On 14 August 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to Metfam Industries Limited, whose registered office was 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 is no longer permitted to transact non-banking financial business.

Stay ahead of every RBI action

One platform for every regulatory signal that matters

Actions Tracker Regulations Tracker

RegOversight

Quick Facts

Primary Impact: License cancellation
Entity Type: NBFC
Location: New Delhi, Delhi
Order Date: 14 Aug 2007
Effective From: 14 Aug 2007
Entities Affected: 1

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the Certificate of Registration granted to Metfam Industries Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that after cancellation, the company cannot transact the business of a non-banking financial institution.

Severity Assessment

Cancellation of a Certificate of Registration is a full licence cancellation, which carries severity 5.

Impact

Metfam Industries Limited is barred from carrying on non-banking financial institution business going forward. The restriction directly affects the company and prevents it from undertaking NBFC operations.

Regulatory Basis

Section 45-IA (6) of the Reserve Bank of India Act, 1934
clause (a) of Section 45-I of the Reserve Bank of India Act, 1934

Restrictions & Effective Timeline

Effective From: 14 Aug 2007

Affected Entities

Metfam Industries Limited
Published as Metfam Industries Limited
NBFC · Primary

Official RBI Source

View RBI Release Open Source PDF

RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.

Actions Tracker
Regulations Tracker
Contact
OddVector