A Revised Regulatory Framework for NBFCs’ was issued vide Circular dated October 22, 2021. As indicated therein, NBFCs in the Upper Layer (NBFC-UL) and Middle Layer (NBFC-ML) would be required, inter alia, to have an independent Compliance Function and a Chief Compliance Officer.
RBI vide its Circular dated, April 11, 2022, set the “Framework for Compliance Function and Role of Chief Compliance Officer in Non-Banking Financial Companies in Upper Layer and Middle Layer”