The National Housing Bank on 31st December 2021 issued a circular for the returns to be submitted by Housing Finance Companies (HFC) and all the HFCs shall put in place a reporting system for filing various returns within the prescribed timeframe.
The compilation of the Return should be on the basis of the figures available in the books of account of the company. HFCs which are covered under Rule 4 of the Companies (Indian Accounting Standards) Rules, 2015 and are required to prepare its Financial Statement by complying with Indian Accounting Standards (Ind-AS), shall submit all returns based on Ind-AS Financials.
The returns shall be filed on-line through ORMIS portal only, by an Authorised Official of the HFC, who will be specifically authorised in this regard by the Board of Directors.
It has to be ensured that the information, on common financial parameters, if any, submitted under various returns viz., monthly, quarterly, half-yearly etc., with reference to the position viz., June 30th /September 30th /December 31st /March 31st , remains consistent and the information submitted in the provisional return should not deviate significantly as compared to the information furnished in the final return. If there is a substantial change in any value in the final return vis-à-vis the provisional return, the Bank may seek explanation for the same.
The HFCs having Foreign Direct Investment are required to submit a Certificate from their Statutory Auditor on a half-yearly basis certifying compliance with the existing terms and conditions of FDI. The HFCs (both deposit taking and non-deposit taking) having overseas investment are required to submit the Overseas Investment Report on a quarterly basis.
Further, New HFCs can submit the request for their registration in ORMIS by filing the registration form at the URL: https://ormis.nhbonline.org.in/hfc/registrationhfcform.aspx. New HFCs are advised to take all such steps which may be necessary to ensure that they get themself registered on the ORMIS portal, complete the HFC master sheet etc., as early as possible. In case of any difficulties being faced relating to ORMIS, the dedicated support to the ORMIS portal is available on the E-mail ID: ormis.support@nhb.org.in & Phone number: 011-3918-7590.
