No. NHB.HFC. REGI. 1/CMD/2002-

In exercise of the powers conferred by clause (b) of sub-section (1) of section 29A of the National Housing Bank Act, 1987 (53 of 1987) the National Housing Bank hereby specifies the minimum net owned fund to be two hundred lakhs of rupees for a housing finance institution which is a company which commences the business of a housing finance institution on or after the date of publication of this notification in the Official Gazette.

Provided that the specification of higher net owned fund shall not be applicable to a company whose application for certificate of registration under Section 29A of the said Act is submitted to the National Housing Bank before the date of publication of this notification in the Official Gazette.

Sd/-

SHEKHAR AGARWAL

Chairman and Managing Director

* Published in Gazette of India on February 16, 2002