Reserve Bank Cancels Certificate of Registration of Patni Securities Limited, Baroda
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Patni Securities Limited, Baroda on 14 August 2006. The action was taken under Section 45-IA(6) of the RBI Act, 1934 after the company chose to exit the business of a non-banking financial institution. Following the cancellation, Patni Securities Limited cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Patni Securities Limited, Baroda on 14 August 2006 under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore the registration was cancelled. After cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 licensing action under the rubric, regardless of the reason for cancellation.
Patni Securities Limited is no longer permitted to carry on non-banking financial institution business. The cancellation affects the company directly and removes its ability to operate in that regulated line of business with immediate effect from the cancellation date.
Published as Patni Securities Limited
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