Certificate of Registration - Cancelled
Case Brief
In this press release, RBI stated that it cancelled the certificates of registration granted to three companies—V.R. Finlease Private Limited, Geberit Electronics Ltd. (formerly Sandhya Securities Limited), and Steering Securities & Finance Private Limited—under Section 45-IA(6) of the RBI Act, 1934. The cancellation means these companies cannot transact the business of a non-banking financial institution anymore.
The Reserve Bank of India cancelled the certificates of registration granted to three companies under Section 45-IA(6) of the RBI Act, 1934. The stated basis is that they were carrying on the business of a non-banking financial institution, and following cancellation they are no longer permitted to transact NBFC business.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it removes the legal authority to operate as an NBFC.
The affected companies must stop NBFC operations and cannot legally conduct non-banking financial business after the cancellation date. Counterparties and customers dealing with these entities should treat them as no longer authorised NBFCs.
Published as Geberit Electronics Ltd. (formerly Sandhya Securities Limited
Published as V.R. Finlease Private Limited
Published as Steering Securities & Finance Private Limited
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