Certificate of Registration of M/s. Cost Plus Credit Capital Limited – Cancelled
Case Brief
The Reserve Bank of India cancelled the certificate of registration of M/s. Cost Plus Credit Capital Limited, whose registered office was in Defence Colony, New Delhi. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had voluntarily exited from the business of a non-banking financial institution, and following cancellation it cannot transact NBFC business.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Cost Plus Credit Capital Limited under Section 45-IA(6) of the RBI Act, 1934. The stated basis was that the company had voluntarily exited from the business of a non-banking financial institution. As a result, the company is no longer permitted to transact NBFC business.
Severity Assessment
Cancellation of an NBFC certificate of registration is a licence cancellation, which is severity 5.
The company can no longer carry on non-banking financial institution activities. Any future NBFC operations are barred unless a new lawful registration or permission is obtained under the applicable regulatory framework.
Published as M/s. Cost Plus Credit Capital Limited
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