Reserve Bank Cancels Certificate of Registration of Siri Malle Finance Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to Siri Malle Finance Limited, with effect from June 7, 2007, under Section 45-IA(6) of the RBI Act, 1934. The company, based in Hyderabad, had been authorised to carry on the business of a non-banking financial institution. As a result of the cancellation, it cannot transact NBFC business any further.
The Reserve Bank of India cancelled the certificate of registration granted to Siri Malle Finance Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and that following cancellation it cannot transact the business of a non-banking financial institution. No monetary penalty was mentioned.
Severity Assessment
Cancellation of an NBFC certificate of registration is a licence cancellation, which is severity 5 regardless of any monetary amount.
Siri Malle Finance Limited is barred from carrying on non-banking financial institution business after the cancellation. Customers and counterparties should treat the company as no longer authorised to operate as an NBFC. The order is effective from June 7, 2007.
Published as Siri Malle Finance Limited
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