Section 45IA(2) in The Reserve Bank of India Act, 1934
(2)Every non-banking financial company shall make an application for registration to the Bank in such form as the Bank may specify:Provided that a non-banking financial company in existence on the commencement of the Reserve Bank of India (Amendment) Act, 1997 shall make an application for registration to the Bank before the expiry of six months from such commencement and notwithstanding anything contained in sub-section (1) may continue to carry on the business of a non-banking financial institution until a certificate of registration is issued to it or rejection of application for registration is communicated to it.
