Reserve Bank Cancels Certificate of Registration of Daffordils Finance Limited, Seohara
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Daffordils Finance Limited, whose registered office is at Jain Street, Seohara, Bijnor District, Uttar Pradesh, under Section 45-IA(6) of the RBI Act, 1934. The cancellation means the company can no longer carry on the business of a non-banking financial institution. RBI further prohibited the company from accepting deposits and from alienating its assets under Section 45-MB(1) and 45-MB(2).
The Reserve Bank of India cancelled the Certificate of Registration granted to Daffordils Finance Limited 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 release also states that, under Section 45-MB(1) and 45-MB(2), the company was prohibited from accepting deposits and from alienating its assets.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 license cancellation, and the accompanying prohibitions reinforce the full operational stop.
Daffordils Finance Limited must stop operating as an NBFC and cannot accept deposits or dispose of assets as prohibited by RBI. This is a complete forward-looking shutdown of its regulated NBFC activities and affects customers and counterparties dealing with the company.
Published as Daffordils Finance Limited
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