Reserve Bank Cancels Certificate of Registration of Forward Securities Limited, Mumbai 400 025
Case Brief
On April 8, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Forward Securities Limited, Mumbai, for carrying on the business of a non-banking financial institution. The action was taken under Section 45IA of the Reserve Bank of India Act, 1934. Following the cancellation, the company cannot transact NBFC business, although it must still repay public deposits as per the terms and conditions of the deposit contracts.
The Reserve Bank of India cancelled the certificate of registration issued to Forward Securities Limited on April 8, 2005. The cancellation was issued 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 company can no longer carry on the business of a non-banking financial institution, though it remains obligated to repay public deposits in accordance with the contract terms.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which is severity 5 regardless of any other details.
Forward Securities Limited is barred from conducting non-banking financial institution business going forward. The company must continue to honor and repay public deposits according to the contract terms, and the restriction directly affects its ability to operate as an NBFC.
Published as Forward Securities Limited
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.
© 2026 RegOversight by OddVector