Reserve Bank Cancels Certificate of Registration of M/s. Kabsons Finance Limited, Hyderabad
Case Brief
On September 8, 2004, the Reserve Bank of India cancelled the certificate of registration granted to M/s. Kabsons Finance Limited, whose registered office is in Ameerpet, Hyderabad. The action was taken under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC/non-banking financial institution. As a result, the company cannot carry on or transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Kabsons Finance Limited, Hyderabad, under Section 45IA of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and after cancellation it cannot transact that business.
Severity Assessment
Cancellation of a certificate of registration is a full licence cancellation, which is severity 5.
Kabsons Finance Limited must stop conducting non-banking financial institution business immediately. Customers and counterparties can no longer rely on it to operate as an NBFC, and any further such activity would be outside the scope of its cancelled registration.
Published as M/s. Kabsons Finance Limited
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