Reserve Bank Cancels Certificate of Registration of Sri Selvanarayana Finance Limited, Chennai
Case Brief
On October 23, 2004, the Reserve Bank of India cancelled the Certificate of Registration granted to Sri Selvanarayana Finance Ltd. for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Sri Selvanarayana Finance Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had been registered for carrying on the business of a non-banking financial institution, and following cancellation it cannot transact that business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a full licence cancellation, which the rubric assigns severity 5.
Sri Selvanarayana Finance Ltd. is barred from conducting NBFC business going forward. This directly affects the company’s ability to operate as a non-banking financial institution and removes its regulatory permission to carry on that business.
Published as Sri Selvanarayana Finance Ltd.
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