Reserve Bank Cancels Certificate of Registration of Kelachandra Leasing and Finance Limited, Bangalore
Case Brief
On June 25, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Kelachandra Leasing and Finance Limited, Bangalore, under Section 45IA of the RBI Act, 1934. The release does not describe additional misconduct, but the cancellation concerns the company’s authorization to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to Kelachandra Leasing and Finance Limited under Section 45IA of the RBI Act, 1934. The release states that the certificate was cancelled for carrying on the business of a non-banking financial institution; no further factual breach details are provided in the text.
Severity Assessment
Cancellation of a Certificate of Registration is a complete licence action and is always severity 5.
Kelachandra Leasing and Finance Limited can no longer operate as a registered NBFC. The company must cease the regulated business for which the certificate was held, and counterparties should no longer treat it as authorised to conduct NBFC activities. The effective date stated in the release is June 25, 2005.
Published as Kelachandra Leasing and Finance Limited
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