Executive Summary:
This document contains two notifications from the National Housing Bank regarding amendments to existing directions for Housing Finance Companies (HFCs). The first notification, dated July 12, 2018, amends the NHB Directions of 2010, concerning investment and exposure norms. The second, dated July 19, 2018, amends the NHB Directions of 2016, relating to acquisition or transfer of control. Both amendments are effective immediately.
Key Points / Main Content:
Amendment to NHB Directions, 2010 (July 12, 2018):
* **Paragraph 2 Amendment:**
* Defines "companies in the same group" based on relationships such as: Subsidiary-Parent, Joint Venture, Associate, Related Party (as per Companies Act, 2013/ Ind AS), Promoter-Promotee (as per SEBI regulations), Common Brand Name, and equity investment of 20% and above.
* **Paragraph 32 Amendment:**
* Investment in another company's shares is permitted for insurance companies if specifically approved in writing by the National Housing Bank.
* Investment restrictions do not apply to investments in subsidiaries or companies in the same group, to the extent reduced from owned funds for net owned fund calculation.
* The book value of financial arrangements with subsidiaries or companies in the same group is not restricted to the extent reduced from owned fund for the calculation of net owned fund.
* Exposure to group companies in real estate activities is subject to existing credit/investment ceilings.
* Subparagraph 2 of Paragraph 32 is deleted.
* Owned fund is defined as per paragraph 2(1)(w) and based on published accounts as of March 31st of the previous year.
* Capital infusion after the published balance sheet date may be considered for exposure ceiling, pending auditor certification of augmentation of capital.
* Quarterly profits cannot be considered for computing 'owned fund' for exposure ceiling purposes.
Amendment to NHB Directions, 2016 (July 19, 2018):
* **Paragraph 3 Amendment:**
* Revises clause (i)(b) regarding changes in shareholding:
* Requires prior approval for shareholding changes in HFCs accepting public deposits that result in a foreign investor acquiring or transferring 10% or more of paid-up equity capital.
* Requires prior approval for shareholding changes in HFCs that result in any investor acquiring or transferring 26% or more of paid-up equity capital.
* Exempts shareholding changes exceeding 10% or 26% due to court-approved buybacks or capital reductions, but requires reporting to NHB within one month.
* **Paragraph 5 Amendment:**
* Exempts shareholding changes in HFCs accepting public deposits resulting in a foreign investor acquiring/transferring 10% or more, but less than 26% of paid-up equity capital from paragraph 5 provisions.
Impact Analysis:
Housing Finance Companies (HFCs):
* Impact: HFCs are subject to revised regulations regarding group company definitions, investment limits, and shareholding changes. The changes affect how HFCs manage investments, calculate exposure ceilings, and handle acquisitions or transfers of control.
* Action Required: HFCs must adhere to the new definitions and revised limits for investments and exposures. They must seek prior approval for shareholding changes as specified and report buybacks/capital reductions to NHB within one month.
National Housing Bank (NHB):
* Impact: The NHB is responsible for enforcing and monitoring the amended directions. It will need to review and approve investment plans and shareholding changes based on the new criteria.
* Action Required: The NHB must update its review processes and guidelines to reflect the amended directions.
Investors (Including Foreign Investors):
* Impact: Investors are subject to new regulations regarding shareholding limits in HFCs, particularly concerning acquisitions or transfers of control.
* Action Required: Investors need to be aware of the prior approval requirements for shareholding changes and comply with the reporting requirements for certain transactions.
Key Entities Referenced
National Housing Bank: An organization that regulates the housing finance system in India.
National Housing Bank Act, 1987: A law that confers powers to the National Housing Bank.
Housing Finance Companies: Companies that are engaged in providing finance for housing.
Housing Finance Companies NHB Directions, 2010: Directions issued by the National Housing Bank to regulate Housing Finance Companies.
Companies Act, 2013: An act of the Parliament of India that regulates Indian companies.
Indian Accounting Standards Ind AS: A set of accounting standards adopted in India.
Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011: Regulations by the Securities and Exchange Board of India related to substantial acquisition of shares and takeovers.
Housing Finance Companies Approval of Acquisition or Transfer of Control National Housing Bank Directions, 2016: Directions issued by National Housing Bank related to Approval of Acquisition or Transfer of Control of Housing Finance Companies
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EXTRAORDINARY
Hkkx III—[k.M 4
PART III—Section 4
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PUBLISHED BY AUTHORITY
la- 420] ubZ fnYyh] c`gLifrokj] uoEcj 15] 2018@dk£rd 24] 1940
No. 420] NEW DELHI, THURSDAY, NOVEMBER 15, 2018/KARTIKA 24, 1940
रररराााा(cid:3)(cid:3)(cid:3)(cid:3)(cid:5)(cid:5) (cid:5)(cid:5) ीीीीयययय आआआआववववाााासससस बबबबकक(cid:12)(cid:12)कक(cid:12)(cid:12)
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:1)द(cid:3)ल ी, 12 जुलाई, 2018
अअअअििििधधधधससससचचूूचचूू ननननाााा सससस..ंं..ंं रररराााा....आआआआ....बबबबकककक(cid:2)(cid:2)(cid:2)(cid:2) ....आआआआ....ििििवववव....ककककंंंं....ििििननननददददशश(cid:7)(cid:7)शश(cid:7)(cid:7) ....22221111////एएएएममममडडडडीीीीएएएएडडंंडडंं ससससीीीीईईईईओओओओ////2222000011118888....————रा(cid:9) (cid:10)ीय आवास ब(cid:12)क अिधिनयम, 1987
(1987 का 53) क(cid:14) धारा 30ए और 31 (cid:15)ारा (cid:16)द(cid:17) शि(cid:20)य(cid:22) एवं इस संबंध म(cid:24) साम(cid:26) य(cid:27)कारी सभी शि(cid:20)य(cid:22) का (cid:16)योग करत े(cid:28)ए,
रा(cid:9)(cid:10) ीय आवास बक(cid:12) न े साव(cid:27)जिनक िहत म (cid:24) और संतु(cid:9) ट होकर यह आव& यक समझा (cid:1)क आवास िव(cid:17) (cid:16)णाली को दशे के लाभाथ (cid:27)
िविनयिमत करन े म (cid:24) सश*त होने के (cid:16)योजनाथ,(cid:27) (cid:1)क ऐसा करना आव& यक ह,ै एतद(cid:15)् ारा िनदश, दते ा ह ै (cid:1)क आवास िव(cid:17) कंपनी
(रा.आ.बक(cid:12) ) िनदश, , 2010 (यहां के बाद मु-य िनदश, के .प म (cid:24) सदं 0भ(cid:27)त), त1क ाल (cid:16)भाव से िन2 नानुसार सशं ोिधत (cid:1)कया
जाएगा, यथा-
1111.... अअअअनननन(cid:11)(cid:11)ुु(cid:11)(cid:11)ुु छछछछ ेेेेदददद 2222 मममम (cid:16)(cid:16) (cid:16)(cid:16)ससससशशशशंंंं ोोोोधधधधनननन
ख4ड (घ) के बाद, म-ु य िनदश, (cid:22) के अनु;छ ेद 2 के उप-अनु;छ ेद (1) म (cid:24)िन2 निलिखत ख4ड को शािमल (cid:1)कया जाएगा-
“(घ क) “एक ही समूह म(cid:24) कंपिनय(cid:22)” का अथ(cid:27) ह ै(cid:1)क िन=िलिखत म(cid:24) से (cid:1)कसी भी संबंध के मा>यम से एक-दसू रे से संबिं धत दो या
दो स े अिधक शािमल इकाईया:ं (i) गौण- मलू , संयु(cid:20) उ@म, सहयोगी, कंपनी अिधिनयम, 2013 के तहत पAरभािषत एक
संबंिधत पC, भारतीय लेखाकं न मानक, (ii) (cid:16)वत(cid:27)क – सूचीबF कंपिनय(cid:22) के िलए पदोGत (जैसा (cid:1)क भारतीय (cid:16)ितभूित और
िविनमय बोड (cid:27)(शेयर और अिधIहण का पया(cid:27)K अजन(cid:27) ) िविनयम, 2011) म(cid:24) (cid:16)दान (cid:1)कया गया ह)ै , (iii) सामाLय Mांड का नाम,
और (iv) 20% और उससे अिधक के इ(cid:1)Oटी शेयर म(cid:24) िनवेश;”
2222.... अअअअनननन(cid:11)(cid:11)ुु(cid:11)(cid:11)ुु छछछछेेेेदददद 33332222 मममम (cid:16)(cid:16)(cid:16)(cid:16)ससससशशशशंंंं ोोोोधधधधनननन
(i) मु-य िनदश, (cid:22) के अनु;छ ेद 32 के उप-अन;ु छ ेद (1) म(cid:24), िन2 निलिखत को शािमल (cid:1)कया जाएगा-
“बशत P (cid:1)क, (cid:1)कसी अLय कंपनी के शेयर म (cid:24) िनवेश पर अिधकतम सीमा राQीय आवास बक(cid:12) (cid:15)ारा िलिखत म,(cid:24) िवशेष .प से
अनमु त माRा तक, बीमा कंपनी क(cid:14) इ(cid:1)Oटी पूंजी म (cid:24)िनवेश के सबं ंध म(cid:24) लागू नहS होगी।
6689 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
इसके अितAर(cid:20) यह (cid:1)दया गया ह ै(cid:1)क उप-अनु;छेद (1) म (cid:24)िनिहत (cid:16)ावधान िन=िलिखत पर लागू नहS ह(cid:22)ग (cid:24)-
(क) आवास िव(cid:17) कंपनी के िन= के शेयर(cid:22) म(cid:24) िनवेश:
(i) इसक(cid:14) सहायक कंपिनय(cid:22) म(cid:24);
(ii) एक ही समूह क(cid:14) कंपिनय(cid:22) म,(cid:24)
िजस सीमा तक इLह (cid:24)िनवल Wवािधकृत िनिध क(cid:14) गणना हते ु Wवािधकृत िनिध स ेकम कर (cid:1)दया गया ह ैऔर
(ख) िडब(cid:24)चस,(cid:27) बॉ4ड, बकाया ऋण और अिIम ((cid:1)कराया खरीद और प[ा िव(cid:17) सिहत) का बही मू(cid:3)य िन= के िलए और उनके
साथ जमा (cid:1)कया गया -
(i) एक आवास िव(cid:17) कंपनी क(cid:14) सहायक कंपिनया;ं और
(ii) एक ही समूह क(cid:14) कंपिनया,ं
िजस सीमा तक इLह (cid:24)िनवल Wवािधकृत िनिध क(cid:14) गणना हते ु Wवािधकृत िनिध स ेकम कर (cid:1)दया गया ह।ै
इसके अितAर(cid:20) यह (cid:1)दया गया ह ै (cid:1)क Aरयल एWटेट िनमाण(cid:27) /खरीद और Aरयल एWटेट गितिविधय(cid:22) क(cid:14) िब](cid:14) म(cid:24) शािमल समहू
कंपिनय(cid:22) हते ु आवास िव(cid:17) कंपनी का ए*सपोजर उप-अनु;छेद (1) म(cid:24) िनिहत ]ेिडट/िनवेश पर लागू अिधकतम सीमा के अधीन
होगा”।
(ii) मु-य िनदश, (cid:22) के अनु;छेद 32 का उप-अनु;छेद (2) िवलोिपत रहगे ा।
(iii) नोट (5) के बाद, िन=िलिखत नोट को शािमल (cid:1)कया जाएगा -
“(6) Wवािधकृत िनिध का अथ(cid:27) इन िनदश, (cid:22) के अनु;छेद 2 के उप-अनु;छेद (1) (फ) के तहत पAरभािषत 'Wवािधकृत िनिध' और
िपछल ेवष(cid:27) 31 माच(cid:27) को (cid:16)कािशत खात(cid:22) के अनसु ार उसक(cid:14) िWथित के संबंध म (cid:24)होगा।
(7) (cid:16)कािशत तुलन-पR ितिथ के बाद पूंजी िनवेश को ए*सपोजर अिधकतम सीमा का िनधार(cid:27) ण करने के िलए >यान म(cid:24) रखा
जा सकता ह ै ले(cid:1)कन आवास िव(cid:17) कंपनी को भिव(cid:9)य क(cid:14) तारीख म(cid:24) पूंजी िनवेश के पूवा(cid:27)नमु ान म(cid:24) अिधकतम सीमा से अिधक
ए*सपोजर नहS लने ा चािहए। एक आवास िव(cid:17) कंपनी पूंजी का संवध(cid:27)न पूरा होन े पर उपरो(cid:20) उ^े&य के िलए उ(cid:20) क(cid:14) गणना
करने से पहल ेराQीय आवास बक(cid:12) को सािं विधक लेखा परीCक का (cid:16)माण पR (cid:16)Wतुत करेगी।
(8) ितमाही लाभ आ(cid:1)द के मा>यम स े पूंजीगत िनिधय(cid:22) के िलए अLय अनुविृ F, ए*सपोजर क(cid:14) अिधकतम सीमा का िनधा(cid:27)रण
करने के उ^े&य हते ु‘Wवािधकृत िनिध’ क(cid:14) गणना करने के िलए मान ेजाने यो_य नहS होगा”।
‘ीराम क(cid:3) याणरामन, (cid:16)बंध िनदशे क एवं मु-य काय(cid:27)पालक अिधकारी
[िवaापन-III/4/असा./193/18]
NATIONAL HOUSING BANK
NOTIFICATION
New Delhi, the 12th July, 2018
Notification No. NHB.HFC.DIR.21/MD&CEO/2018.—In exercise of the powers conferred by
sections 30A and 31 of the National Housing Bank Act, 1987 (53 of 1987) and of all the powers enabling it in
this behalf, the National Housing Bank, having considered it necessary in the public interest, and on being
satisfied that for the purpose of enabling it to regulate the housing finance system of the country to its
advantage, it is necessary so to do, hereby directs that the Housing Finance Companies (NHB) Directions,
2010 (hereinafter referred to as the principal Directions) shall, with immediate effect, be amended in the
following manner, namely –¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
1. Amendment to Paragraph 2
In sub-paragraph (1) of Paragraph 2 of the principal Directions, after clause (d), the following clause shall be
inserted -
“(da) "companies in the same group" shall mean an arrangement involving two or more entities related to each
other through any of the following relationships: (i) Subsidiary - Parent, Joint Venture, Associate, A Related
Party as defined under the Companies Act, 2013, Indian Accounting Standards (Ind AS), (ii) Promoter -
Promotee (as provided in the Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011) for listed companies, (iii) Common Brand Name, and (iv) investment in equity
shares of 20% and above;”
2. Amendment to Paragraph 32
(i) In sub-paragraph (1) of Paragraph 32 of the principal Directions, the following shall be inserted -
“Provided that the ceiling on the investment in shares of another company shall not be applicable in respect of
investment in the equity capital of an insurance company up to the extent specifically permitted, in writing, by
National Housing Bank.
Provided further that nothing contained in sub-paragraph (1) shall apply to-
(a) investments of a housing finance company in shares of
(i) its subsidiaries;
(ii) companies in the same group,
to the extent they have been reduced from owned funds for the calculation of net owned fund and
(b) the book value of debentures, bonds, outstanding loans and advances (including hire-purchase and
lease finance) made to, and deposits with-
(i) subsidiaries of a housing finance company; and
(ii) companies in the same group,
to the extent they have been reduced from owned fund for the calculation of net owned fund.
Provided further that the exposure of a housing finance company to group companies involved in real estate
construction/purchase and sale of real estate activities shall be subject to the ceiling applicable to
credit/investment as contained in sub-paragraph (1).”
(ii) Sub-paragraph (2) of Paragraph 32 of the principal Directions shall stand deleted.
(iii) After note (5), the following Notes shall be inserted -
“(6) Owned fund shall mean 'owned fund' as defined under sub-paragraph (1)(w) of paragraph 2 of these
Directions and with respect to its position as per the published accounts as on March 31st of the previous year.
(7) The infusion of capital, after such published balance sheet date may be taken into account for determining
the exposure ceiling but the housing finance company shall not take exposure in excess of the ceiling in
anticipation of infusion of capital at a future date. The Housing Finance Company shall furnish to the National
Housing Bank, statutory auditor’s certificate on completion of the augmentation of capital before reckoning
the same for above purpose.
(8) Other accretions to capital funds by way of quarterly profits etc., shall not be eligible to be reckoned to
compute 'owned fund' for the purpose of determining the exposure ceiling.”
SRIRAM KALYANARAMAN, Managing Director & Chief Executive Officer
[ADVT.-III/4/Exty./193/18]4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:1)द(cid:3)ल ी, 19 जुलाई, 2018
अअअअििििधधधधससससचचूूचचूू ननननाााा सससस..ंं..ंं रररराााा....आआआआ....बबबबकक(cid:2)(cid:2)कक(cid:2)(cid:2) ....आआआआ....ििििवववव....ककककंंंं....एएएएटटटटीीीीससससीीीी....ििििननननददददशशेेशशेे ....2222////एएएएममममडडडडीीीीएएएएडडडडंंंं ससससीीीीईईईईओओओओ////2222000011118888....————रा(cid:9) (cid:10)ीय आवास बक(cid:12) अिधिनयम,
1987 (1987 का 53) क(cid:14) धारा 30ए और 31 (cid:15)ारा (cid:16)द(cid:17) शि(cid:20)य(cid:22) एवं इस संबंध म(cid:24) साम(cid:26) य(cid:27)कारी सभी शि(cid:20)य(cid:22) का (cid:16)योग
करत े (cid:28)ए, रा(cid:9)(cid:10) ीय आवास बक(cid:12) , इस े साव(cid:27)जिनक िहत म (cid:24) आव& यक समझकर और सतं ु(cid:9) ट होकर (cid:1)क दशे क(cid:14) आवास िव(cid:17) (cid:16)णाली
को लाभाथ(cid:27) िविनयिमत करने म (cid:24) सश*त होन े के (cid:16)योजनाथ(cid:27) ऐसा करना आव& यक ह,ै एतद(cid:15)् ारा िनदशे करता ह ै (cid:1)क आवास
िव(cid:17) कंपिनया ं – िनयंRण के अिभIहण या हWतांतरण क(cid:14) मंजूरी (रा(cid:9) (cid:10)ीय आवास बक(cid:12) ) िनदशे , 2016 त1क ाल (cid:16)भाव स े
िन2न ानुसार सशं ोिधत (cid:1)कया जाएगा, यथा:
((((iiii)))) अअअअननननु(cid:11)ु(cid:11)ु(cid:11)ु(cid:11)छछछछेेेेदददद 3333 मममम (cid:16)(cid:16) (cid:16)(cid:16)ससससशशशशंंंं ोोोोधधधधनननन
आवास िव(cid:17) कंपिनयां – िनयंRण के अिभIहण या हWतांतरण क(cid:14) मंजूरी (रा(cid:9) (cid:10)ीय आवास बक(cid:12) ) िनदशे , 2016 के अन;ु छेद 3 के
ख4ड (i) का मद (ख) इस (cid:16)कार (cid:16)ितWथािपत (cid:1)कया जाएगा –
(ख) साव(cid:27)जिनक जमाए ं Wवीकार/ धाAरत करन े वाली एक आ.िव.कं.क(cid:14) शेयरधाAरता म (cid:24) कोई बदलाव, समय के साथ (cid:16)गामी
वृिF सिहत, िजसके पAरणामWव.प एक िवदशे ी िनवेशक (cid:15)ारा/को आ.िव.कं. क(cid:14) (cid:16)द(cid:17) इ(cid:1)Oटी पूंजी का 10 (cid:16)ितशत या bयादा
का अिभIहण/ हWतांतरण होगा
या
एक आ.िव.कं.क(cid:14) शेयरधाAरता म(cid:24) कोई बदलाव, समय के साथ (cid:16)गामी विृ F सिहत, िजसके पAरणामWव.प आ.िव.कं. क(cid:14) (cid:16)द(cid:17)
इ(cid:1)Oटी पूंजी के 26 (cid:16)ितशत या bयादा क(cid:14) शेयरधाAरता का अिभIहण/ हWतातं रण होगा।
बशत, (cid:1)क, उस मामल े म (cid:24) पूव (cid:27) अनमु ोदन आव&यक नहS होगा जब कोई शेयरधाAरता, पूंजी म (cid:24) कमी/शेयर क(cid:14) वापसी-खरीद के
कारण 10 (cid:16)ितशत से अिधक या 26 (cid:16)ितशत हो, (cid:16)योbय अनसु ार, जहां उसके पास सCम Lयायालय का अनमु ोदन हो।
हाला(cid:1)ं क, ऐसी घटना के घAटत होने क(cid:14) ितिथ स े कम स े कम एक महीने के भीतर राQीय आवास ब(cid:12)क को उ(cid:20) जानकारी स े
सूिचत (cid:1)कया जाना आव&यक ह;ै
((((iiiiiiii)))) अअअअनननन(cid:11)(cid:11)ुु(cid:11)(cid:11)ुु छछछछेेेेदददद 5555 मममम (cid:16)(cid:16)(cid:16)(cid:16)ससससशशशशंंंं ोोोोधधधधनननन
आवास िव(cid:17) कंपिनया ं– िनयंRण के अिभIहण या हWतातं रण क(cid:14) मंजूरी (रा(cid:9) (cid:10)ीय आवास ब(cid:12)क) िनदशे , 2016 के अनु;छेद 5 म,(cid:24)
आिखर म(cid:24) िन=िलिखत को शािमल (cid:1)कया जाएगा –
बशत, (cid:1)क इस अनु;छेद म(cid:24) िनिहत (cid:16)ावधान उस मामले म(cid:24) लाग ू नहS ह(cid:22)ग(cid:24) जब साव(cid:27)जिनक जमाएं Wवीकार/धाAरत करन े वाली
एक आ.िव.कं.क(cid:14) शेयरधाAरता म (cid:24) कोई बदलाव, समय के साथ (cid:16)गामी विृ F सिहत, िजसके पAरणामWव.प एक िवदशे ी
िनवेशक (cid:15)ारा/को आ.िव.कं. क(cid:14) (cid:16)द(cid:17) इ(cid:1)Oटी पूंजी का 10 (cid:16)ितशत से bयादा और 26 (cid:16)ितशत से कम का अिभIहण/
हWतांतरण होगा।
‘ीराम क(cid:3) याणरामन, (cid:16)बंध िनदशे क एवं मु-य काय(cid:27)पालक अिधकारी
[िवaापन-III/4/असा./193/18]
NOTIFICATION
New Delhi, the 19th July, 2018
Notification No. NHB.HFC.ATC.DIR.2/MD&CEO/2018.—In exercise of the powers conferred by
sections 30A and 31 of the National Housing Bank Act, 1987 (53 of 1987) and of all the powers enabling it in
this behalf, the National Housing Bank, having considered it necessary in the public interest, and on being
satisfied that for the purpose of enabling it to regulate the housing finance system of the country to its
advantage, it is necessary so to do, hereby directs that the Housing Finance Companies– Approval of
Acquisition or Transfer of Control (National Housing Bank) Directions, 2016 shall, with immediate effect, be
amended in the following manner, namely –¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 5
(i) Amendment to Paragraph 3
Item (b) of clause (i) of Paragraph 3 of the Housing Finance Companies – Approval of Acquisition or Transfer
of Control (National Housing Bank) Directions, 2016, shall be substituted as under -
(b) any change in the shareholding of an HFC accepting/holding public deposits, including progressive
increases over time, which would result in acquisition / transfer of shareholding of 10 percent or more of the
paid up equity capital of the HFC by/to a foreign investor
or
any change in the shareholding of an HFC, including progressive increases over time, which would result in
acquisition / transfer of shareholding of 26 per cent or more of the paid up equity capital of the HFC.
Provided that, prior approval would not be required in case of any shareholding going beyond 10% or 26%, as
applicable, due to buyback of shares/reduction in capital where it has approval of a competent Court.
However, the same is to be reported to the National Housing Bank not later than one month from the date of
its occurrence;
(ii) Amendment to Paragraph 5
In paragraph 5 of the Housing Finance Companies – Approval of Acquisition or Transfer of Control (National
Housing Bank) Directions, 2016, the following shall be inserted at the end –
Provided that nothing contained in this paragraph shall apply in case of any change in shareholding of an
HFC accepting/holding public deposits, including progressive increases over time, which would result in
acquisition/transfer of shareholding of 10 per cent or more and less than 26% of the paid up equity capital of
the HFC by/to a foreign investor.
SRIRAM KALYANARAMAN, Managing Director & Chief Executive Officer
[ADVT.-III/4/Exty./193/18]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.