Reserve Bank Cancels Certificate of Registration of Hallmark Leasing & Finance Limited, Chennai
Case Brief
On September 12, 2005, the Reserve Bank of India cancelled the Certificate of Registration granted to Hallmark Leasing & Finance Limited, whose registered office is in Egmore, Chennai. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Hallmark Leasing & Finance Limited, Chennai, under Section 45-IA(6) of the RBI Act, 1934. The release states only that the company’s registration as a non-banking financial institution was cancelled; it does not specify any factual breach or detailed misconduct in the text provided.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which carries severity 5 regardless of any fine.
Hallmark Leasing & Finance Limited is barred from continuing NBFC activities following cancellation of its registration. The company must stop transacting as a non-banking financial institution, and counterparties/customers should no longer rely on it for such regulated business.
Published as Hallmark Leasing & Finance Limited
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