Reserve Bank Cancels Certificate of Registration of Alpic Finance Limited, Mumbai
Case Brief
On May 10, 2005, the Reserve Bank of India cancelled the certificate of registration granted to Alpic Finance Limited, Mumbai, for carrying on the business of a non-banking financial institution. As a result, the company cannot conduct NBFC business anymore. RBI also prohibited the company from accepting deposits and from alienating its assets, citing its powers under Section 45IA and Section 45MB of the RBI Act, 1934.
The Reserve Bank of India cancelled the certificate of registration granted to Alpic Finance Limited under Section 45IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. Consequent to the cancellation, the company cannot transact NBFC business. RBI also exercised powers under Section 45MB(1) and 45MB(2) to prohibit the company from accepting deposits and from alienating its assets.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action, and the accompanying prohibitions reinforce the full operational restriction.
Alpic Finance Limited must stop NBFC operations and is barred from accepting fresh deposits or transferring/disposing of assets. The action affects the company directly and protects depositors and other counterparties from continued NBFC activity.
Published as Alpic Finance Limited
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