Reserve Bank Cancels Certificate of Registration of D. S. Brar Finance Company Private Limited, Moga
Case Brief
On September 15, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to D. S. Brar Finance Company Private Limited, whose registered office was in Moga, Punjab. The cancellation was issued under Section 45-IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company. This is a terminal regulatory action affecting the company’s ability to operate as an NBFC.
The Reserve Bank of India cancelled the Certificate of Registration issued to D. S. Brar Finance Company Private Limited, Moga, enabling it to carry 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 statutory basis for cancellation of an NBFC’s registration certificate.
Severity Assessment
Cancellation of a Certificate of Registration is a terminal licensing action and falls in severity 5.
The company loses its RBI registration to conduct non-banking financial institution business. It can no longer lawfully operate as an NBFC under the cancelled certificate, affecting its ability to undertake regulated lending/financial activities.
Published as D. S. Brar Finance Company Private Limited
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