Is prior written approval required in cases of merger of an NBFC ‘A’, with another NBFC/ entity ‘B’?
In this situation, ‘A' must obtain the Reserve Bank's prior written approval. If the shareholding pattern of ‘B's paid up equity capital changes by 26 percent or more as a result of the merger, prior written approval of the Reserve Bank is required. If ‘B' is not an NBFC but is likely to come into contact with PBC after the merger, It will also need to apply to the Reserve Bank for prior written approval and registration as a non-bank financial institution. Visit: https://enterslice.com/nbfc-registration
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