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Core Investment Company is a Non Banking financial company carrying business activities of acquisition of securities.
RBI enacted a revised regulatory framework regarding core investment companies.
Here are the following conditions which must be satisfied on the date of last audited balance sheet:
· It holds not less than 90% of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies;
· Its investment in the equity shares in group companies constitutes not less than 60% of its net assets. For this purpose Net Assets means Total Assets excluding cash & bank balances, money market instruments and money market mutual funds, advance payment of taxes and deferred tax payment.
It is not required to obtain Certificate of Registration from Reserve Bank of India by CICs.
Core Investment Company does not trade in its investments in shares, bonds, debentures, debt or loans in group companies except through block sale for the purpose of dilution or disinvestment.
CIC does not carry financial activity referred in Section 45 I (c) and 45 I (f) of the Reserve Bank of India Act, 1934 except:
· Investment in bank deposits, money market instruments, money market mutual funds, government securities, and bonds or debentures issued by group companies;
· granting of loans to group companies;
· Issue guarantees on behalf of group companies.
Following conditions must be satisfied:
· Having total assets of not less than Rs.100 crore, either individually or in aggregate along with other Core Investment Companies in the Group. Core Investment Companies with an asset size of less than Rs100 crore will be exempted from the requirements of registration with RBI.
· CICs with asset size above Rs. 100 crore but not accessing public funds are also exempted from the requirement of registration with RBI.
