Reserve Bank Cancels Certificate of Registration of Tirupati Services Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to Tirupati Services Limited, whose registered office is in New Delhi, for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution any longer.
The Reserve Bank of India cancelled the certificate of registration granted to Tirupati Services Limited for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the Reserve Bank of India Act, 1934 as the statutory basis for cancelling the registration certificate of the non-banking financial company.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which carries severity 5 regardless of whether any monetary amount is involved.
Tirupati Services Limited is barred from continuing NBFC activities. Customers and counterparties should not treat it as authorised to conduct non-banking financial institution business after the cancellation takes effect; the company must stop such operations immediately.
Published as Tirupati Services Limited
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