Reserve Bank cancels Certificate of Registration of GSL Capital Limited, Secunderabad
Case Brief
On June 20, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to GSL Capital Limited, whose registered office is in Secunderabad, 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, which empowers RBI to cancel the registration certificate of an NBFC.
The Reserve Bank of India cancelled the certificate of registration issued to GSL Capital Limited, Secunderabad, under Section 45IA of the Reserve Bank of India Act, 1934. The release states that the company had been registered for carrying on the business of a non-banking financial institution, and RBI has the power under Section 45IA to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a severity 5 action under the rubric.
GSL Capital Limited cannot continue operating as a registered non-banking financial company unless it obtains the necessary regulatory relief or a fresh authorization, if applicable. The cancellation affects the company directly and signals that its NBFC business is no longer permitted under the cancelled registration.
Published as GSL Capital Limited
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