Reserve Bank Cancels Certificate of Registration of Karvy Consultants Limited, Hyderabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Karvy Consultants Limited, Hyderabad, under Section 45-IA of the Reserve Bank of India Act, 1934. The order relates to the company’s authority to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to Karvy Consultants Limited, Hyderabad, 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, which empowers RBI to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation action, which carries severity 5.
Karvy Consultants Limited can no longer operate as a non-banking financial institution under the cancelled registration. Any NBFC-related business conducted under that certificate must cease, subject to any further legal or regulatory process.
Published as Karvy Consultants Limited
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