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'Upper layer' NBFC tag for Tata Sons calls for a new compliance policy

Tata Sons will have to appoint a new chief compliance officer (CCO)

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Dev Chatterjee Mumbai
With the Reserve Bank of India (RBI) classifying the Tata group’s holding company, Tata Sons, as an upper-layer non-banking finance company (NBFC), its board will have to approve the compliance policy applicable to such NBFCs, including appointing a new chief compliance officer (CCO) reporting to the top management.

The measures must ensure the independence of the compliance function and its right to freely disclose findings and views to senior management and board/board committee, according to the RBI.
Under the RBI norms, the compliance function must ensure strict observance of all statutory and regulatory requirements for the NBFC, including standards of market conduct,

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First Published: Oct 03 2022 | 4:09 PM IST

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