Certificate of Registration of M/s. SO-EX Investment & Finance Pvt. Ltd. Cancelled
Case Brief
On January 16, 2009, the Reserve Bank of India cancelled the Certificate of Registration of M/s. SO-EX Investment & Finance Pvt. Ltd., whose registered office is at Nirmal, 21st Floor, Nariman Point, Mumbai-400021. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934 after the company opted to exit from the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. SO-EX Investment & Finance Pvt. Ltd. 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 following cancellation it cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a severity-5 licensing action that stops the entity from operating as a non-banking financial institution.
The company is barred from carrying on the business of a non-banking financial institution going forward. Customers and counterparties should no longer rely on it for NBFC services; the action effectively ends its regulated NBFC operations. The effective date is January 16, 2009.
Published as M/s. SO-EX Investment & Finance Pvt. Ltd.
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