Reserve Bank Cancels Certificate of Registration of M/s. S & I International Private Limited
Case Brief
On May 24, 2007, the Reserve Bank of India cancelled the Certificate of Registration of M/s. S & I International Private Limited, a non-banking financial company with its registered office in New Delhi. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following this action, the company is not permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. S & I International Private Limited, which had been registered to carry on the business of a non-banking financial institution. The release states the cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a certificate of registration is a full license cancellation, which falls under severity 5.
The company must stop all activities that constitute the business of a non-banking financial institution. Customers, counterparties, and prospective borrowers would be unable to continue transacting with it in that regulated capacity.
Published as M/s. S & I International Private Limited
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