RBI: Master Direction- Exemptions from provisions of RBI Act, 1934:
25 August 2016

The Reserve Bank of India, being satisfied that, in public interest, and to enable the Bank to regulate the financial system of the country to its advantage, in exercise of powers conferred by section 45NC of the RBI Act, 1934 and of all the powers enabling it in this behalf exempts the categories of Non-Banking financial companies from certain provisions of the RBI Act, 1934 as under: (i) Exemption from provisions of Chapter IIIB to Housing Finance Institutions and a Non-Banking Institution authorized to operate a payment system, (ii) Exemption from sections 45-IA, 45-IB and 45-IC to Micro Finance Companies, Securitisation and Reconstruction Companies, Nidhi Companies, Mutual Benefit Companies, Chit Companies, Mortgage Guarantee Companies, Merchant Banking companies (iii) Exemption from Section 45-IB & 45-IC to Government companies (iv) Exemption from section 45-IA, 45-IB, 45-IC, 45-MB and 45-MC to Insurance companies, Stock Exchanges, Stock Brokers or Sub Brokers (v) Exemption from section 45-IA and 45-IC to Venture Capital Fund Companies (vi) Exemption from Section 45-IA & 45-IA(1)(b) to Core Investment Companies. Circular No.-RBI/DNBR/2016-2017/40

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