Reserve Bank Cancels Certificate of Registration of M/s BCC Finance Limited, Indore
Case Brief
On 4 August 2006, the Reserve Bank of India cancelled the Certificate of Registration of M/s BCC Finance Limited, Indore. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release says the company had opted to exit the business of a non-banking financial institution. As a result, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s BCC Finance Limited, Indore 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 its registration was cancelled.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which carries severity 5 under the rubric.
M/s BCC Finance Limited can no longer carry on non-banking financial institution business after the cancellation. This removes its ability to operate as an NBFC and affects any customers or counterparties relying on its NBFC activities.
Published as M/s BCC Finance Limited, Indore
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