The definition of financial services as defined in Sec. 3(16) of the Code is not limited to the 9 activities as shown at Clause (a) to (i) of Sec. 3(16)- Housing Development Finance Corporation Ltd Vs. RHC Holding Pvt. Ltd-NCLAT
The definition of “financial service” if read with definition of “financial service provider”, it is clear that it is not necessary that the “financial service providers” must accept the deposits. If any of the activity as defined in Section 3(16) of the Code such as safeguarding and administering assets consisting of financial products belonging to another person, or agreeing to do so; effecting contracts of insurance; Offering, managing or agreeing to manage assets consisting of financial products belonging to another person; rendering or agreeing, for consideration, to render advice on or soliciting for the purposes of- buying, selling or subscribing to, a financial product; availing a financial service etc., they also come within the definition of “financial service provider”.
