Reserve Bank Cancels Certificate of Registration of Mahatma Securities India Ltd., Hyderabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Mahatma Securities India Limited on February 11, 2005. The company, with its registered office in Karimnagar (Hyderabad release title), was registered to carry on the business of a non-banking financial institution. The cancellation was made under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
The Reserve Bank of India cancelled the certificate of registration of Mahatma Securities India Limited 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 RBI has the power under Section 45IA to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration revocation, which falls in severity 5.
Mahatma Securities India Limited loses its RBI registration to operate as a non-banking financial company. It must stop carrying on NBFC business under the cancelled certificate, and any regulated NBFC activities tied to that registration are no longer permitted.
Published as Mahatma Securities India Limited
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