Reserve Bank Cancels Certificate of Registration of M/s. Siddharthnagar Finstock Private Limited (U.P.)
Case Brief
On November 12, 2007, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Siddharthnagar Finstock Private Limited (U.P.), whose registered office is at Damoriyaganj, District-Siddharthnagar. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, and it means the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Siddharthnagar Finstock Private Limited (U.P.) under Section 45-IA(6) of the RBI Act, 1934. The company had been authorised to carry on the business of a non-banking financial institution, and the release states that after cancellation it cannot transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a severe licensing action and is rated 5.
The entity is barred from carrying on NBFC business going forward. Customers and counterparties should not treat it as authorised to transact non-banking financial institution business after the cancellation date.
Published as M/s. Siddharthnagar Finstock Private Limited (U.P.)
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