Reserve Bank Cancels Certificate of Registration of Mont Blanc Financial Services Limited, Chennai
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Mont Blanc Financial Services Limited, whose registered office was in Chennai, on July 14, 2004. The cancellation was issued under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration of a non-banking financial company. This prevents the company from carrying on the regulated non-banking financial institution business.
On July 14, 2004, the Reserve Bank of India cancelled the certificate of registration issued to Mont Blanc Financial Services Limited, Chennai, under Section 45IA of the Reserve Bank of India Act, 1934. The release states that RBI has the power to cancel the registration certificate of a non-banking financial company carrying on the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a full licence cancellation, which carries severity 5.
Mont Blanc Financial Services Limited can no longer operate as a registered non-banking financial company. The company must stop the regulated NBFC business, and counterparties relying on its registration would be affected; the action is effective from July 14, 2004.
Published as Mont Blanc Financial Services Limited
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