Reserve Bank Cancels Certificate of Registration of M/s. Pariwar Finance & Investment (India) Limited, New Delhi
Case Brief
On June 12, 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Pariwar Finance & Investment (India) Limited, New Delhi, under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit the business of a non-banking financial institution. Following the cancellation, the company can no longer transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Pariwar Finance & Investment (India) Limited, New Delhi 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 as a result RBI cancelled its CoR. After cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Certificate of registration cancellation is a severity-5 action regardless of any monetary amount, because it removes the entity’s authorization to operate as an NBFC.
The company must stop carrying on non-banking financial institution business. The restriction directly affects the entity and means it cannot conduct NBFC operations after the cancellation date.
Published as M/s. Pariwar Finance & Investment (India) Limited, New Delhi
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