Reserve Bank Cancels Certificate of Registration of M/s. Sigma Capital Finance Private Limited
Case Brief
On May 14, 2007, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Sigma Capital Finance Private Limited, which had its registered office in New Delhi. The company had opted to exit the non-banking financial institution business. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934, and means the company can no longer carry on or transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Sigma Capital Finance Private Limited for carrying on business as a non-banking financial institution. The release states that the company had opted to exit from the business of a non-banking financial institution. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a full licensing action and is severity 5.
M/s. Sigma Capital Finance Private Limited is barred from carrying on the business of a non-banking financial institution after the cancellation takes effect. The action affects the company directly and removes its ability to operate as an NBFC; no monetary penalty is involved.
Published as M/s. Sigma Capital Finance Private Limited
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