..............The irony is that Thorat feels the RBI has diluted her committee’s views in its draft! BW learned from sources that Thorat wrote to RBI Governor Duvvuri Subbarao last month that the idea behind exemption from a certificate of registration (CoR) was to ensure these NBFCs were not robbed of their legitimacy, but would not have a CoR to misuse. If you are on RBI’s radar, play off the reputation it confers you. The RBI’s draft says NBFCs will have the option to surrender the CoR on a voluntary basis and also be out of its regulatory radar (RBI Act 1934, except Section 45N). She raised the existential with Subbarao: “Is it legally possible to say that the law dealing with NBFCs is not applicable to such companies? Maybe this needs to be clarified.” ................
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