Reserve Bank Cancels Certificate of Registration of ERA Financial Services (India) Limited, New Delhi
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of ERA Financial Services (India) Limited, New Delhi on June 5, 2006. The action was taken under Section 45-IA(6) of the RBI Act, 1934. RBI stated that the company had opted to exit the business of a non-banking financial institution. As a result, the company can no longer transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to ERA Financial Services (India) Limited, New Delhi under Section 45-IA(6) of the RBI Act, 1934. The stated reason was that the company had opted to exit from the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC registration is a severity 5 action because it terminates the entity’s authorization to carry on the business.
ERA Financial Services (India) Limited is no longer permitted to conduct non-banking financial institution business. This removes its ability to operate as an NBFC, and any such business activity must cease going forward.
Published as ERA Financial Services (India) Limited
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