The Reserve Bank of India cancelled the Certificate of Registration of M/s. Western Securities Ltd., whose registered office was in Vikhroli (West), Mumbai, under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit the business of a non-banking financial institution. As a result, the company cannot transact the business of a non-banking financial institution.

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Quick Facts

Primary Impact: License cancellation
Entity Type: NBFC
Location: Mumbai, Maharashtra
Order Date: 1 Oct 2008
Effective From: 1 Oct 2008
Entities Affected: 1

Why RBI Acted

Licensing breach

RBI cancelled the certificate of registration granted to M/s. Western Securities Ltd. under Section 45-IA(6) of the RBI Act, 1934. The stated reason is that the company had opted to exit from the business of a non-banking financial institution.

Severity Assessment

Cancellation of a non-banking financial company’s registration is a severity-5 action because it removes the entity’s ability to operate in that regulated business.

Impact

The company is no longer permitted to carry on non-banking financial institution business. This affects the company directly and prevents it from undertaking any NBFC activity after the cancellation.

Regulatory Basis

Section 45-IA (6) of the Reserve Bank of India Act, 1934
clause (a) of Section 45-I of the Reserve Bank of India Act, 1934

Restrictions & Effective Timeline

Effective From: 1 Oct 2008

Affected Entities

M/s. Western Securities Ltd
Published as M/s. Western Securities Ltd.
NBFC · Primary

Official RBI Source

View RBI Release Open Source PDF

RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.

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