#insurance brokes India

[squareinsurancewale]

Top Health Insurance Brokers in India

Health insurance is very important because it helps pay for medical expenses when you get sick or injured. If you want to buy health insurance, you might need help from insurance brokers. These brokers are experts who help people understand and choose the best health insurance plans.

In this article, we will talk about some of the top health insurance brokers in India.

What is a Health Insurance Broker?

A health insurance broker is a professional who helps people find and buy health insurance. They know a lot about different insurance companies and their health insurance plans. Brokers listen to your needs and help you choose the best plan. They can also explain confusing terms and help you understand what you are buying.

Why Use a Health Insurance Broker?

Expert Advice: Brokers know a lot about health insurance plans. They can help you find the best plan for you and your family.

Save Time: Looking for insurance on your own can take a lot of time. Brokers do the work for you.

Compare Plans: Brokers can show you different plans from different companies. This helps you compare and choose the best one.

Help with Claims: If you need to use your insurance, brokers can help you with the paperwork and claims process.

Top Health Insurance Brokers in India

Here are some of the top health insurance brokers in India:

1. Square Insurance Brokers Pvt Ltd

Square Insurance Brokers Pvt Ltd is one of the top insurance brokers in India. Its founded in 2017, Square Insurance Brokers is a big name in the Indian insurance market. Known for its client-centric approach, Square Insurance Brokers offers a wide range of insurance products, including health, life, motor, non-motor, and commercial insurance. Our team of experts ensures that clients receive the best coverage at competitive rates.

The company’s strong presence across India and its commitment to customer satisfaction make us one of the best insurance brokers in India. There are plenty of reasons to choose Square Insurance as your insurance broker company.

3. Coverfox

Coverfox is a well-known insurance broker that helps people find and buy health insurance. They have a simple website where you can compare different health insurance plans. Coverfox offers plans from many top insurance companies and provides great customer service to help you with any questions or issues.

4. RenewBuy

RenewBuy is an online insurance broker that makes it easy to buy health insurance. They offer plans from various insurance companies and have a user-friendly website. RenewBuy also provides assistance with claims and renewals, making it easier for you to manage your health insurance.

5. Turtlemint

Turtlemint is a trusted name in the insurance industry. They offer a wide range of health insurance plans from different companies. Turtlemint's website is easy to use, and they provide personalized advice to help you choose the best plan. They also offer support with claims and renewals.

How to Choose the Right Health Insurance Plan

Choosing the right health insurance plan can be tricky. Here are some tips to help you:

Understand Your Needs: Think about what kind of coverage you need. Do you need coverage for just yourself, or do you need a family plan?

Compare Plans: Look at different plans and compare their features. Check the coverage, premium, and benefits.

Check the Network: Make sure the insurance plan has a good network of hospitals and doctors near you.

Read Reviews: Look for reviews of the insurance company and the plan. This can help you understand how good the plan is.

Ask for Help: If you are confused, ask a health insurance broker for help. They can give you expert advice and help you choose the best plan.

Conclusion

Health insurance is important to protect yourself and your family from high medical costs. Insurance brokers in India can help you find and buy health insurance plans that suit your needs. Square Insurance Brokers Pvt Ltd, PolicyBazaar, Coverfox, RenewBuy, and Turtlemint are some of the top health insurance brokers in India.

They can help you compare plans, understand your options, and choose the best health insurance plan. So, if you want to buy health insurance, consider reaching out to one of these brokers for expert help and advice.

[righthorizonsfinancials123]

Best Insurance Broking Advisory services in Bangalore | India

Looking for the best insurance advisory services in India? Look no further than our top-rated insurance broking company. Our team of experts provides comprehensive corporate general insurance and health insurance advisory services, as well as insurance investments advisory services to help you make the most of your insurance services. Contact us today to learn more.

[rswealth01]

 RS Wealth: India's Budding Stock Broker - Online Stock Broking Platform

Online Stock Broking and Trading Platform for Mutual Funds, Insurance, Financial Planning, Stock broking, LIVE BSE/NSE, Equity funds, Investment planning, and More

Contact us

Phone no.-  +91-11-40821500

Email - info@rswealth.in

Website: https://rswealth.in/

[hmatrading]

List of Best Trading Apps in India 2023

The world of trading has become more accessible than ever before, thanks to the rise of trading apps. With just a few clicks on your smartphone, you can now buy and sell shares in real-time from anywhere in India. But with so many options available, which trading app should you choose? In this article, we've compiled a list of the top 10 best trading apps in India for 2023. Whether you're a seasoned trader or just starting out, this comprehensive review will help you find the perfect app for your needs. So let's dive right into it!

List of the Top 10 Trading Apps in India

Zerodha:  With over 3 million users, Zerodha is one of the most popular trading apps in India. It offers a user-friendly interface and low brokerage fees, making it an excellent choice for both beginners and experienced traders.

Upstox: Another top-rated app is Upstox, which boasts a simple yet effective platform for buying and selling stocks. It has competitive pricing and advanced charting tools to help you make informed decisions.

Angel Broking: Known for its extensive research capabilities, Angel Broking provides valuable insights into market trends that can help investors maximize their profits. The app also features a range of financial products like mutual funds and insurance.

Groww: A relatively new player in the market, Groww has quickly gained popularity thanks to its zero-commission policy on stock trades and easy-to-use interface.

Kotak Securities: This app by Kotak Mahindra Bank offers seamless integration with your bank account, allowing you to transfer funds seamlessly between them while trading shares or investing in mutual funds.

Sharekhan: With more than 20 years of experience in the market, Sharekhan is known for its robust research reports that provide detailed analysis of stocks from various sectors.

Edelweiss: Offering customizable watchlists and charts along with real-time news updates, Edelweiss makes it easier for investors to stay up-to-date with current events affecting their investments.

HDFC Securities: This app by HDFC Bank provides access to global markets along with local ones at affordable prices while providing comprehensive research reports covering several industries

ICICI Direct: ICICI direct allows you not only trade through mobile but also via call-n-trade. Their simplified version makes it perfect even if you are a beginner

Axis Direct: Last but not least AxisDirect comes equipped with all essential features including personalized alerts, easy order placement and comprehensive market analysis tools.

Complete Review of All Best Trading Apps in India

When it comes to choosing the best trading app in India, there are plenty of options available. But which one is right for you? In this complete review of all the best trading apps in India, we will take a closer look at each one and help you make an informed decision.

First up is Angel Broking. With its user-friendly interface and advanced charting tools, Angel Broking makes it easy for beginners to get started with trading. It also offers low brokerage fees and instant fund transfer options.

Next on our list is Zerodha. Known for its no-brokerage policy, Zerodha has quickly become a popular choice among traders in India. The app offers various features such as market depth analysis, advance charts and technical indicators.

Groww is another great option for those looking for a seamless trading experience. Its simple design allows users to navigate through the app with ease while offering commission-free investments in mutual funds.

Kotak Securities’ mobile application provides real-time updates on the stock market along with research reports from their team of experts giving you valuable insights about specific companies' performances based on their financial history.

Edelweiss Trading App combines investment opportunities with insightful advice from analysts making sure that traders make informed decisions before investing money into stocks or mutual funds

These are just some of the top contenders when it comes to finding the best trading app in India - but ultimately, your choice will depend on what suits your needs as an investor or trader.

To sum up, in this article we have discussed the top 10 trading apps in India for the year 2023. We have reviewed each app based on its features, user interface and overall performance.

Whether you are a beginner or an experienced trader, these apps offer you a seamless experience with no brokerage charges and easy access to market data.

Angel Broking, Zerodha and Kotak Securities are some of the popular names that provide unique features to make your trading journey smooth. Edelweiss also offers reliable services with advanced charts and tools.

Groww is another great option for beginners as it has a simple user interface along with low brokerage fees. nifty bees share price can be easily tracked through Angel One while Old Mumbai Chart provides historical data essential for analysis.

Each app excels in different areas making them suitable for different types of traders. So choose the one that best fits your requirements and start trading today!

After analyzing and reviewing the top 10 trading apps in India, it is evident that each app has its unique features and benefits. Whether you are a beginner or an experienced trader, there is an app on this list that will suit your needs.

From Angel Broking's seamless user interface to Zerodha's low brokerage fees, each app offers something special. Other notable mentions include Kotak Securities' advanced charting tools, Edelweiss' research reports, and Groww's zero brokerage platform for mutual funds.

Choosing the best trading app in India can be challenging. However, by assessing your needs as a trader and comparing them with the offerings of these top 10 trading apps, you can find one that perfectly suits you. So go ahead and download your favorite trading app today

Related - https://hmatrading.in/best-trading-app-in-india/

Source - https://sites.google.com/view/list-of-best-trading-apps

[agiliuxcloudinsurance]

Agiliux Broking Solution - Transforming the Insurance Brokerage Industry

The Challenges of Modern Insurance Brokerage

The insurance brokerage industry is changing rapidly, and mid-size brokers are at the heart of this evolution. They often find themselves caught between the agility of small firms and the expansive resources of large corporations. Yet, they share common frustrations and desires when it comes to their daily operations.

One recurring pain point is operational inefficiency. Brokers frequently struggle with outdated processes that slow them down, such as manual data entry, fragmented systems, and cumbersome billing and accounting workflows. These inefficiencies are not just time-consuming—they also lead to costly errors and missed opportunities. The lack of streamlined systems creates an urgent need for solutions that optimise their operations while maintaining cost-efficiency.

Another challenge is generating accurate, timely reports. Preparing client-specific or portfolio-wide reports is often a headache, involving hours of manual effort. Additionally, there’s a growing demand for data-driven insights, but legacy systems often fail to deliver the real-time analytics brokers need to stay competitive. Agiliux Broking Solution steps in here, offering intuitive dashboards and automated reporting capabilities. By leveraging these tools, brokers can quickly access actionable insights, allowing them to focus more on building client relationships.

Enhancing Client Management and Compliance

Client management is another area where brokers desire improvement. Today’s customers expect seamless service and personalised experiences. However, many brokers lack the digital tools needed to deliver on these expectations, leading to dissatisfaction and churn. Agiliux empowers brokers to enhance their client interactions with features like automated communication, transparent policy tracking, and digital onboarding. These features not only improve customer satisfaction but also free up brokers to concentrate on complex, high-value tasks.

Regulatory compliance is a pressing concern for brokers, especially those operating in multiple jurisdictions. Agiliux addresses this by embedding compliance checks into its workflows, ensuring brokers meet local regulatory guidelines effortlessly. The platform supports operations in the Asia Pacific, Australia, the Middle East, India, the UK, and EU countries, adapting to the specific compliance requirements of each region.

The Power of a Unified Platform

Agiliux stands out by offering a single, comprehensive system for all types of brokerage operations, including direct insurance broking, reinsurance broking, and digital insurance. This unified approach eliminates the complexity of managing multiple platforms, enabling brokers to streamline their operations and reduce maintenance overheads. The solution is fully cloud-based, requiring zero effort on maintenance and ensuring anytime, anywhere availability. This makes it particularly effective for supporting remote work and work-from-home models.

The platform’s open architecture and REST-based APIs allow seamless integration with third-party systems or services, further enhancing operational efficiency. Whether integrating with policy management tools, CRM systems, or analytics platforms, Agiliux provides the flexibility brokers need to build a connected ecosystem.

Unlocking Scalability and Global Reach

Agiliux’s multi-lingual and multi-currency capabilities make it an ideal solution for regional brokers operating across borders. By using the same platform in multiple countries, brokers benefit from easier maintenance and consistent user experiences, simplifying training and adoption.

The scalability of Agiliux ensures that brokers can grow their businesses without being constrained by their technology. The platform’s modular design allows brokers to tailor solutions to their specific needs, whether they’re looking to expand into new markets, launch innovative products, or enhance existing services.

Comprehensive Support for Digital Transformation

Agiliux doesn’t just offer software—it partners with brokers to ensure successful digital transformation. Working with multiple consulting and system integration partners globally, Agiliux provides holistic support and advisory services. This collaborative approach maximises the return on investment, ensuring that brokers achieve their transformation goals efficiently and effectively.

A Future-Ready Solution

Ultimately, Agiliux Broking Solution isn’t just about solving problems—it’s about empowering brokers to achieve their full potential. By combining deep industry expertise with state-of-the-art technology, Agiliux provides the tools brokers need to navigate today’s challenges and build a brighter future. Whether you’re optimising client servicing, managing complex reinsurance placements, or scaling digital operations, Agiliux is your trusted partner in transformation.

Mid-sized brokers are the backbone of the insurance industry. With Agiliux, they can turn their challenges into opportunities and their frustrations into achievements, ensuring long-term success in an ever-evolving market.

Contact Agiliux now to learn more, or schedule a meeting with one of our experts. Discover how Agiliux can transform your business operations and help you stay ahead in the evolving insurance market.

[gauravverma5778]

Alok Agarwal Alankit Inspirational Journey of Success at Alankit

Alok Kumar Agarwal is the former chairman of Alankit Group. He has been recognized for his outstanding contributions with prestigious awards, including the Excellence in e-Governance & Humanitarian Work Award 2019 by the Government of UAE and The Economic Times Best Brand Award 2017 for being a symbol of excellence.

Born on January 10, 1958, in Bareilly, Alok Agarwal Alankit completed his education as a Chartered Accountant. With over 38 years of experience in finance, he has received several notable awards. In 2013, he was honored for generating the highest number of new Demat accounts and, in 2014, for managing the highest value of shares in Demat accounts. He was also recognized as the Star Performer 2015 for being the top performer in active accounts by NSDL.

Alok Kumar Agarwal is the founder of Alankit Group, which has grown under his leadership into one of India’s leading companies. Alankit is now widely known for its contributions across financial services, e-Governance, insurance broking, and healthcare.

As a Chartered Accountant, Alok Kumar Agarwal’s passion for numbers, business acumen, and strategic thinking helped him take calculated risks and understand the importance of marketing. He also recognized the value of building inventories to generate income. Using this knowledge, he established Alankit Group, which today offers a wide range of products and services catering to various industries.

Read More

[insurance-brokers-india]

How to Start an Insurance Broker Business, and What CRM Software is Flexible for It?

Starting an insurance broker business can be a rewarding venture if approached with the right tools and strategies. Here's a step-by-step guide:

Steps to Start an Insurance Broker Business

Obtain Necessary Licenses:

Register as an insurance broker with your country's regulatory authority, such as IRDAI in India.

Understand Your Market:

Research your target audience and the types of insurance products in demand, such as health, motor, or life insurance.

Build a Network of Insurers:

Establish partnerships with insurance providers to offer a range of products to your customers.

Set Up an Office or Go Digital:

Choose a physical or virtual office setup depending on your budget and business model.

Use Technology for Operations:

Invest in flexible CRM software like Mzapp Insurance Broking Software to streamline customer management, policy tracking, and renewals.

Why Choose Mzapp Insurance Broking Software?

Customizable Features:

Tailor the CRM to meet the unique needs of your business.

Integrated Policy Management:

Manage all policies, claims, and renewals on a single platform.

Client Engagement Tools:

Stay connected with clients via automated communication and reminders.

Scalable Solutions:

Grow your operations without worrying about outgrowing the software.

Real-Time Analytics:

Monitor sales performance and improve strategies with data-driven insights.

Starting an insurance broker business with the right CRM ensures operational efficiency, customer satisfaction, and business growth.

👉 Book a Demo Meeting For more details, visit: https://mindzen.com/

[ethikainsurancebroking]

#EthikaInsuranceBroking continues to lead the way in providing innovative insurance solutions tailored to modern needs. As highlighted in a recent article on The Week, the company focuses on delivering comprehensive risk management services for businesses and individuals alike. Ethika's client-centric approach and expertise ensure customized insurance plans that address diverse requirements, from corporate policies to personal coverage. By staying ahead in the evolving insurance landscape, Ethika Insurance Broking remains a trusted partner in safeguarding assets and enhancing financial security.

[investoptionwin]

10 Common Mistakes to Avoid When Buying Term Insurance

When purchasing a term insurance plan, it’s essential to ensure you’re making well-informed decisions. Term life insurance is a crucial financial tool that offers protection to your family in your absence, but several mistakes can hinder its benefits. As an insurance broking agency in India, we’ve seen how avoiding these common pitfalls can make a significant difference in securing the best term insurance plan. Let’s take a look at the top 10 mistakes to avoid when buying term insurance.

1. Underestimating Your Coverage Needs

One of the most common mistakes buyers make is purchasing a term insurance plan with insufficient coverage. It’s important to calculate the coverage based on your income, outstanding loans, and future financial needs of your family. Choosing a low sum assured may leave your family financially strained.

Tip: Opt for a term policy that covers 10–15 times your annual income.

2. Focusing Only on Premiums

It’s easy to be attracted to a term insurance plan with the lowest premiums, but this could be a mistake. While affordability is important, ensure that the plan offers comprehensive coverage and essential riders, even if the premiums are slightly higher.

Tip: Compare term life insurance quotes from multiple insurers, but also assess the features and benefits.

3. Not Considering Inflation

Another common mistake is failing to account for inflation while choosing your sum assured. The value of money decreases over time, and what may seem like sufficient coverage today might not be enough 20 years later.

Tip: Look for a term plan that offers an increasing sum assured to combat inflation.

4. Skipping Riders

Riders such as critical illness cover, accidental death benefits, and waiver of premium are often skipped by buyers to save on premiums. However, these riders provide essential additional coverage, and not opting for them may leave your family vulnerable in unforeseen circumstances.

Tip: Consider adding riders that are relevant to your lifestyle and financial goals.

5. Delaying the Purchase

Many individuals delay purchasing a term insurance plan, thinking they can buy it later. This is a costly mistake, as term insurance premiums increase with age and health conditions may worsen, which can lead to higher premiums or rejection of your application.

Tip: Buy a term insurance plan as early as possible to lock in lower premiums.

6. Relying Solely on Employer-Provided Insurance

Relying only on your employer-provided life insurance is another common mistake. While this coverage is often convenient, it may not be enough for long-term family protection and is subject to your employment status.

Tip: Have a separate personal term insurance policy for complete financial security.

7. Not Disclosing Medical History

Failing to disclose your full medical history or lifestyle habits such as smoking or drinking can lead to claim rejection. Insurers conduct thorough checks, and withholding information can be grounds for denying claims later.

Tip: Be transparent about your medical history while buying a term policy to ensure hassle-free claims.

8. Choosing the Shortest Policy Term

Many buyers opt for the shortest term to save on premiums. However, this can lead to financial insecurity when the policy expires while your family still needs coverage.

Tip: Choose a term that provides coverage until your financial dependents can sustain themselves.

9. Not Reviewing Your Policy Regularly

Your life insurance needs evolve over time. A common mistake is not reviewing your term insurance plan periodically. Whether you’ve had a child, taken a loan, or experienced a significant life event, your coverage needs might change.

Tip: Review your term life insurance every few years and make necessary adjustments.

10. Not Comparing Different Types of Life Insurance

Many buyers jump into purchasing a term plan without comparing it with other types of life insurance policies. Though term insurance is affordable and offers high coverage, certain individuals may benefit from whole life or endowment policies based on their goals.

Tip: Evaluate the pros and cons of different types of life insurance before making a decision.

Buying the best term insurance plan involves more than just finding the lowest premium. By avoiding these common mistakes, you can ensure that your term plan provides adequate coverage and long-term financial security for your loved ones. Take the time to research, compare term life insurance quotes, and select a plan that aligns with your needs.

At Ginteja, we help clients navigate the complex world of insurance, offering guidance on the best term life insurance, term policy options, and more. Start protecting your family’s future today!

[6nikhilum6]

Ambani’s Jio Financial Set to Enter Mutual Fund Market with BlackRock: What to Expect

Since being demerged from Reliance Industries in July 2023, Jio Financial Services has already ventured into various financial sectors, including lending, insurance broking, and digital payments. The mutual fund industry represents the latest opportunity for Ambani to capitalize on the growing financial awareness and investment appetite in India. A Potential Game-Changer? BlackRock’s return to…

[rahulvermma]

Hensex Securities is a dynamic financial services company offering stock broking, derivatives trading, and investment solutions. Founded in 2019, the firm provides cutting-edge platforms such as Hensex Aero and Hensex Wave, enabling efficient and fast trading for clients. With a focus on delivering personalized investment advice, Hensex also offers services in mutual funds, insurance, and portfolio management. The company is committed to transparency, competitive pricing, and helping clients achieve their financial goals across India's growing market. Stock Broking Firm Near Me

[nbfcregiindiabd]

How to set up your NBFC- Registration, Operational manual, Licensing, and more

NBFCs (non-banking financial companies), unlike other banking institutions they don't adhere to banking regulations but are regulated by Reserve Bank of India and are registered institutes under the companies act 1956 or Companies Act 2013.

In India, there are mainly two kinds of NBFC:

Depositing accepting NBFCs - regulated by RBI

Non-deposit accepting NBFCs - other financial sector regulators

Advantages of NBFC Registration in India

Provides loans and other credit options

NBFCs are more profitable than private and public sector banks because of less investment.

The registration process is simpler than other banks or lending institutions

Loan processing feature takes lesser time as compared to banks

NBFCs helps in managing portfolios of stock and shares

Helps to trade in money market instruments

CIBIL or credit score does not become hindrance in getting loan

Financial Companies NOT requiring NBFC License

Companies exempted from NBFC registration or don’t require an NBFC license as they regulate by other financial sector regulators - 

Housing Finance Companies – National Housing Bank,

Insurance Companies – Insurance Regulatory and Development Authority of India (IRDA),

Chit Fund Companies – respective State Governments,

Stock Broking – (SEBI) Securities and Exchange Board of India,

Companies that run Collective Investment Schemes – SEBI, 

Merchant Banking Companies – SEBI,

Mutual Funds – SEBI,

Venture Capital Companies – SEBI, 

Nidhi Companies – by Ministry of Corporate Affairs (MCA).

How to Register an NBFC?

Step 1: Register a company under the Companies Act 2013 or 1956.

Step 2: Business financial plan for at least 5 years

Step 3: Minimum Net Owned Funds (except for NBFC-MFIs, NBFC-Factors and CIC) should be Rs. 2 crores. Along with minimum assets should be worth Rs. 200 crores or above

Step 4: Must comply with the capital compliance and FEMA

Step 5: There should be atleast one director in the company from the same background, or one-third of directors should have financial experience

Step 6: A proof of good CIBIL score is requires to register as NBFC.

Step 7: Next, visit RBI’s official website and fill in the application form.

Step 8: Submit all the required documents along with the application form.

Step 9: Once you have submitted the application form, a CARN number will be generated.

Step 10: Send application copy to the regional branch of RBI, along with all attachments– Capital test, Profile of the promoters, High-level business plan, and Area of operation.

Documents for NBFC Registration

Certificate of Company Incorporation.

Information about management with a brochure of the company.

Company's PAN/Corporate Identity Number (CIN) hard copy.

Office location and address documents. 

Documents like Articles of Association (AoA) and Memorandum of Association (MoA).

Director’s duly signed each other’s profile.

CIBIL/credit reports of the Directors.

A copy of the board resolution that certifies the company will not carry out any activity until the registration is granted from RBI.

Resolution on the “Fair Practices Code” by the board.

Certificate by statutory auditor stating - the company will not hold public deposits or accept them.

Information regarding bank account, balances, loans, credits, etc.

Audited balance sheet and P&L statement along with the director's and auditors' report of three years, if applicable.

Copy of bank statements and Income Tax Returns.

Information detailing the company’s plan, generally for the next 3 years, along with the forecasted balance sheets, cash flow statements and income statements.

Calculating Net Owned Funds as per RBI Definition- a formula Operational manual Customer KYC Policy:  In order to maintain transparency and safeguard NBFC and banks from fraudulent customers- RBI directs financial institutions to follow KYC(know your customer) procedure - which helps to monitor malicious transactions like money laundry activities and further reports to applicable authorities. It includes- ID, face, biometric verification and document verification of utility bills as resistance proof. Its compliance responsibility rests with the banks not customer.  Anti-Money Transaction/ Laundering:  To make illegally obtained money legally accepted- anti-money laundering (AML) takes place under the observation of FATF (financial action task force) - operated by DBOD (Department of Banking Operations and Development) and RBI. All NBFC and regular banks need to comply with the benchmark set up by FATF as it’s crucial to keep the international financial relations. Customer Acceptance Policy:  It's a document which defines the basis of an NBFC to enter into a relationship with a customer. It includes:

Banks must avoid opening an account with false name or details.

Customer classification based on risks and other factors such as payment mode, location, business activity, annual turnover, etc.

Time-to-time documentation per the Reserve Bank of India guidelines and PML Act, 2002.

Needed checks before opening a new bank account.

If a customer acts on behalf of another person, it duly needs to spell out clearly. 

Bank cannot close or open the account in case of customer insubordination.

How we can help!

How we can help! We at  NBFC Advisory, with the end-to-end professional assistance in NBFC registration from application filling to registration certificate obtainment - handle everything for your NBFC to kick start!  With 15+ years of experience in advisory and counselling —our team of professionals is your one-stop solution for NBFC-related requirements and needs.  Book a call today!

 Source: https://nbfcadvisory.com/how-to-setup-your-nbfc-registration/

[forblogmostly]

Standard Capital Markets Limited Submits Revised Limited Review Report: A Step Toward Compliance and Transparency

On September 19, 2024, Standard Capital Markets Limited (SCML), a prominent financial entity listed on the Bombay Stock Exchange (BSE), made a significant disclosure to BSE’s Listing Operations. The communication focused on the submission of a revised Limited Review Report for the quarter ending June 30, 2024, reflecting the company's commitment to compliance with regulatory standards. The revised report was filed in response to BSE’s request to adhere to the prescribed format outlined by the Securities and Exchange Board of India (SEBI).

This action followed an earlier communication from BSE on September 10, 2024, pointing out that the Limited Review Report of SCML's Consolidated Results for the quarter ending June 2024 did not conform to SEBI's specified format. Specifically, Point No. 4 of the report, as required by SEBI's circular dated March 29, 2019 (CIR/CFD/CMD1/44/2019), was absent in the original submission. As a result, SCML promptly took the necessary steps to rectify the situation by revising the Limited Review Report in accordance with the SEBI guidelines.

The revised Limited Review Report, conducted by the independent auditing firm Krishan Rakesh & Co., Chartered Accountants, was subsequently submitted to BSE for the quarter ending June 30, 2024. The report is of particular significance as it is a mandatory requirement under Regulation 33 of SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. These regulations require listed companies to disclose their quarterly and annual financial results in a transparent manner, which is crucial for maintaining the trust of investors and ensuring market transparency.

The Importance of SEBI's Prescribed Format SEBI, as India’s market regulator, has issued various circulars that detail the format and content of financial disclosures to ensure consistency and accuracy across all listed companies. The circular in question, issued on March 29, 2019, underlined the importance of including specific points in a Limited Review Report, particularly for consolidated financial statements. These measures are part of SEBI's ongoing efforts to bolster corporate governance standards in the country.

Standard Capital Markets Limited, recognizing the importance of full compliance, acted swiftly to address the omission. The revised Limited Review Report not only followed SEBI’s mandated format but also included all necessary disclosures, ensuring that the company’s financial results for the quarter are presented in accordance with both accounting principles and regulatory requirements.

The Role of the Limited Review Report The Limited Review Report is an essential component of financial reporting for listed companies. It provides an interim review of the company’s unaudited financial results, typically prepared by an independent auditor. The report is less comprehensive than a full audit but nonetheless provides valuable insights into the company’s financial performance during the specified period. It involves a range of analytical procedures and inquiries, aimed at offering moderate assurance that the financial statements are free of material misstatements.

Krishan Rakesh & Co. conducted this review for Standard Capital Markets Limited, focusing on the consolidated financial statements that include SCML's subsidiaries: KRV Brooms Private Limited, Standard Capital Advisors Limited, and Standard Insurance Broking Limited. As part of the process, the auditors reviewed key financial metrics, including the total revenue and net loss for the quarter.

SCML’s Financial Performance for the Quarter Ending June 2024 For the quarter ending June 30, 2024, the consolidated financial results of Standard Capital Markets Limited revealed a total revenue of NIL and a net loss of ₹8,539. While the financial performance was subdued, the company’s commitment to transparent reporting is reflected in its adherence to regulatory requirements and timely disclosure of its financial health. These results include the financial performance of its wholly-owned subsidiaries, which collectively make up the consolidated financial statement of the Group.

It is worth noting that the company’s management prepared the unaudited consolidated financial results in accordance with the recognition and measurement principles outlined in Indian Accounting Standards (Ind AS) 34. This standard pertains to interim financial reporting and is prescribed under Section 133 of the Companies Act, 2013. By complying with these standards, SCML ensures that its financial reporting aligns with globally recognized accounting principles, which is essential for investor confidence.

Auditor's Conclusion and Certification Following the review, the auditors concluded that the financial results for the quarter ending June 2024 are in compliance with the applicable accounting standards and SEBI regulations. Importantly, the auditors confirmed that there were no material misstatements in the financial data provided by the company. This conclusion reassures investors and stakeholders that SCML's financial reporting is accurate and transparent.

The auditors also noted that their review was conducted in accordance with the Standard on Review Engagement (SRE) 2410, which is issued by the Institute of Chartered Accountants of India (ICAI). This standard sets the guidelines for the review of interim financial information by independent auditors and requires that the review be planned and performed to obtain moderate assurance on the financial statements.

While a Limited Review is not as thorough as a full audit, it is nonetheless a critical procedure that ensures a level of scrutiny over the company’s financial information. In the case of SCML, the review highlighted no significant issues, further validating the company’s financial practices.

Commitment to Compliance and Transparency Standard Capital Markets Limited's prompt submission of the revised Limited Review Report underscores its ongoing commitment to compliance and transparency. The company recognizes the importance of adhering to regulatory standards, not only to maintain its standing on the Bombay Stock Exchange but also to ensure that it continues to build trust with its shareholders and the wider investment community.

[mlsi9]

Quiklyz Partners with Leading Last Mile Mobility Players for EV Leasing

Quiklyz signs MOUs with five Last Mile Mobility players to deliver 1000 electric 3-wheelers

Deliveries to be completed in 6 months, pan India

Vehicles to be used for delivery & logistics

Mumbai, 23rd November 2022: Quiklyz, the vehicle leasing and subscription business of Mahindra & Mahindra Financial Services Limited (Mahindra Finance/ MMFSL), has signed MOUs with prominentLast Mile Mobility players for leasing over 1000 electric 3-wheelers (3W). Quiklyz plans to deliver these leased vehicles over the next six months, spread across India deliveries, opening up newer opportunities in EV leasing.

The MOUs have been signed upwithMahindra Logistics Limited, MoEVing Urban Technologies Pvt Ltd., Creativity at Best Technologies Pvt. Ltd., Magenta EV Solutions Pvt Ltd. and, Terrago Logistics Pvt Ltd. The signing was done on the sidelines of the launch of Mahindra Electric’s Zor Grand in Bengaluru recently.

The three-wheeler electric vehicles will be used primarily for delivery and logistics purposes.

Raul Rebello, COO, Mahindra Finance said, “India’s transition to EV has accelerated in the last few years which has given a major boost to the Indian EV financing ecosystem. With these recent partnerships our aim is to be early adopters of this disruptive technology, our way of contribution in India achieving its goal of becoming carbon-neutral by 2070”.

Shailesh Kumar – Director, CABT logistics mentioned, “We started our journey with Quiklyz four months ago and were delighted with our experience as a client. With this MOU we commit to strengthen this relationship further with the ease of flexibility leading to business growth for both the organisations and our environment at large”.

Mohammad Turra, Senior VP & Head, Quiklyz added, “We continue to deliver on our commitment in providing innovative leasing solutions to popularize Electric Vehicles in India across segments and are delighted to partner with leading players in last mile space. With due consideration to the growing e-3W segment and the increasing focus on green mobility, it will be our continuing endeavor to work closely with stakeholders in the sustainable mobility space”.

Quiklyz has already provided leasing solutions to over 1000 electric vehicles over the last 12 months including passenger vehicles and three-wheelers. It currently has the largest portfolio of EVs in Last Mile Mobility on its leasing and subscription platform; in collaboration with major EV manufacturers. Quiklyz has been a front-runner in promoting leasing solutions for logistics and last mile e-mobility across the Indian metro cities through continuous collaborations with prominent e-commerce companies.

Quiklyz has partnered with more than 15 electric last mile mobility delivery companies and several electric mobility providers since its inception. The platform has leased electric vehicles across cities including Mumbai, Bengaluru, Chennai, Delhi, Hyderabad, Pune,  Noida, Gurugram, Indore and Nagpur.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 8.4 million customers and has an AUM of over USD 11 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The Company has 1,386 offices and reaches out to customers spread over 3,80,000 villages and 7,000 towns across the country.

Mahindra Finance has been ranked 54th among India’s Best Companies to Work 2021 by Great Place to Work Institute.

Mahindra Insurance Brokers Limited (MIBL), the Company's Insurance Broking subsidiary is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.

Mahindra Finance CSR Foundation is a wholly owned subsidiary company, under the provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities of the Company and its subsidiaries.

Mahindra Manulife Investment Management Private Limited (formerly known as Mahindra Asset Management Company Private Limited) acts as the Investment Manager of Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund).

Mahindra Manulife Trustee Private Limited (MMTPL), (formerly known as Mahindra Trustee Company Private Limited) acts as a Trustee to Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund).

Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka, in which the Company owns 58.2% stake. MIFL focuses on providing a diversified suite of financial services to the Sri Lankan market.

The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicles in the US.

Learn more about Mahindra Finance on www.mahindrafinance.com / Twitter and Facebook:

@MahindraFin 

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. 

The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/news-room

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Understanding Non Banking Financial Company in India

What is a Non-Banking Financial Company (NBFC)?

An NBFC is a company registered under the Companies Act, 2013, that provides financial services but does not hold a banking license. NBFCs operate in various sectors such as loans, asset financing, insurance, leasing, and investments. They are regulated by the Reserve Bank of India (RBI) under the RBI Act, 1934, but do not offer core banking services like accepting demand deposits from the public or issuing checks.

Key Differences Between NBFCs and Banks

While both banks and NBFCs provide financial services, there are some key differences:

1. Deposit Acceptance: Unlike banks, NBFCs cannot accept demand deposits.

2. Payment and Settlement System: NBFCs are not part of the payment and settlement system and cannot issue checks.

3. Deposit Insurance: Deposits with NBFCs are not insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), unlike those with banks.

Despite these differences, NBFCs are pivotal in delivering financial services across various sectors.

Types of NBFCs

NBFCs in India are categorized based on their activities and types of deposits accepted. Here are the main categories:

1. Asset Finance Company (AFC): Engages in financing physical assets like machinery, automobiles, and equipment used in productive sectors.

2. Loan Company: Primarily focuses on providing loans and advances that do not involve asset financing.

3. Investment Company: Engages in acquiring securities, such as shares, stocks, and bonds.

4. Infrastructure Finance Company (IFC): Specializes in funding infrastructure projects and requires a minimum Net Owned Fund (NOF) of Rs. 300 Crore.

5. Microfinance Institution (MFI): Provides microloans to individuals or small businesses, particularly in rural and semi-urban areas, with a focus on income generation.

6. Core Investment Company (CIC): Holds a minimum of 90% of its total assets as investments in group companies, with 60% of its equity investments in these companies.

7. Infrastructure Debt Fund (IDF): Facilitates long-term debt flow into infrastructure projects by raising resources through bonds.

8. NBFC-Factors: Engaged in the business of factoring, which involves the sale of receivables to improve cash flow.

9. Mortgage Guarantee Companies (MGC): Provides mortgage guarantee services with at least 90% of assets in guarantee business. Visit our website for complete details.

Advantages of NBFCs

NBFCs offer several advantages over traditional banks:

1. Diverse Financial Services: NBFCs can engage in various activities such as loans, leasing, hire-purchase, insurance, and investment management, offering a broad range of financial services.

2. Regulatory Flexibility: Although regulated by the RBI, NBFCs enjoy more flexibility than banks, which allows them to cater to niche markets with innovative financial products.

3. Easier Access to Capital: NBFCs can raise funds through various means, including debentures, bonds, and loans. Some NBFCs are also allowed to accept deposits.

4. Faster Loan Processing: NBFCs often have streamlined loan approval processes, resulting in quicker loan disbursals compared to traditional banks.

Foreign Investment in NBFCs

The Indian government allows 100% Foreign Direct Investment (FDI) in NBFCs under the automatic route, provided they engage in certain specified financial activities such as asset management, stock broking, financial consultancy, and venture capital. NBFCs with foreign investment must comply with minimum capitalization norms as defined by RBI guidelines, depending on the level of foreign ownership.

Registration Process for NBFCs in India

To operate legally, an NBFC must undergo a registration process with the Reserve Bank of India. Below is a step-by-step guide:

1. Incorporate the Company: Register your company under the Companies Act, 2013, ensuring that the primary objective is engaging in financial activities.

2. Meet the Net Owned Fund (NOF) Requirement: Ensure that the company has a minimum NOF of Rs. 200 Lakhs, primarily in equity shares.

3. Prepare a Detailed Business Plan: Draft a comprehensive business plan, including financial projections and operational strategies.

4. Apply Online: Submit an online application to the RBI through its official portal along with required documents such as the Certificate of Incorporation and business plan.

5. Submit Hard Copies: Send a signed hard copy of the application and supporting documents to the regional RBI office.

6. Board Resolutions: Pass board resolutions confirming adherence to RBI’s Fair Practices Code and affirming that the company will not engage in restricted activities.

7. Director Credentials: Ensure that at least one-third of the company’s directors have a minimum of 10 years of experience in finance.

8. Comply with RBI Norms: Meet any additional compliance requirements such as CIBIL ratings and FDI norms, if applicable.

Conclusion

Non-Banking Financial Companies (NBFCs) are integral to the financial system in India, providing essential services that extend beyond the reach of traditional banking institutions. By facilitating access to credit, especially in underserved areas, NBFCs contribute significantly to economic development and financial inclusion. With a thorough understanding of regulatory requirements and a clear registration process, businesses can successfully enter the NBFC sector and thrive in India’s growing financial ecosystem.