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Compliance Function and Role of Chief ComplianceOfficer in NBFCs
What is the primary purpose of the compliance function in an NBFC?
The compliance function ensures that an NBFC adheres to all applicable laws, regulations, codes of conduct, and internal policies to prevent legal and regulatory risk.
What is the tenure typically prescribed for a CCO in an NBFC?
Minimum three years to ensure continuity and independence.
Who is responsible for heading the compliance function in a large NBFC?
The Chief Compliance Officer (CCO) is responsible for heading the compliance function and ensuring the NBFC operates within the regulatory framework prescribed by RBI.
Which RBI framework mandates a dedicated CCO for upper-layer NBFCs?
Scale-Based Regulation (SBR) framework mandates a dedicated CCO.
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