Certificate of Registration of M/s. Rangers Commercial Pvt. Ltd. - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Rangers Commercial Pvt. Ltd., whose registered office was in Jammu. The action was taken under Section 45-IA(6) of the RBI Act, 1934, after the company voluntarily exited the business of a non-banking financial institution. As a result, the company can no longer carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Rangers Commercial Pvt. Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had voluntarily exited from the business of a non-banking financial institution, and therefore the registration was cancelled. After cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a full licence cancellation, which carries severity 5.
The company is barred from conducting NBFC business going forward. This removes its regulatory permission to operate as a non-banking financial institution, with the immediate effect that it cannot transact NBFC business after the cancellation.
Published as M/s. Rangers Commercial Pvt. Ltd.
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