Our client is a systematically important (having asset size more than INR 1,000 Crores and growing fast), non-deposit taking NBFC. It is part of a global financial services player in the Agricultural, Construction Equipment and Commercial Vehicles finance businesses and supports its main brand customers and dealers with tailored financial solutions by offering a full range of retail financing, leases, rental programs and insurance products.
Client has field based financial specialists whose key role is to interact with customers to understand their financing needs and offer tailored financial solutions to meet their requirements making use of a digital platform for a faster turnaround time, transparency and real-time tracking.
Our client operates in highly regulated and competitive business. While the entity was newly formed, but challenges are not of a typical startup as it was expected to gear up fast to support the national network of its parent entity with a thin, shared team, lower budgets and yet remain aligned with the global risk frameworks of its NYSE listed group.
The client chose to implement GCMS solution offered by Lawrbit after evaluating alternatives available in market, despite having a Compliance Management Software from a Big 4 implemented at their parent entity.
During this phase, our team of legal experts engaged with the client’s functional users to understand business. Post detailed interactions, we understood all aspects of client’s business impacting laws:
Application configured basis information gathered:
Client now enjoys the benefits of our lifetime support,
|Companies Act, 2013||Goods and Service Tax Act|
|Income Tax Act||Arbitration and Conciliation Act|
|Debt Recovery Tribunal Act||The Prevention of Money Laundering Act|
|IBC (Information Utilities) Regulations||Shops and Establishments Act - Haryana|
|Indian Stamp Act||RBI (COVID-19 – Regulatory Package)|
|Negotiable Instrument Act||Employee Provident Fund Act|
|FEMA (Master Direction - External Commercial Borrowings, Trade Credits, and Structured Obligations)||RBI (Instruction - Filing of records of equitable mortgages with the Central Registry)|
|NBFC (Approval of Acquisition or Transfer of Control) Directions||RBI (LEI for for Participation in Non-derivative Markets)|
|RBI (Master Direction - Monitoring of Frauds in NBFCs)||RBI (Master Circular - Non-Banking Financial Companies - Corporate Governance)|
|RBI (Master Direction - Information Technology Framework for the NBFC Sector)||RBI (Circular- Reporting to Central Repository of Information on Large Credits)|
|RBI (Master Circulars- Miscellaneous Instructions to NBFC- ND-SI)||RBI (Master Direction - Non-Banking Financial Companies Auditor’s Report)|
|RBI (Master Direction- Non-Banking Financial Company Returns) 2016||RBI (Commercial Paper Directions)|
|RBI (Master Circular - Systemically Important NBFC Non-Deposit Accepting or Holding Companies Prudential Norms)||RBI (Directions - Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs)|
|Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016.|