Reserve Bank Cancels Certificate of Registration of Shani Financial Services Private Limited, Bareilly (U.P.)
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Shani Financial Services Private Limited, whose registered office is in Bareilly (U.P.), on November 30, 2007. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, 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 Shani Financial Services Private Limited, Bareilly, under Section 45-IA(6) of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. The release does not state the underlying misconduct or specific violations; it only notes the statutory basis for cancellation and that the company is no longer permitted to transact NBFC business.
Severity Assessment
Cancellation of a Certificate of Registration is a complete licence cancellation, which is severity 5.
Shani Financial Services Private Limited cannot continue NBFC operations after the cancellation. The restriction is immediate as of the stated cancellation date, and it prevents the company from transacting non-banking financial institution business going forward.
Published as Shani Financial Services Private Limited
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