Certificate of Registration of Poorna Prajna Fincap Private Limited – Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Poorna Prajna Fincap Private Limited, Bangalore, under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit the business of a non-banking financial institution, and after cancellation it cannot transact NBFC business. This is a licence cancellation rather than a temporary restriction.
The Reserve Bank of India cancelled the Certificate of Registration granted to Poorna Prajna Fincap Private Limited 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 therefore the registration was cancelled. The action means the company can no longer carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which carries severity 5.
Poorna Prajna Fincap Private Limited is no longer permitted to conduct non-banking financial institution business. The cancellation has a permanent forward-looking effect unless the company obtains fresh regulatory approval under the applicable law.
Published as Poorna Prajna Fincap Private Limited
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