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The non-bank financial institutions referred to in subsection (2) are declared to be prudentially regulated non-bank financial institutions, and accordingly the provisions of section 50 and prudential rules made there under shall have effect in relation to such prudentially regulated
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The Non-Bank Financial Institutions Regulatory Authority Act 2006 established the Non-bank Financial Institutions Regulatory Authority (NBFIRA), after the endorsement (by Government) of the Carmichael Consulting Report, which recommended the setup of a single independent Non-Bank Financial Institutions (NBFI) regulator.
The Act grants NBFIRA the mandate to regulate and enforce compliance within the NBFI sector in order