Reserve Bank Cancels Certificate of Registration of Shabnam Leasing and Finance Limited, New Delhi
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Shabnam Leasing and Finance Limited, whose registered office is in New Delhi, on July 19, 2005. The cancellation was issued under Section 45-IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company carrying on the business of a non-banking financial institution.
On July 19, 2005, the Reserve Bank of India cancelled the certificate of registration issued to Shabnam Leasing and Finance Limited, New Delhi, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA of the Reserve Bank of India Act, 1934 as the enabling provision for cancellation of the registration certificate of an NBFC.
Severity Assessment
Cancellation of an NBFC’s certificate of registration is a license cancellation, which is severity 5.
Shabnam Leasing and Finance Limited can no longer operate as a registered NBFC/non-banking financial institution. The company must cease the regulated activity covered by the cancelled registration, and counterparties/customers dealing with it in that capacity are affected from the effective date of cancellation.
Published as Shabnam Leasing and Finance Limited
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