Explanation:

Over last some years, RBI has carved out some specialized NBFCs like Core Investment Companies (CICs), NBFC- Infrastructure Finance Companies (IFCs), Infrastructure Debt Fund- NBFCs, NBFC-MFIs and NBFC- Factors being the most recent one. The Systematically Important Core Investment Company (CIC-ND-SI) is a financial company that is principally engaged in the business of acquisition of shares and securities. A CIC-ND-SI is a Non- Banking Financial Company (only some conditions are mentioned here) with asset size of Rs 100 crore and above carrying on the business of acquisition of shares and securities and which satisfies the following conditions as on the date of the last audited balance sheet: - it holds not less than 90% of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies; it accepts public funds. Thus, all these conditions must be met by any non-banking finance company to trade in shares and securities business. Due to systemic implications on account of access to public funds (such as funds raised through Commercial Paper, debentures, inter-corporate deposits and borrowings from banks/FIs), CICs having asset size of 100 crore or above are categorized as Systemically Important Core Investment Companies (CICs-ND-SI) and are required to obtain Certificate of Registration from the Reserve Bank.