Reserve Bank Cancels Certificate of Registration of Belgaum Financiers Private Limited
Case Brief
On June 02, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to Belgaum Financiers Private Limited, whose registered office was in Belgaum, Karnataka. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit from the business of a non-banking financial institution, and following cancellation it cannot transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Belgaum Financiers Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and as a result the registration was cancelled and it can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation, which is severity 5.
Belgaum Financiers Private Limited is barred from conducting non-banking financial institution business going forward. The action affects the company directly and removes its authority to operate as an NBFC; no penalty amount is mentioned.
Published as Belgaum Financiers Private Limited
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