A non-banking financing Company (NBFC) shall not be incorporated without prior approval of the Commission.
A NBFC may be established, if each of its promoters, proposed directors, chief executive and
Chairman of the Board of Directors fulfills the terms and a condition mentioned in the fit and proper criteria as may be specified by the Commission by notification in the official Gazette and complies with the requirements of the Ordinance, these rules and the regulations made under the Ordinance..
A non-banking finance companies (NBFCs) which include companies licensed by the Commission to carry out any one or more of the following forms of business, namely:-
(i) Investment Finance Services;
(iii) Housing Finance Services;
(iv) Venture Capital Investment;
(v) Discounting Services;
(vi) Investment Advisory Services;
(vii) Asset Management Services; and
(viii) any other form of business which the Federal Government may, by notification in the official Gazette specify from time to time.
Non-Banking Finance Companies (NBFC) shall not commence or carry on business unless it has such minimum equity as may be prescribed by the Commission from time to time in respect of each form of business as specified in Ordinance.
During the validity of this permission, the promoters of the NBFC shall get the NBFC incorporated as a public limited company or any other form of company as may be specified by the Commission by notification in the official Gazette.