Section 14(7) in The Companies (Prospectus and Allotment of Securities) Rules, 2014
(7)The provisions of sub-rule (2) shall not be applicable to -(a)non-banking financial companies which are registered with the Reserve Bank of India under the Reserve Bank of India Act, 1934 (2 of 1934); and(b)housing finance companies which are registered with the National Housing Bank under the National Housing Bank Act, 1987 (53 of 1987),if they are complying with regulations made by the Reserve Bank of India or the National Housing Bank in respect of offer or invitation to be issued on private placement basis:Provided that such companies shall comply with sub-rule (2) in case the Reserve Bank of India or the National Housing Bank have not specified similar regulations.
