requirement of 10 per cent of the amount collected by the company or Rs 10 crore, whichever is higher, to be brought in by the promoter of such a scheme. It has also suggested that only limited companies be allowed to float such schemes. The committee has finalised the definition of collective schemes and circulated it among the panel members for suggestions. The definitionwill have some exemptions to exclude schemes like a mutual fund, a provident fund scheme and an insurance scheme. The panel is also considering a minimum capital requirement for firms coming out with collective investment schemes.

 

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