Certificate of Registration of M/s. SDFC Finance Limited Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. SDFC Finance Limited, Vadodara, under Section 45-IA(6) of the RBI Act, 1934. The stated basis was that the company had ceased to be a non-banking financial institution. The release further says the company had not surrendered its original certificate and had reported it as lost or misplaced, and it warns the public against misuse of the certificate.
Under Section 45-IA(6) of the Reserve Bank of India Act, 1934, the RBI cancelled the Certificate of Registration granted to M/s. SDFC Finance Limited for carrying on the business of a non-banking financial institution. The release states that the company had ceased to be a non-banking financial institution. It also notes that the company had not surrendered its original Certificate of Registration and reported it as lost/misplaced, and cautions the public against misuse of the certificate.
Severity Assessment
Cancellation of a Certificate of Registration is a full licensing action, which the rubric places at severity 5.
M/s. SDFC Finance Limited can no longer transact the business of a non-banking financial institution. The cancellation is immediate from October 1, 2008, and members of the public are cautioned that the certificate should not be misused.
Published as M/s. SDFC Finance Limited
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