{"id":18938,"date":"2020-11-04T15:57:39","date_gmt":"2020-11-04T10:27:39","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=18938"},"modified":"2021-06-02T15:45:15","modified_gmt":"2021-06-02T10:15:15","slug":"non-convertible-debentures-ncd-issued-by-nbfc","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/","title":{"rendered":"Brief Overview on Non Convertible Debentures (NCD) Issued by NBFC"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Non-Convertible Debentures (also known as NCDs) are one of the most efficient ways of fundraising for the NBFCs. The major chunk of borrowers in the NCD market comes from the NBFC segment. The RBI has tightened the regulations for Non-Convertible Debentures i.e. NCDs offered by NBFC. Many experienced investors favor Non-Convertible Debentures (NCDs) as the primary source of investments. NCDs allow the investor to lock their fund for an extended time at a higher interest rate.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#Non-Convertible_Debentures_as_Financial_Instrument\" >Non-Convertible Debentures as Financial Instrument<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#How_is_a_Non-banking_financial_Company_dependent_on_NCDs\" >How\nis a Non-banking financial Company dependent on NCDs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#Investors_Benefits_in_the_NCDs_Issued_by_NBFC\" >Investor\u2019s\nBenefits in the NCDs Issued by NBFC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#Risk_Aspects_of_Non_%E2%80%93Convertible_Debentures_Issued_by_NBFC\" >Risk\nAspects of Non \u2013Convertible Debentures Issued by NBFC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#NCDs_Features_Issued_by_NBFC\" >NCDs\nFeatures Issued by NBFC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#Who_Can_Issue_Non-Convertible_Debenture\" >Who\nCan Issue Non-Convertible Debenture?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#Underlying_Conditions_for_the_NCDs_Issuance_in_NBFC\" >Underlying Conditions for the NCDs Issuance in NBFC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#Bylaws_Associated_with_Placement_of_Debentures_or_NCDs\" >Bylaws Associated with Placement of Debentures or NCDs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#Guidelines_Issued_by_RBI_on_Non-Convertible_Debentures\" >Guidelines\nIssued by RBI on Non-Convertible Debentures<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/corpbiz.io\/learning\/non-convertible-debentures-ncd-issued-by-nbfc\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Non-Convertible_Debentures_as_Financial_Instrument\"><\/span><strong>Non-Convertible Debentures as Financial Instrument<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Non-Convertible Debenture is referred to as a financial instrument used by the organization for efficient fund raising. The companies conduct such activities via the public issue of shares. In laymen term, Non-Convertible Debentures can also be called a debt instrument.<\/li><li>Non-Convertible Debentures has a fixed tenure and individual who invest the fund in these avail regular interest at a specific rate.&nbsp;<\/li><li>Some debentures could be transformed into shares after a certain period. This is typically done with the approval of the owner. However, this is not true with Non-Convertible Debentures; this is the only reason why they are recognized as Non-Convertible Debentures.&nbsp;<\/li><li>Non-Convertible Debenture i.e. NCD is also issued by the Non-Banking Financial Company with an initial maturity of one year and issued via private placement.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_is_a_Non-banking_financial_Company_dependent_on_NCDs\"><\/span>How\nis a Non-banking financial Company dependent on NCDs?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The majority of <a href=\"https:\/\/corpbiz.io\/nbfc-registration\"><strong>NBFCs<\/strong><\/a> procure funds via the issuance of debt securities or capital. Apart from that, they also raise funds by issuing debenture through private placement or public notice. Therefore, a significant increment in the borrowing of Non-Banking Financial Company has been witnessed via issuance of debenture, particularly in the form of the private placement.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investors_Benefits_in_the_NCDs_Issued_by_NBFC\"><\/span>Investor\u2019s\nBenefits in the NCDs Issued by NBFC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>The significant advantages for investors in NCDs issued by Non-Banking Financial Company are as follow:&nbsp;<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"621\" height=\"340\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/image-10.png\" alt=\"Benefits in the NCDs Issued by NBFC\" class=\"wp-image-18939\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/image-10.png 621w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/11\/image-10-300x164.png 300w\" sizes=\"(max-width: 621px) 100vw, 621px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Higher Interest Rates<\/h3>\n\n\n\n<p>Non Convertible Debentures\ni.e. NCDs issued by NBFCs typically pays interest rate ranges from 150-177\nbasic point, which is greater than what mainstream banks pay on their FDs i.e.\nfixed deposit. NCDs issued by NBFCs possess a healthy reputation and are\nwell-capitalized. And since the issuance of these NCDs is closely regulated by\nRBI, it can act as a sign of positivity for the investors seeking secured\nfunding options.&nbsp;<\/p>\n\n\n\n<p>The rate of interest is not\nstable on other modes of investment, therefore, in such a scenario, the NCDs\nseems to be a secured and efficient fundraising option for the\ninvestors.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Capital Appreciation on NCDs<\/h3>\n\n\n\n<p>Apart from reaping a higher\ninterest rate, there is another benefit in investing funds in NCDs offered by\nNBFC. In the event, if the rate falls from 25-30 basis points from the existing\nlevels, then the investor rejoices capital appreciation on the NCDs which is\ninevitable in their market price.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Secured Investment<\/h3>\n\n\n\n<p>The debentures typically\nhave got either first or second charges on the issuer\u2019s assets. Henceforth,\nthey are secured when contrasted with other forms of investment. This renders\nan added benefits as well as higher return with capital appreciation.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Risk_Aspects_of_Non_%E2%80%93Convertible_Debentures_Issued_by_NBFC\"><\/span>Risk\nAspects of Non \u2013Convertible Debentures Issued by NBFC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An investor should adopt a holistic approach while investing their\nfund debt instrument like NCDs. In general, NCDs may offer the following risk\nto the investor:-<\/p>\n\n\n\n<ul><li>NBFCs encompass a diverse class of assets. NBFCs are categorized into two levels i.e. low-quality NBFC and high-quality NBFC. Before investing, make sure to check the credit rating of the NCDs. The credit rating reflects the repayment ability of the issuer. It is advisable to consider the credit rating as the parameter for determining the repayment capacity of the issuer.<\/li><li>About two decades back, Reserve Bank had imposed several regulations on NBFCs on account of capital adequacy and asset clarification. Such regulations caused severe financial turbulence for the NBFCs operating at that point in time.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCDs_Features_Issued_by_NBFC\"><\/span>NCDs\nFeatures Issued by NBFC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>The Features of non-convertible debentures issued by NBFC are given below:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Taxation<\/h3>\n\n\n\n<p>The tax implications of the investor on NCDs depend on the tax\nbracket related to the investor. In case if the investor decides to sell the\nNCDs within a year then STCG shall be applied in the view of the income tax\nslab rate of the investor. In case if investors opt to sell the NCDs before the\nmaturity date, then LTCG shall be applied at twenty percent with price indexation.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Credit Rating<\/h3>\n\n\n\n<p>The credit rating agencies hold the responsibility for judging the\ncreditability of the existing NBFCs across the country. The companies with low\ncredit ratings typically lack to potential to counter debt obligation.\nLikewise, the company with a higher credit rating is good at handling debt\nobligations. Henceforth, credit rating acts as the key performance indicator of\nany lending company.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Interest<\/h3>\n\n\n\n<p>The NCDs offer a comparatively better interest rate in contrast to convertible debentures. The bandwidth of interest rate that NCDs offer falls between 8 to 12%. The interest payouts are estimated on a monthly, quarterly, half-yearly, or annual basis. The NCDs also offer the cumulative payout option.&nbsp;<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/how-does-a-company-issue-debentures-to-the-public\/\">How does a Company Issue Debentures to the Public?<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Can_Issue_Non-Convertible_Debenture\"><\/span>Who\nCan Issue Non-Convertible Debenture?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Any entity or NBFCs can issue Non-Convertible Debentures\nprovided they meet the following criteria:-<\/h3>\n\n\n\n<ul><li>The corporate or NBFCs must have a minimum of net owned fund of Rs 4 crore. The latest balance sheet should reflect this figure clearly.&nbsp;&nbsp;<\/li><li>The company has been sanctioned a term loan by the financial institution or banks.&nbsp;<\/li><li>The bank must tag the borrower account as the standard asset. The classification of the borrower account of the company is done as Standard Asset by the financing banks or institutions.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Underlying_Conditions_for_the_NCDs_Issuance_in_NBFC\"><\/span>Underlying Conditions for the NCDs Issuance in NBFC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The financial standing of an organization must be shared with the prospective investors on account of standard market practice.&nbsp;<\/li><li>The investor must avail of the investor\u2019s certified copy showing that the company has complied with RBI\u2019s stipulates regarding eligibility      criteria.&nbsp;<\/li><li>The company should be a law-abiding entity and must adhere to the regulations drafted under the <em><strong>Companies Act, 2013<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Companies_Act_2013\"><em><strong>[1]<\/strong><\/em><\/a><\/sup><\/li><li>The issuance of the debenture certificate must be done as per the timeline mentioned in the Companies Act, 2013.<\/li><li>The NCDs comprises a face value that carries a coupon rate to face value in the form of zero-coupon instruments is evaluated by the entity.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bylaws_Associated_with_Placement_of_Debentures_or_NCDs\"><\/span>Bylaws Associated with Placement of Debentures or NCDs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">In according to the\nCompanies Act, 2013 and Rules (Company\u2019s Act),<\/h3>\n\n\n\n<ul><li><strong>Section 42<\/strong>&nbsp;\u2013 provide directions\nconcerning the invitation or offer for subscription of securities on private\nplacement and&nbsp;<\/li><li><em><strong>Companies<\/strong><\/em>&nbsp;(Prospectus and Allotment of Securities)\nRules, 2014 provide legal direction regarding Private Placement<\/li><\/ul>\n\n\n\n<p><em><strong>Section 42 in tandem with Rule 14 applicable for the following:-<\/strong><\/em><\/p>\n\n\n\n<ul><li>Private placement of securities via issuance of the offer letter.&nbsp;<\/li><li>The number of individuals about the avail of the securities.&nbsp;<\/li><li>The method w.r.t accumulation is of money payable toward security\u2019s subscription.&nbsp;<\/li><li>The minimum threshold for investment size for a subscription.&nbsp;<\/li><li>The maximum timeline for allotment of security.&nbsp;&nbsp;<\/li><li>The maintenance of records and offer letter with the SEBI and with Registrar, in case of a listed organization.<\/li><li>Filing related to return of allotment with the registrar.&nbsp;<\/li><\/ul>\n\n\n\n<div class=\"shadow1\"><strong>Note:<\/strong> Rule 14(5) exempts the NBFC adhering to compliance related to number of person \u2013 200 and investment limit i.e. Rs 20,000 if they ensure the conformity with RBI\u2019s regulation in pursuant to securities issued on the basis of private placement.<\/div>\n\n\n\n<p><em>However, the Revised Guidelines have bifurcated the\nissues related to a private placement into two categories:&nbsp;<\/em><\/p>\n\n\n\n<ul><li>Category A: A limit of two hundred subscribers during a financial year.<\/li><li>Category B: No restriction of subscriber\u2019s numbers.&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Rule 18 of Companies (Share Capital and Debentures) Rules,\n2014 and Section 71 of the Companies Act, 2013 deals with Debentures<\/h3>\n\n\n\n<p><em><strong>Section 71 of\nCompanies Act, 2013<\/strong><\/em>&nbsp;in tandem with Rule 18 provides provision in relation to\nthe tenure of secured debentures,<\/p>\n\n\n\n<ul><li>Its nature of security must be defined<\/li><li>The amount of debenture redemption reserve i.e. DRR that must be taken care of.&nbsp;<\/li><li>Procedures w.r.t to the appointment, roles, and eligibility of debenture trustee and meeting of debenture holders, etc.<\/li><\/ul>\n\n\n\n<p>As per section 71(4), every\norganization rendering debentures must underpin a DRR account with the profit\nwhich is available for dividend\u2019s payment. The amount transferred to such\naccount will be used for the redemption of such debentures.&nbsp;<\/p>\n\n\n\n<p>Keep in mind that as per\nRule 18(7) (b) (ii) of Companies (Share Capital and Debentures) Rules, 2014, no\nDRR required to be maintained for debentures which are privately placed by\nNBFCs.<\/p>\n\n\n\n<p><em><strong>Section 77 of the Company Act, 2013 Seeks Registration of Charges<\/strong><\/em><\/p>\n\n\n\n<p>As per Section 77 of the\nAct, 2013 every organization who created a charge on its asset\/property, be it\ntangible or intangible, requires to register the particulars of the charge with\nthe Register within 30 days timeline of the creation of property.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>For\nCategory A<\/strong><strong><\/strong><\/h4>\n\n\n\n<p>It is mandatory for NCDs to\nbe fully protected in favor of subscribers.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>For\nCategory B<\/strong><strong><\/strong><\/h4>\n\n\n\n<p>The issuer can also create security in favor of its subscribers.&nbsp;<\/p>\n\n\n\n<p>In the view of NBFCs\n(Acceptance of Public Deposit) Directions, 1998 &#8211; the debenture should be\nprotected by mortgage of immovable property or other forms of the asset of the\nissuer company. The creation of security via mortgage seeks registration under\nthis section.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">SEBI Regulations<\/h3>\n\n\n\n<p><em><strong>SEBI (Issue and Listing of Debt Securities) Regulations, 2008 applies to:-<\/strong><\/em><\/p>\n\n\n\n<ul><li>Public issue of debt securities.<\/li><li>The listing of debt securities introduced via private placement or public issue on a well-known stock exchange.<\/li><\/ul>\n\n\n\n<p>Henceforth, these\nregulations would not apply to privately placed debentures in the absence of\nlisting.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">SEBI (Issue of Capital and\nDisclosure Requirements) Regulations, 2009<\/h4>\n\n\n\n<p>These regulations govern\nthe issuance of convertible debentures on a partisan basis by listed\nNon-Banking Financial Companies.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Guidelines_Issued_by_RBI_on_Non-Convertible_Debentures\"><\/span><strong>Guidelines\nIssued by RBI on Non-Convertible Debentures<\/strong><strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The issued guideline shall apply on Non-Convertible Debenture\n(NCD) with a maturity period of one year and issued via private placement.<\/li><li>Reserve Bank vide&nbsp;<strong>notification\nreleased on February 20, 2015<\/strong>, unveiled directions related to\nPrivate Placement of NCDs possessing a maturity period of more than one year by\nthe NBFCs.&nbsp;<\/li><li><strong>It doesn\u2019t apply to tax-exempt bonds offered\nby NBFC.<\/strong><strong><\/strong><\/li><li>The NBFCs derives a Board approved policy regarding resource\nplanning and periodicity of the private placement<\/li><li>Reserve Bank has outlined the direction majorly for issuing of a\nprivate placement of NCDs of two categories:&nbsp;<\/li><\/ul>\n\n\n\n<ul><li>Category A- With a maximum subscription of less than one crore rupees.&nbsp;<\/li><li>Category B- With a minimum subscription of one crore rupees and above.      <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NCDs are undoubtedly the best debt instrument for companies seeking prompt and substantial funding for growth or meeting other business goals. Also, it is less riskier than other modes of investment on account of profitability or rate of return. But to avail of such benefits, the companies have to lock down funds till the completion of the maturity period. It should be kept in mind that unlike FDs i.e. fixed deposit NCDs cannot be prematurely withdrawn.&nbsp;<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/contribution-of-emerging-technologies-towards-nbfcs\/\">An Inclusive Guide on Contribution of Emerging Technologies toward NBFCs<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Non-Convertible Debentures (also known as NCDs) are one of the most efficient ways of fundraising for the NBFCs. The major chunk of borrowers in the NCD market comes from the NBFC segment. The RBI has tightened the regulations for Non-Convertible Debentures i.e. NCDs offered by NBFC. Many experienced investors favor Non-Convertible Debentures (NCDs) as the [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":18942,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[91],"tags":[1177],"acf":{"service_id":"8"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":13309,"readingTime":7,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/18938"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=18938"}],"version-history":[{"count":13,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/18938\/revisions"}],"predecessor-version":[{"id":31412,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/18938\/revisions\/31412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/18942"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=18938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=18938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=18938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}