Dear Members, Kindly clarify the following: Whether registration is required under shops and establishment act for an NBFC company?
From India, Chennai
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From India, Chennai
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Dear Lakshmieunice, the answer to your question is NO (presuming you are from TN). However, the S&E Act is applicable to NCFC.
Applicability of the S&E Act
The S&E Act applies to shops, commercial establishments, restaurants, theatres, and other establishments. A Non-Banking Financial Company (NBFC) is considered a commercial establishment.
Definition of Commercial Establishment under TN S&E Act
It seems you are from TN, and the definition of a commercial establishment under the TN S&E Act includes establishments that carry on the business of advertising, commission, forwarding, or commercial agency. It also includes clerical departments of factories or industrial undertakings, insurance companies, joint stock companies, banks, broker’s offices, or exchanges. Additionally, it includes such other establishments as the state government may declare to be a commercial establishment for the purposes of this Act.
NBFCs are engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by the Government or local authority, or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business, etc.
In my view, you fit into the definition of a commercial establishment.
Registration Requirements in TN
Further, to my knowledge, there is no provision for the registration of establishments in TN, but you need to follow the provisions of the TN S&E Act.
Regards.
From India, Mumbai
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2584Applicability of the S&E Act
The S&E Act applies to shops, commercial establishments, restaurants, theatres, and other establishments. A Non-Banking Financial Company (NBFC) is considered a commercial establishment.
Definition of Commercial Establishment under TN S&E Act
It seems you are from TN, and the definition of a commercial establishment under the TN S&E Act includes establishments that carry on the business of advertising, commission, forwarding, or commercial agency. It also includes clerical departments of factories or industrial undertakings, insurance companies, joint stock companies, banks, broker’s offices, or exchanges. Additionally, it includes such other establishments as the state government may declare to be a commercial establishment for the purposes of this Act.
NBFCs are engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by the Government or local authority, or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business, etc.
In my view, you fit into the definition of a commercial establishment.
Registration Requirements in TN
Further, to my knowledge, there is no provision for the registration of establishments in TN, but you need to follow the provisions of the TN S&E Act.
Regards.
From India, Mumbai
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SELF-CERTIFICAT E PROFORMA UNDER THE PUNJAB SHOPS AND COMMERCIAL ESTABLISHMENT ACT, 1958.doc
Shops & Establishment Act 1961 - Karanataka.pdf