Reserve Bank Cancels Certificate of Registration of M/s. CHPL Finance Limited, Secunderabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to M/s. CHPL Finance Limited, Secunderabad, with effect from October 18, 2004. The order was passed under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company. As a result, the company is no longer permitted to operate as a non-banking financial institution under that registration.
The Reserve Bank of India cancelled the certificate of registration issued to M/s. CHPL Finance Limited, Secunderabad on October 18, 2004. The release states that the cancellation was for carrying on the business of a non-banking financial institution, and cites Section 45IA of the Reserve Bank of India Act, 1934 as the statutory basis for RBI’s power to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 licensing action because it stops the NBFC from operating as a regulated non-banking financial institution.
M/s. CHPL Finance Limited, Secunderabad loses its RBI registration to conduct NBFC business. The company must stop operating as a regulated non-banking financial institution, and counterparties and customers should no longer rely on its NBFC status for new business or regulated activities.
Published as M/s. CHPL Finance Limited, Secunderabad
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