Reserve Bank Cancels Certificate of Registration of M/s. Sandeep Traders and Investments Ltd., Ahmedabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Sandeep Traders and Investments Limited, Ahmedabad, on December 22, 2004. The release states that the entity had been issued the certificate to carry on the business of a non-banking financial institution and cites Section 45IA of the RBI Act, 1934 as the basis for RBI’s authority to cancel such registration certificates.
The Reserve Bank of India cancelled the Certificate of Registration issued to M/s Sandeep Traders and Investments Limited, Ahmedabad, for carrying on the business of a non-banking financial institution. The release 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 full licence cancellation, which carries severity 5 regardless of the absence of a monetary penalty.
The company can no longer carry on non-banking financial institution business under the cancelled registration. This is a severe regulatory action affecting the entity directly and eliminating its ability to operate in the regulated NBFC business line unless separately permitted under law.
Published as M/s Sandeep Traders and Investments Limited
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