Dear Members, Kindly clarify the following: Whether registration is required under shops and establishment act for an NBFC company?
From India, Chennai
From India, Chennai
Dear Lakshmieunice,
Answer to your question is - NO (presuming your are from TN).
But S&E Act is applicable to NCFC.
S& E Act is applicable to shops, commercial establishments, restaurants, theatres and other establishments. Non Banking Financial Company is a commercial establishment.
It seems you are from TN and the definition of commercial establishment under the TN S&E Act covers establishment which carries on the business of advertising, commission, forwarding or commercial agency, or which is a clerical department of a factory or industrial undertaking or which is an insurance company, joint stock company, bank, broker’s office or exchange and includes such other establishments as the state government by notification may by notification declare to be a commercial establishment for the purposes of this Act.
NBFC is engaged in business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business etc.
In my view, you are fitting into the definition of commercial establishment.
Further, to my knowledge there is no provision of registration of establishment in TN, but you need to follow the provisions of TN S&E Act.
From India, Mumbai
2556Answer to your question is - NO (presuming your are from TN).
But S&E Act is applicable to NCFC.
S& E Act is applicable to shops, commercial establishments, restaurants, theatres and other establishments. Non Banking Financial Company is a commercial establishment.
It seems you are from TN and the definition of commercial establishment under the TN S&E Act covers establishment which carries on the business of advertising, commission, forwarding or commercial agency, or which is a clerical department of a factory or industrial undertaking or which is an insurance company, joint stock company, bank, broker’s office or exchange and includes such other establishments as the state government by notification may by notification declare to be a commercial establishment for the purposes of this Act.
NBFC is engaged in business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business etc.
In my view, you are fitting into the definition of commercial establishment.
Further, to my knowledge there is no provision of registration of establishment in TN, but you need to follow the provisions of TN S&E Act.
From India, Mumbai
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