Reserve Bank Cancels Certificate of Registration of Mudavoor Financial Services Limited, Muvattupuzha
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Mudavoor Financial Services Limited, which had its registered office in Muvattupuzha, Ernakulam District. The release says the company was carrying on the business of a non-banking financial institution and that RBI exercised its powers under Section 45-IA 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 Mudavoor Financial Services Limited, whose registered office was at Muvattupuzha, Ernakulam District. The release states that the cancellation was for carrying on the business of a non-banking financial institution and cites Section 45-IA of the Reserve Bank of India Act, 1934 as the statutory basis for RBI's power to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of a certificate of registration is a full licence/registration cancellation, which falls at severity 5.
Mudavoor Financial Services Limited can no longer carry on NBFC business under the cancelled registration certificate. The action directly affects the company and any customers or counterparties dealing with it as a non-banking financial institution.
Published as Mudavoor Financial Services Limited
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