Certificate of Registration of Jaybeear Investments and Finance Private Limited – Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Jaybeear Investments and Finance Private Limited, whose registered office was in Bangalore, under Section 45-IA(6) of the RBI Act, 1934. The stated reason was that the company had opted to exit the business of a non-banking financial institution. Following the cancellation, the company is no longer permitted to carry on that business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Jaybeear Investments and Finance Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company opted to exit from the business of a non-banking financial institution. As a result, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a severity-5 license cancellation under the rubric.
The company must stop transacting the business of a non-banking financial institution. This removes its regulatory authorization to operate as an NBFC and affects its ability to conduct any NBFC business going forward.
Published as Jaybeear Investments and Finance Private Limited
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