Section 2(2) in The Companies (Restriction on number of layers) Rules, 2017
(2)The provisions of this rule shall not apply to the following classes of companies, namely:-(a)a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);(b)a non-banking financial company as defined in clause (f) of Section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) which is registered with the Reserve Bank of India and considered as systematically important non-banking financial company by the Reserve Bank of India;(c)an insurance company being a company which carries on the business of insurance in accordance with provisions of the Insurance Act, 1938 (4 of 1938) and the Insurance Regulatory Development Authority Act, 1999 (41 of 1999);(d)a Government company referred to in clause (45) of section 2 of the Act.
