Reserve Bank Cancels Certificate of Registration of Sarita Finance Ltd., Hyderabad
Case Brief
On April 7, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Sarita Finance Limited, Hyderabad. The action was taken under Section 45IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company. As a result, the entity can no longer operate as a registered NBFC/non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration issued to Sarita Finance Limited under Section 45IA of the Reserve Bank of India Act, 1934. The release states that the registration certificate of a non-banking financial company can be cancelled under this provision, and that the firm was registered to carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which is severity 5.
Sarita Finance Limited can no longer operate as a registered non-banking financial company. The cancellation affects the company itself and curtails its ability to continue the business of a non-banking financial institution; any ongoing NBFC activity must stop subject to applicable legal requirements.
Published as Sarita Finance Limited
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