Reserve Bank Cancels Certificate of Registration of M/s Interactive Financial Services Limited, Ahmedabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Interactive Financial Services Limited, Ahmedabad, on December 7, 2004. The cancellation was issued under Section 45-IA of the Reserve Bank of India Act, 1934, for carrying on the business of a non-banking financial institution. As a result, the company cannot transact the business of a non-banking financial institution.
On December 7, 2004, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s Interactive Financial Services Limited, Ahmedabad, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA of the Reserve Bank of India Act, 1934 as the statutory basis and states that, following cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licensing action and is rated severity 5 under the rubric.
The company must stop NBFC activity and cannot continue as a non-banking financial institution after the cancellation. This directly affects the entity’s ability to conduct regulated lending/financial business and may impact customers or counterparties dealing with it in that capacity.
Published as M/s Interactive Financial Services Limited, Ahmedabad
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