The Reserve Bank of India (RBI) has issued a press release on the application process for registration of Core Investment Companies. This press release was issued on 10th April, 2023.
It may be recalled that the RBI had undertaken a comprehensive review of the system of processing of applications for registration as Core Investment Companies (CICs). In doing so, it sough to make the registration process smoother and hassle free.
Therefore, the RBI has revamped the application form to make it structured and aligned with the extant CIC regulations. Additionally, the number of documents to be furnished along with the application form has been reduced from existing set of 52 documents to 18. This is intended to make the registration process user friendly.
The RBI has provided the revised application form together with an indicative list of documents/information to be furnished along with the application.
The Reserve Bank, may, if necessary, call for further document/s to satisfy itself on the eligibility of the company seeking registration as a CIC. In the event of the Reserve Bank calling for further documents in addition to those mentioned in the list, the applicant company must respond within a stipulated time of one month.