Reserve Bank Cancels Certificate of Registration of M/s. Sahil Financial Services Ltd
Case Brief
On March 18, 2008, the Reserve Bank of India cancelled the certificate of registration of M/s. Sahil Financial Services Ltd., whose registered office was in Mayur Vihar Phase I, Delhi. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, for a company carrying on the business of a non-banking financial institution. Following the cancellation, the company is not permitted to transact NBFC business.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Sahil Financial Services Ltd. under Section 45-IA(6) of the RBI Act, 1934. The company was registered 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 full licence-type revocation, which the rubric assigns severity 5.
M/s. Sahil Financial Services Ltd. must stop carrying on non-banking financial institution business. The action removes its regulatory permission to operate as an NBFC, affecting its ability to conduct such business going forward.
Published as M/s. Sahil Financial Services Ltd
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