Certificate of Registration of M/s. Micro Fin Securiteis Private Ltd. - Cancelled
Case Brief
On February 13, 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Micro Fin Securiteis Private Ltd. for carrying on the business of a non-banking financial institution. RBI cited the company’s voluntary exit from the NBFC business and acted under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is no longer permitted to transact NBFC business.
RBI cancelled the Certificate of Registration granted to M/s. Micro Fin Securiteis Private Ltd. under Section 45-IA(6) of the RBI Act, 1934 because the company had voluntarily exited from the business of a non-banking financial institution. The release states that, following cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a severity 5 action under the rubric for licence/CoR cancellation.
The company must stop all business of a non-banking financial institution and cannot undertake NBFC transactions going forward. This primarily affects the company and any counterparties relying on its NBFC operations; no monetary penalty is mentioned.
Published as M/s. Micro Fin Securiteis Private Ltd.
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