Large NBFCs Holding Public Deposits Must Be Compulsorily Listed on Stock Exchanges

Systemically important NBFCs that hold public deposits or pose contagion risk should be mandatorily listed to ensure transparency, public accountability, and regulatory oversight.

Nyaya Host · Intro

Aaj ka motion yeh hai: 'Large NBFCs Holding Public Deposits Must Be Compulsorily Listed on Stock Exchanges' — yani kya un bade Non-Banking Financial Companies ko, jo public ka paisa deposits ke roop mein rakhti hain, stock exchanges par compulsory listing karni chahiye, taaki transparency aur accountability sunishchit ho sake. Yeh ek bahut hi mahatvapurna financial governance ka sawaal hai, aur main chahti hoon ki dono paksh is par apne tarkik vichar rakhein. Toh pehle, Counsel Aarav, aap apna paksh rakhiye — aur Court ki parampara ka palan karte hue apni daleelein pesh kariye.

Aarav Paksh · For

My Lord, main yeh submit karna chahta hoon ki jab ek large NBFC crores rupaye ka public deposit leti hai — aam nagrik ka paisa — to us paisa ka hisaab sirf RBI ki quarterly filings mein band rehna kaafi nahi hai; usse stock exchange ki roshni mein laana compulsory hona chahiye. SEBI LODR Regulations 2015, Regulation 49 ke tahat listed entities ko non-convertible securities par bhi continuous disclosure obligations follow karni padti hain, jo yeh confirm karta hai ki jab public ka paisa daav par hota hai, tab transparency ek legal zaroorat hai, na sirf ek policy suggestion. Aur RBI Scale Based Regulation Directions 2025 ke Section 4(i) ke tahat NBFC-D entitiyan RBI Act 1934 ke under registered hain aur Public Deposits Directions ke puri tarah bound hain — iska seedha matlab hai ki yeh large deposit-taking NBFCs already ek heightened regulatory category mein hain, aur compulsory listing us heightened accountability ka swabhavik agla kadam hai.

Ref: SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 · Section 49; RBI (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 · Section 4

Bina Vipaksh · Against

My lord, main Bina, vipaksh ki taraf se yeh kehna chahti hoon ki compulsory listing ka yeh proposal ek fundamentally flawed idea hai — kyunki RBI ki Scale Based Regulation framework ne pehle se hi NBFC-D aur NBFC-ML ke liye tiered regulatory structure banaya hua hai, jisme public deposit lene wale NBFCs ke liye alag, specific obligations hain. SEBI (LODR) Regulations, 2015 ke under listing ek capital-market mechanism hai — yeh depositor protection ka substitute nahi ban sakta. Paksh yeh nahi bata paya ki existing RBI framework mein aisi kya gap hai jo sirf compulsory listing se bhari ja sakti hai — aur main samajhti hoon ki yeh gap exist hi nahi karti.

Ref: RBI (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 · Section 4; SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 · Section 91B

Aarav Paksh · Rebuttal

My Lord, vipaksh yeh keh raha hai ki listing se operational burden badh jaata hai — lekin main yeh submit karta hoon ki jo NBFC public deposits le raha hai, yani common logon ka paisa haath mein hai, uske liye public disclosure aur market scrutiny ek zimmedari hai, burden nahi. A4 ke under, RBI ke 2025 Directions ne NBFC-D ko ek alag regulatory category mein rakha hai aur unhe Public Deposit Directions ke under bind kiya hai — to jab regulation itna alag hai, to accountability ka standard bhi alag hona chahiye. Compulsory listing ka seedha matlab hai ki quarterly disclosures, audit committees aur SEBI LODR ka full regime — jo depositors ke liye ek real-time safety net hai — aur yahi is motion ki core demand hai.

Ref: RBI (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 · Section 4

Bina Vipaksh · Rebuttal

My Lord, paksh ne transparency ki baat ki — lekin main karti hoon ki existing framework pehle se yeh kaam kar raha hai. SEBI LODR Regulations 2015 ka Section 49 clearly kehta hai ki listed entity jo non-convertible securities list karti hai, uske liye disclosure obligations laagu hote hain — yani compulsory equity listing ke bina bhi public accountability ka mechanism maujood hai. Aur RBI Directions 2025 ka Section 65A jo entities ko 'no public funds, no customer interface' ke basis par exempt karti hai — woh proof hai ki regulator ne already ek nuanced, calibrated approach adopt ki hai, blanket compulsory listing ki jagah. Toh My Lord, yeh motion ek sledgehammer solution hai ek surgical problem ke liye — jo existing regulatory architecture ko disrupt karegi bina kisi real public protection ke.

Nyaya Host · Suggestion

Ek taraf ka kehna tha ki large deposit-taking NBFCs — jo public ka paisa rakhte hain — unhe compulsory listing se transparency aur accountability milegi, aur depositors ka hit surakshit hoga; doosri taraf ka kehna tha ki existing RBI Scale-Based Regulation framework, jisme NBFC-D aur NBFC-ML categories pehle se defined hain (Sections 4 aur 16), kaafi hai, aur mandatory listing ek additional compliance burden banega jo chhote NBFCs ko public deposits se door kar dega. Meri balanced legal suggestion yeh hai: RBI ke Scale-Based Regulation Directions, 2025 ke Section 4 ke tahat NBFC-D ka regulatory dhaancha mazboot karte hue, ek voluntary-to-mandatory listing pathway consider kiya jaaye — jaise ki ek defined asset threshold par listing compulsory ho — taaki public deposit holders ka hit bhi surakshit rahe aur NBFC sector ka vikas bhi na ruke. Ab main aap sabse — hamare nagarikon se — anurodh karti hoon ki aap is debate ko rate karein aur apni raaye zaroor share karein.

Ref: RBI (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 · Section 4; RBI (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 · Section 16