{"what_this_is":"The machine-readable twin of the BankPulse page for one RBI rulebook. Same points, same dates, same paragraph references as the page a person reads. RBI's own wording is not reproduced here: each point names the RBI paragraph, the character offset into the text BankPulse read and the sha256 of that text, so the claim can be checked against RBI's own document.","schema_version":1,"release_id":"d653cdb0a5","generated_at":"2026-09-15T00:33:59.117975+00:00","id":"md12937","title":"Reserve Bank of India (Core Investment Companies) Directions, 2025 (Updated as on March 10, 2026)","document_kind":"Directions","page":"https://bankpulse.ai/rule/md12937","status":"In force","importance":{"code":"MR","label":"MUST READ","weight":"Must read","why":"Binding instrument, class not named: applies broadly","layer":"bankpulse_inference"},"applies_to":{"shown":"Core investment companies","class_code":"ALL","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md12937","mode":"four_dates_v1","published":{"label":"Published","value":"Nov 28, 2025","stated":true,"why":"The day RBI put this document out."},"effective":{"label":"Starts to apply","value":"","stated":false,"why":"Not stated separately in this document. Read the rule itself before you assume a start date."},"transition":{"label":"Time to get ready","value":"","stated":false,"why":"Cannot be worked out until the day it starts to apply is known."},"deadline":{"label":"Last date to act","value":"","stated":false,"why":"No date to act by was found in this document. Other dates may sit inside single paragraphs."},"sources":{"published":"doc_date in data/highlights/md12937.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12937","document_date":"Nov 28, 2025","read_by_bankpulse":"2026-08-21 16:20:58 UTC","text_sha256":"0042c251862575503a7e675e8345aaba4b87886b66c0e1ae177542028ecc0591","word_count":7915,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":31,"points_naming_an_rbi_paragraph":31,"points_stored":31,"actions":0,"amendments":1},"points":[{"n":1,"claim":"md12937-0e23a743","page_group":"Chapter I. Preliminary","stored_section":"KEY DATES","heading":"Starts once posted online","plain_english":"These rules started the day RBI posted them on its own website.","rbi_paragraph":"Para 2","rbi_char_offset":3288,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p1","layer":"bankpulse"},{"n":2,"claim":"md12937-cae59631","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"The 90 percent group test","plain_english":"A CIC must hold at least 90 percent of its net assets in group company investments.","rbi_paragraph":"Para 3(1)","rbi_char_offset":3772,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p2","layer":"bankpulse"},{"n":3,"claim":"md12937-0e1b9f0a","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"Or 60 percent as equity","plain_english":"At least 60 percent of net assets must sit in group equity or InvIT units as sponsor.","rbi_paragraph":"Para 3(2)","rbi_char_offset":4111,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p3","layer":"bankpulse"},{"n":4,"claim":"md12937-ae7515cf","page_group":"Chapter I. Preliminary","stored_section":"NOT ALLOWED","heading":"No trading, only block sale","plain_english":"It may not trade its group investments, except a block sale to exit them.","rbi_paragraph":"Para 3(3)","rbi_char_offset":4602,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p4","layer":"bankpulse"},{"n":5,"claim":"md12937-8c905c7e","page_group":"Chapter I. Preliminary","stored_section":"WHO IT APPLIES TO","heading":"What counts as a CIC","plain_english":"RBI defines a CIC as a company with at least 100 crore rupees in total assets.","rbi_paragraph":"Para 11(7)","rbi_char_offset":13698,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p5","layer":"bankpulse"},{"n":1,"claim":"md12937-1020bd57","page_group":"Chapter II. Role of Board of Directors and Registration","stored_section":"GOVERNANCE","heading":"Board must set investment policy","plain_english":"The CIC board must approve its own investment policy.","rbi_paragraph":"Para 13","rbi_char_offset":20146,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p6","layer":"bankpulse"},{"n":2,"claim":"md12937-1e893eee","page_group":"Chapter II. Role of Board of Directors and Registration","stored_section":"LIMITS AND NUMBERS","heading":"Must register despite old advice","plain_english":"A CIC must apply for registration even if RBI once advised otherwise.","rbi_paragraph":"Para 14","rbi_char_offset":20794,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p7","layer":"bankpulse"},{"n":3,"claim":"md12937-5b26a3a7","page_group":"Chapter II. Role of Board of Directors and Registration","stored_section":"LIMITS AND NUMBERS","heading":"Apply within three months","plain_english":"A CIC must apply for registration within three months of becoming one.","rbi_paragraph":"Para 15","rbi_char_offset":20979,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p8","layer":"bankpulse"},{"n":4,"claim":"md12937-91c34ad1","page_group":"Chapter II. Role of Board of Directors and Registration","stored_section":"LIMITS AND NUMBERS","heading":"Above 100 crore needs registering","plain_english":"Above 100 crore in assets, taking public funds without registering breaks these rules.","rbi_paragraph":"Para 17","rbi_char_offset":21939,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p9","layer":"bankpulse"},{"n":5,"claim":"md12937-92e23cdd","page_group":"Chapter II. Role of Board of Directors and Registration","stored_section":"LIMITS AND NUMBERS","heading":"Only two layers per group","plain_english":"A group's CICs may have only two layers, counting the parent.","rbi_paragraph":"Para 19","rbi_char_offset":23770,"weight":"MUST KNOW","role":"Company","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p10","layer":"bankpulse"},{"n":6,"claim":"md12937-7fa12645","page_group":"Chapter II. Role of Board of Directors and Registration","stored_section":"NOT ALLOWED","heading":"No third layer of CICs","plain_english":"A second-layer CIC that cross-holds another CIC creates a banned third layer.","rbi_paragraph":"Para 19","rbi_char_offset":24540,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p11","layer":"bankpulse"},{"n":1,"claim":"md12937-839fae6f","page_group":"Chapter III. Capital Requirements","stored_section":"CAPITAL","heading":"30 percent net worth rule","plain_english":"Adjusted net worth must stay at least 30 percent of risk-weighted assets.","rbi_paragraph":"Para 20","rbi_char_offset":24913,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"So a CIC with 100 crore in risk-weighted assets needs at least 30 crore in adjusted net worth.","anchor":"https://bankpulse.ai/rule/md12937#p12","layer":"bankpulse"},{"n":2,"claim":"md12937-dcafbbe7","page_group":"Chapter III. Capital Requirements","stored_section":"CAPITAL","heading":"Leverage ratio: 2.5 times","plain_english":"Outside liabilities may never exceed 2.5 times adjusted net worth.","rbi_paragraph":"Para 23","rbi_char_offset":29359,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":"So a CIC with 40 crore in adjusted net worth works out to 100 crore in outside liabilities, using RBI's 2.5 times rule.","anchor":"https://bankpulse.ai/rule/md12937#p13","layer":"bankpulse"},{"n":3,"claim":"md12937-c12cc0d3","page_group":"Chapter III. Capital Requirements","stored_section":"CAPITAL","heading":"Judges its own capital need","plain_english":"A CIC must judge for itself how much capital its own risks need.","rbi_paragraph":"Para 24","rbi_char_offset":29604,"weight":"BACKGROUND","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p14","layer":"bankpulse"},{"n":1,"claim":"md12937-bce1b642","page_group":"Chapter VI. Corporate Governance and Disclosure requirements","stored_section":"GOVERNANCE","heading":"Fit and proper policy needed","plain_english":"A CIC must have a board-approved policy to vet its directors.","rbi_paragraph":"Para 58(1)","rbi_char_offset":38251,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p15","layer":"bankpulse"},{"n":2,"claim":"md12937-3d5097b3","page_group":"Chapter VI. Corporate Governance and Disclosure requirements","stored_section":"GOVERNANCE","heading":"Quarterly fitness filing to RBI","plain_english":"A CIC must send RBI a quarterly statement on director fitness.","rbi_paragraph":"Para 58(2)","rbi_char_offset":38576,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p16","layer":"bankpulse"},{"n":1,"claim":"md12937-9fb6791f","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"Must appoint a risk officer","plain_english":"Every CIC must appoint its own Chief Risk Officer.","rbi_paragraph":"Para 67","rbi_char_offset":41212,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p17","layer":"bankpulse"},{"n":2,"claim":"md12937-76f02481","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"Needs its own risk committee","plain_english":"A CIC must also set up its own Risk Management Committee.","rbi_paragraph":"Para 68","rbi_char_offset":41416,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p18","layer":"bankpulse"},{"n":3,"claim":"md12937-15592b32","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"Group risk committee required","plain_english":"The lead CIC in a group must set up a Group Risk Management Committee.","rbi_paragraph":"Para 69","rbi_char_offset":41644,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p19","layer":"bankpulse"},{"n":4,"claim":"md12937-7b21a2a4","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"Meets once a quarter","plain_english":"The group risk committee must meet at least once a quarter.","rbi_paragraph":"Para 69","rbi_char_offset":41838,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p20","layer":"bankpulse"},{"n":5,"claim":"md12937-8a244813","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"At least five GRMC members","plain_english":"The group risk committee needs a minimum of five members.","rbi_paragraph":"Para 69(1)","rbi_char_offset":41985,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p21","layer":"bankpulse"},{"n":6,"claim":"md12937-ecd0c6c8","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"Two of them independent","plain_english":"At least two committee members must be independent directors.","rbi_paragraph":"Para 69(2)","rbi_char_offset":42067,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p22","layer":"bankpulse"},{"n":7,"claim":"md12937-15732b0b","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"Flags conflicts inside the group","plain_english":"The group risk committee must flag conflicts of interest inside the group.","rbi_paragraph":"Para 70(2)","rbi_char_offset":42591,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p23","layer":"bankpulse"},{"n":8,"claim":"md12937-2958b917","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"Watches the group's leverage","plain_english":"The committee must track and watch the whole group's leverage.","rbi_paragraph":"Para 70(6)","rbi_char_offset":42979,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p24","layer":"bankpulse"},{"n":9,"claim":"md12937-843aaf97","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"Risk officer acts on findings","plain_english":"The Chief Risk Officer must act on the committee's own findings.","rbi_paragraph":"Para 71","rbi_char_offset":43154,"weight":"MUST KNOW","role":"Board","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p25","layer":"bankpulse"},{"n":10,"claim":"md12937-fbb0b574","page_group":"Chapter VII. Risk Management","stored_section":"GOVERNANCE","heading":"Quarterly deviation report to board","plain_english":"A CIC must give its board a quarterly statement on how it used raised funds.","rbi_paragraph":"Para 72","rbi_char_offset":43271,"weight":"MUST KNOW","role":"Finance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p26","layer":"bankpulse"},{"n":1,"claim":"md12937-d3dee57f","page_group":"Chapter VIII. Overseas Investment","stored_section":"NOT ALLOWED","heading":"No overseas branches, normally","plain_english":"A CIC is not normally allowed to open branches abroad.","rbi_paragraph":"Para 75","rbi_char_offset":44096,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p27","layer":"bankpulse"},{"n":1,"claim":"md12937-1f001e30","page_group":"Chapter XI. Repeal and Other Provisions","stored_section":"IMPACT","heading":"RBI's own reading is final","plain_english":"If a doubt comes up, RBI's own reading of these Directions is final.","rbi_paragraph":"Para 94","rbi_char_offset":51094,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p28","layer":"bankpulse"},{"n":2,"claim":"md12937-3e4af196","page_group":"Chapter XI. Repeal and Other Provisions","stored_section":"IMPACT","heading":"Old CIC rules stand repealed","plain_english":"This rulebook replaces every earlier Core Investment Company direction and guideline.","rbi_paragraph":"Para 91","rbi_char_offset":49185,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p29","layer":"bankpulse"},{"n":3,"claim":"md12937-ad7b67e0","page_group":"Chapter XI. Repeal and Other Provisions","stored_section":"IMPACT","heading":"Old rights and cases continue","plain_english":"Rights, penalties and legal cases begun before the repeal are not wiped out.","rbi_paragraph":"Para 92","rbi_char_offset":49852,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p30","layer":"bankpulse"},{"n":4,"claim":"md12937-9d276afe","page_group":"Chapter XI. Repeal and Other Provisions","stored_section":"IMPACT","heading":"Other laws still apply","plain_english":"These Directions add to other laws and do not replace them.","rbi_paragraph":"Para 93","rbi_char_offset":50587,"weight":"BACKGROUND","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md12937#p31","layer":"bankpulse"}],"actions":[],"amendments":[{"id":"nt13314","title":"Reserve Bank of India (Core Investment Companies) Amendment Directions, 2026","date":"Mar 10, 2026","rbi_url":"https://rbi.org.in/Scripts/NotificationUser.aspx?Id=13314&Mode=0","order":1,"layer":"rbi_source"}],"layers":{"rbi_source":"Facts taken from RBI's own document.","bankpulse":"BankPulse's plain-English summary of RBI's document.","bankpulse_inference":"BankPulse's own inference, not stated by RBI."},"rbi_wording_not_included":"By design. BankPulse never republishes RBI's exact sentences. Use rbi_paragraph with rbi_source.url to read RBI's own words.","terms":"BankPulse's plain-English summaries are BankPulse's own work. The underlying regulation is the Reserve Bank of India's. Always check the RBI document named in rbi_source before acting."}