Reserve Bank Cancels Certificate of Registration of Niskalp Investments and Trading Company Limited, Mumbai
Case Brief
On April 28, 2005, the Reserve Bank of India cancelled the Certificate of Registration of Niskalp Investments and Trading Company Limited, whose registered office was in Chembur, Mumbai. The company was registered to carry on the business of a non-banking financial institution. The release states that RBI exercised its powers under Section 45IA of the Reserve Bank of India Act, 1934 to cancel the registration certificate of the NBFC.
The Reserve Bank of India cancelled the Certificate of Registration issued to Niskalp Investments and Trading Company Limited, Mumbai, for carrying on the business of a non-banking financial institution. The release cites Section 45IA of the Reserve Bank of India Act, 1934 as the statutory basis for cancellation of the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of a Certificate of Registration is a severe licensing action and is rated severity 5 under the rubric.
The company can no longer operate as a registered non-banking financial institution unless it obtains fresh regulatory approval through the appropriate process. This directly affects the entity and may affect counterparties relying on its NBFC status; the release does not specify any further deadline or remedial steps.
Published as Niskalp Investments and Trading Company Limited
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