Reserve Bank Cancels Certificate of Registration of J. S. Sethi Finance & Investment Pvt. Ltd., Haldwani
Case Brief
On April 12, 2005, the Reserve Bank of India cancelled the certificate of registration of J. S. Sethi Finance & Investment Pvt. Ltd., Haldwani, under Section 45IA of the RBI Act, 1934. As a result, the company can no longer carry on the business of a non-banking financial institution. RBI also prohibited the company from accepting deposits and from alienating its assets under Section 45MB.
The Reserve Bank cancelled the certificate of registration granted to J. S. Sethi Finance & Investment Pvt. Ltd. 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 and was additionally prohibited under Section 45MB(1) from accepting deposits and under Section 45MB(2) from alienating its assets.
Severity Assessment
Cancellation of an NBFC's certificate of registration is a licence cancellation, which carries severity 5 regardless of the additional prohibitions.
The company must stop NBFC operations and cannot accept fresh deposits or transfer/encumber assets. The action directly affects the company and limits its dealings with depositors and counterparties going forward.
Published as J. S. Sethi Finance & Investment Pvt. Ltd.
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