Regulatory warning: NBFC business cannot start without a Certificate of Registration from the Reserve Bank of India (minimum net owned fund ₹10 crore). MCA rejects NBFC objects that are vaguely worded or mention deposits without the deposit-taking framework. Get the MOA vetted by a professional before filing — a rejection here costs weeks.

Main Object Clauses

  1. To carry on the business of a non-banking financial company, including providing secured and unsecured loans, microloans, business loans, personal loans, vehicle finance, consumer durable finance and loans against securities, subject to registration with and approval of the Reserve Bank of India.
  2. To invest in, acquire, hold, sell and deal in shares, debentures, bonds, mutual fund units, government securities and other financial instruments, and to carry on the business of investment holding, subject to applicable law.
  3. To provide financial advisory, loan syndication, credit appraisal and portfolio management support services incidental to the lending business.
  4. To borrow, raise and accept funds through debentures, commercial paper, term loans and other instruments permitted for non-banking financial companies under RBI directions.

NIC Code: 64 — Financial service activities, except insurance and pension funding

Related Licences & Registrations

  • RBI Certificate of Registration (CoR): mandatory before commencing any NBFC business — minimum net owned fund of ₹10 crore (higher for certain categories). No CoR, no lending.
  • FDI compliance: foreign investment in NBFCs must meet minimum capitalisation norms under FEMA.
  • Credit bureau membership (CIC): needed for credit reporting once lending begins — CIBIL, Experian, Equifax, CRIF.
  • GST registration: financial services have specific GST treatment; fee-based and advisory income is taxable.

ROC Filing Notes

  • This is the single most rejected MOA category at MCA. The objects must mirror RBI’s permitted NBFC activities precisely — generic ‘finance business’ wording gets rejected.
  • Do NOT include ‘accepting deposits’ unless applying as a deposit-taking NBFC. The standard route is non-deposit taking, and deposit language triggers automatic rejection.
  • File the MOA, obtain the RBI CoR, then commence business. Starting lending before the CoR is an offence, and ROC filings will ask for the CoR number.
  • Keep investment and lending as separate numbered clauses. RBI reads the MOA clause-by-clause during CoR scrutiny, and merged clauses slow approval.