Non Banking Finance Companies (Establishment and Regulation) Rules, 2003
The Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 were promulgated by the Federal Government in exercise of the powers conferred by section 282 B of the Companies Ordinance, 1984 (XLVII of 1984).
A Non-Banking Finance Company (NBFC) may be established, if each of its promoters, proposed directors, chief executive and chairman of the board of directors fulfills the terms and conditions specified by the commission by notification in the official Gazette and complies with the requirements mentioned in the rules and regulations of the Companies Ordinance 1984. The permission shall be given by the commission to form such NBFC. An NBFC or any other company, subject to eligibility in terms of schedule I, shall make separate applications to the commission (subject to conditions by the commission) for grant of license for carrying out each form of business. An NBFC shall maintain such books of accounts and other records, as prescribed under the ordinance, to provide a true and fair view of its state of affairs.
