Reserve Bank Cancels Certificate of Registration of Investment Trust of India Limited, Chennai
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Investment Trust of India Limited, Chennai, on 7 May 2004. RBI said the company had opted to exit from the business of a non-banking financial institution. The cancellation was made under Section 45IA(6) of the RBI Act, 1934, which allows RBI to cancel the registration certificate of an NBFC. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration issued to Investment Trust of India Limited, Chennai, on 7 May 2004. The release states that the company had opted to exit from the business of a non-banking financial institution. The cancellation was issued under Section 45IA(6) of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a severity-5 action because it removes the entity’s ability to operate as a non-banking financial institution.
Investment Trust of India Limited is no longer permitted to carry on NBFC business. The restriction affects the company directly and means it must cease NBFC operations after the cancellation takes effect. There is no monetary penalty mentioned.
Published as Investment Trust of India Limited
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