RBI rolls out Ind-AS criteria to NBFCs, ARCs
Mumbai: To begin with, on Friday, the RBI rolls out its regulatory guidelines for implementation of Ind-AS (Indian Accounting Standards). So then, the non-banking financial companies (NBFCs) and asset reconstruction companies (ARCS) to prepare their financial results.
Besides, the guidelines, which stood to focus on promoting high quality and consistent implementation of Ind-AS. As well as facilitate comparison and better supervision would remain applicable to NBFCs and ARCs. So then, this would let them prepare the financial results from FY20 onwards.
However, the guidelines mandate NBFCs/ARCs to put in place board-approved policies that articulate. And also document their business models and portfolios. Moreover, the NBFCs/ARCs shall frame their policy for sales out of amortized cost business model portfolios. And also disclose the same in their notes to financial statements.
Besides, the stock market traded with the bearish trend yesterday, on March 13th. The Sensex traded with a loss of 2,919.26 points reached 32,778.14 level with 8.18% down. Whereas Nifty traded with a loss of 868.25 points reached 9,590.15 level with 8.30% down.
In the border market the S&P BSE Midcap traded with a loss of 1,052.78 points reached 12,380.36 level with 7.84% down. Whereas S&P BSE SmallCap traded with a loss of 1,110.26 points reached 11,614.89 level with 8.72% down. At the same time, Nifty Bank traded with a loss of 2,516.65 points reached 23,971.15 with 9.50% down.