Company Overview
Nirmal Bang Financial Services Pvt Ltd is a RBI registered Non Banking Financial
Company which offers margin funding facility to its clients.
Product Overview
With reference to RBI circular dated 10th April 2015 (DNBS (PD).CC.No. 408 / 03.10.001/2014-15),
NBFCs lending against collateral of shares shall, with effect from the date of this
circular:
- Maintain an LTV ratio of 50%; and
- Accept only Group 1 securities (specified in SMD/ Policy/ Cir - 9/ 2003
dated March 11, 2003 as amended from time to time, issued by SEBI) as collateral
for loans of value and also approved by management.
- Any Shortfall in the maintenance of 50% LTV occurring on account of movement
in the share price shall be made good within 7 days. If fail to arrange for maintenance
of the 50% LTV within Five days, we would be forced to initiate necessary actions
including liquidation of securities, as set out in the terms of the agreement
If in case any query then please contact at
Email Id : las@nirmalbang.com or nbfc@nirmalbang.com
Contact no: 022- 39267505
*Interest Rate: The interest rate varies from 8% to 18% p.a.
- Corporate Action benefits like bonus, dividend etc continue to accrue to
the borrower.
- Any appreciation in the value of the Securities given as margin would automatically
allow enhancement in drawing power.
- Interest will be calculated on the amount utilized & the actual period
for which it is utilized.
- Clients can view their financial statement and holdings online.
Risk Monitoring System
In case of shortfall in the margin the client has to follow the prescribed norms
and replenish the short margin or else the shares would be liquidated to the extent
of the shortfall.
Documents Requirement
- Client has to open a bank account and Demat account with Nirmal Bang Securities
Pvt Ltd both under POA with us.
- Trading account should be in NSDL.
- Loan agreement to be duly filled up and signed therein.
- Copy of PAN card
- Copy of Address Proof
- Two passport sized photographs
- Copy of latest two years ITRs
- Two Undated dated cheques, one for principal & other for interest in the
name of Nirmal Bang Financial Services Pvt Ltd
- Cheque of Rs.500/- towards the loan documentation charges
- Cheque of Rs 10000/- in favour of bank as minimum balance, this cheque
will be credited in client’s name in bank a/c only.
- Bank statement for last 6months.
- Vernacular Declaration
All documents as mentioned in point no 1 to 12 in case of individual are required.
Additional documents to be collected, in case of corporate clients:
- Copy of annual report of last two years
- Memorandum and article of association
- List of directors with their specimen signature
- Two photographs of all the directors.
- Share holding pattern till base level
- Board resolution on letter head of the company (authorizing for Borrow
and to give above POA)
Kindly note
- All documents should be self attested
- All Photographs and signatures should match with the proof given
- Additional documents need to be submitted in case of any discrepancy is
noticed.
Grievance Redressal officer
1. In case of any complaints / grievances the customer may contact the Complaint
Redressal Official at the below contact details:
Name : Mr. KAPIL PARKAR.
Email Id : kapil.parkar@nirmalbang.com
Contact No: 022-39267503 /
04
2. If the complaints /dispute is not redressed within a period of one month, the
customer may appeal to the Officer-in- Charge of the Regional Office of Reserve
Bank of India under whose jurisdiction our company is registered at the below mentioned
address::
Regional Office: RESERVE BANK OF INDIA
Department of Non-Banking Supervision,
Reserve Bank of India Building, 3rd Floor,
Opp. Mumbai Central Railway Station,
Byculla, Mumbai – 400 008 Contact: 23028436.
Email: dnbsmro@rbi.org.in
Central Office: RESERVE BANK OF INDIA
Department of Non-Banking Supervision
Reserve Bank of India Central Office
Mum-400 001, Contact: 022-22661602
To know in detail about margin funding :
Call:- 91-022-3926 7505, Email:nbfc@nirmalbang.com
Policies
The Fair Practices Code (FPC) is aimed to provide to the customers effective overview
of practices, which will be followed by the Company in respect of the financial
facilities and services offered by the Company to its customers. The Code will facilitate
the customers to take informed decision in respect of the financial facilities and
services to be availed by them and will apply to any loan that the Company may sanction
and disburse or other financial product which it may distribute.
The Fair Practices Code (FPC) is aimed to provide to the customers effective overview
of practices, which will be followed by the Company in respect of the financial
facilities and services offered by the Company to its customers. The Code will facilitate
the customers to take informed decision in respect of the financial facilities and
services to be availed by them and will apply to any loan that the Company may sanction
and disburse or other financial product which it may distribute.
1. Objective of the Code
This Code has been developed to:
- Promote good, fair and trustworthy practices by setting minimum standards
in dealings with the customers;
- Increase transparency to enable the customers to have a better understanding
of what they can reasonably expect of the services.
- Promote a fair and cordial relationship between the customers and the Company.
2. Our Key Commitments and Declarations
The Company shall act efficiently, fairly and diligently in our dealings with all
our customers by:
The Company shall deal quickly and proactively with things that go wrong by:
- Correcting mistakes quickly;
- Attending customer complaints quickly;
- Telling our customers how to take their complaint forward if the customers
are still not satisfied with our assistance;
- Reversing any charges that we apply due to our mistake
3. Non-Discrimination Policy
The Company will not discriminate between our customers on the basis of gender,
race or religion.
4. Application for loans and their processing:
- Loan application forms issued by the Company shall include necessary information
which affects the interest of the borrower so that a meaningful comparison with
the terms and condition offered by other NBFCs can be made and an informed decision
can be taken by the borrower. The loan application form shall indicate the documents
required to be submitted along with the application form.
- The company shall issue an acknowledgement receipt for all loan applications.
Loan applications shall be disposed off within 14 days or such extended time as
may be mutually agreed between the borrower and the company from the date of receipt
of the application form complete in all respects.
- If any additional details/documents are required, the same shall be intimated
to the borrower in reasonable time.
- The company will conduct contact point verification through its employees
or through an agency appointed by it, by contacting the customer at their residence/business
telephone numbers/or physically visit residence/business address mentioned on the
loan application
5. Loan appraisal and terms/conditions:
a.The company shall conduct a due diligence on the creditworthiness of the borrower,
which will be an important parameter for taking decision on the application. The
assessment would be in line with the company’s credit policies, norms and procedures
in respect thereof.
The borrower would be informed in the vernacular language as understood by the borrower
by means of sanction letter or otherwise the amount of loan sanctioned. The said
letter shall contain the terms and conditions including the annualized rates of
interest and method of application thereof and shall obtain an acceptance from the
borrower on the said sanction letter.
b. The Company Shall disclose in bold letters any clause pertaining to penal interest
charged for late repayment in the loan agreeement
c. The company shall furnish a copy of loan agreement along with a copy of all enclosures
quoted in the loan agreement to all the borrowers at the time of requisition by
borrower or breif terms should be made part of sanction letter. The company shall
ensure that the loan agreements and enclosures furnished to all borrowers contain
the terms and conditions and the rate of interest in the form of a term sheet, which
shall be annexed to the loan agreement.
6. Disbursement of loans including changes in terms and conditions:
a. The company shall frame appropriate internal principles and procedures for determining
the interest rates, processing and other charges. The company shall at the time
of disbursal, ensure that the interest rate and processing and other charges on
loan and advances are in strict adherence to above referred internal principles
and procedures
b. The disbursement will be done immediately upon compliance of all terms and conditions
of the sanction by the borrower.
c. The Company shall give a notice to the borrower in the vernacular language as
understood by the borrower of any change in the terms and conditions including disbursement
schedule, interest rates, services charges, prepayment charges etc. The Company
shall also ensure that changes in interest rates and charges are affected only prospectively.
This clause will be covered in the loan agreement as well.
7. Post Disbursal Supervision:
- Any decision to recall/accelerate payment or performance under the loan
agreement shall be in consonance with the Loan Agreement.
- All securities offered by the borrower shall be released on repayment of
all dues or on realization of the outstanding amount of loan subject to any legitimate
right or lien for any other claim the Company may have against the borrower. If
such right of set off is to be exercised, the borrower shall be given notice about
the same with full particulars about the remaining claims and the conditions under
which the Company is entitled to retain the securities till the relevant claim is
settled/ paid.
8. General
- The Company shall not interfere in the affairs of the borrower except for
the purposes provided in the Loan Agreement unless new information not earlier disclosed
by the Borrower has come to the notice of the Company.
- In the matter of recovery of loans, the Company shall not resort to undue
harassment like bothering the borrowers at odd hours/ use of muscle power for recovery
of loans.
- The Company shall ensure that the entire process of enforcing its security,
valuation and realization thereof be fair and transparent.
- In case of receipt of a request from the borrower for transfer of the borrowal
account, the consent or otherwise i.e. objection of the Company, if any, shall be
conveyed within 21 days from the date of receipt of such request. Such transfer
shall be as per transparent contractual terms in consonance with law.
9. Confidentiality
Unless authorized by the customer, the Company will treat all personal information
as private and confidential. The Company will not reveal transaction details to
any other entity including within the group other than the following exceptional
cases:
- If the Company have to provide the information by statutory or regulatory
laws
- If there is a duty to the public to reveal this information
- If the Company has taken the customers permission (for instance at the
time of loan sanctioning) to provide such information to its group/ associate/ entities
or companies for providing other products or services
- Where the customer asks us to reveal such information to its group/ associate/
entities or companies for providing other services or products.
10. Complaint Redressal Mechanism
- Borrowers who have grievances in respect of decisions of the Company may
address their grievances to Mr. Kapil
Parkar ,at Email-d:nbfc@nirmalbang.com
Contact no.022- 39267503/04.
- If the complaints /dispute is not redressed within a period of one month
, the customer may appeal to the officer-in –charge of the Regional office of Reserve
Bank of India under whose contact details:
Reserve Bank of India, Department of Non-Banking Supervision, Reserve Bank of India
Central office, Mumbai 400 001.Contact No.022-22184868
- The Board will periodically review the compliance of this Fair Practices
Code and the functioning of the grievances redressal mechanism at various levels
of management.
- After examining the matter, the Company will endeavor to send the customer
its response within 4 weeks and intimate the customer how to escalate the complaint
to higher level, if he is not satisfied with the response.
- A periodical review of the Fair Practices Code and the functioning of the
grievances redressal mechanism at various levels of management would be undertaken
by the Company and a consolidated report of such reviews shall be submitted to the
Board of Directors of the Company at regular intervals.
The Company shall abide by this Fair Practices Code following the spirit of the
Code and in the manner it may be applicable to its business.