Reserve Bank Cancels Certificate of Registration of M/s. Santosh Securities Ltd., Ahmedabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to M/s. Santosh Securities Limited, whose registered office was in Ahmedabad. The cancellation was made on April 4, 2005 under Section 45IA of the RBI Act, 1934, in relation to its authorisation to carry on the business of a non-banking financial institution. This is a licensing action that removes the company's permission to operate as an NBFC under the cancelled registration.
The Reserve Bank of India cancelled the Certificate of Registration issued to M/s. Santosh Securities 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 a non-banking financial company under this provision.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration cancellation, which is severity 5.
M/s. Santosh Securities Limited loses its RBI registration to conduct non-banking financial institution business. The company must stop operating under that Certificate of Registration, and counterparties/customers should no longer treat it as an authorised NBFC under the cancelled licence. The action takes effect from April 4, 2005.
Published as M/s. Santosh Securities Limited
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