Reserve Bank Cancels Certificate of Registration of Vinayaka Sai Finvest Ltd., Hyderabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Vinayaka Sai Finvest Limited, with registered offices in Nizamabad and Hyderabad, on February 14, 2005. The cancellation was made 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 can no longer carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to Vinayaka Sai Finvest 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 to cancel the registration certificate of an NBFC under this provision.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a licence cancellation, which is always severity 5.
Vinayaka Sai Finvest Limited loses its RBI registration and cannot continue NBFC business. The action affects the company directly and prevents further regulated non-banking financial activity under its existing certificate.
Published as Vinayaka Sai Finvest Limited
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