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Home / NBFC & Fintech / NBFC Compliance Audit
Ongoing compliance management tells you filings are happening; a compliance audit tells you whether they’re actually correct — across RBI, MCA, PMLA, and SBR at once. CS Chetna Shoor runs the audit and hands you a findings report, not just an assumed clean bill of health.
Most NBFCs have someone filing NBS returns, ROC forms, and FIU-IND reports on an ongoing basis — what’s rarer is an independent, structured review confirming those filings are substantively correct, not just submitted on time. An NBFC compliance audit checks your actual position against RBI’s NBFC framework, Companies Act ROC obligations, PMLA/FIU-IND reporting, and Scale Based Regulation requirements together, producing a single findings report rather than leaving each compliance domain to assume the others are fine.
This page is for NBFC boards commissioning a periodic health check, promoters preparing for an RBI inspection, fundraise, or acquisition, and anyone who wants an audit-quality answer to “are we actually compliant” rather than an assumption based on filings being submitted. Chetna reviews all four domains together and delivers a prioritized findings report, not a binary pass/fail.
Reviewed together, not as separate, siloed checks
Checked against actual financials, not assumed from the last filing
Checked for both completeness and timeliness, not just existence
Board and committee structure checked against your NBFC's actual SBR layer
Not a binary pass/fail, but a ranked remediation plan
A structured audit, distinct from the ongoing filing management most NBFCs already have
RBI rejects over 40% of NBFC applications on the first attempt. Here’s what actually causes it.
An NBS return filed on time can still understate a NOF shortfall or misclassify the SBR layer. A compliance audit checks substance — recalculating NOF and Principal Business Criteria against actual financials, not just confirming the return was filed.
A team focused on RBI returns may not know FIU-IND's Principal Officer record is outdated, and a general MCA-focused firm may not check whether board composition actually matches SBR governance requirements. No single default provider naturally covers all four domains together.
Compliance gaps get expensive to discover right before an RBI inspection, a fundraise, or an acquisition — and by then there's often no time left to remediate them properly. This is why the audit is more useful done periodically, rather than reactively once a deadline is already looming.
A compliance audit earns its cost at specific moments — it’s worth knowing which one applies to you.
An annual or biennial independent review, even with clean ongoing filings, to catch what routine management might miss.
To identify and remediate gaps before RBI does, rather than discovering them in an inspection finding.
Since buyer-side diligence will surface these gaps anyway. See our NBFC Due Diligence (Buyer Side) service for the diligence framework itself.
When the people who built your original compliance setup are no longer the ones running it day to day.
We confirm which domains — RBI, MCA, PMLA, or SBR — need the deepest review based on your NBFC's history and current risk profile.
Documents gathered and reviewed across all four compliance domains in parallel.
NOF and Principal Business Criteria recalculation, ROC filing cross-check, FIU-IND reporting history review, and governance-to-layer fit assessment.
Issues ranked by regulatory risk and urgency, not presented as an undifferentiated list.
Support to close out identified gaps, coordinated with our other compliance services as needed.
The audit itself is the diagnostic — what happens next determines whether it actually improves your compliance position.
A prioritized remediation plan, addressed in order of regulatory risk rather than convenience.
Ongoing compliance management handoff, if gaps require restructuring your filing processes. See NBFC Annual RBI Compliance, NBFC ROC Compliance, or FIU-IND Registration for NBFCs.
A board-level findings summary, suitable for governance reporting.
A clean audit report that can serve as useful evidence if a fundraise or acquisition diligence process follows.
CS Chetna Shoor’s team replies within 4 hours on WhatsApp.
Ongoing compliance management handles the recurring filing calendar — NBS returns, ROC forms, FIU-IND reports — submitted on time each cycle. A compliance audit is a separate, independent review of whether those filings and the underlying compliance position are actually correct, covering RBI, MCA, PMLA, and SBR obligations together in a single structured assessment.
It verifies NOF and Principal Business Criteria against actual financials, reviews ROC filing history and charge registrations, checks FIU-IND registration and STR/CTR filing completeness, and assesses whether board and governance structure actually matches your NBFC’s Scale Based Regulation layer — delivered as a single findings report rather than four disconnected reviews.
An annual or biennial audit is a reasonable baseline for most NBFCs, though it’s worth commissioning one specifically ahead of an RBI inspection, a fundraise, an acquisition, or after a change in the personnel managing your compliance function — moments when an undiscovered gap becomes materially more costly.
Yes — buyer-side or investor due diligence will surface compliance gaps regardless, and an independent audit beforehand lets you remediate what you can and frame the rest honestly, rather than being caught off guard mid-negotiation. See our NBFC Due Diligence (Buyer Side) service for the diligence process itself if you’re on the buying end of a transaction.
Findings are delivered as a prioritized remediation plan ranked by regulatory risk, not a flat list. From there, remediation typically hands off into our ongoing compliance services — RBI returns management, ROC filing support, or FIU-IND registration correction — depending on which domain the gap sits in.
Qualified Company Secretary · ICSI Member · Founder, Expertvuw Management Pvt Ltd
Chetna has guided NBFC promoters through RBI’s COR process end to end, with particular focus on structuring the Net Owned Fund and business plan so the application survives first-round RBI scrutiny rather than coming back with a query.