Certificate of Registration of M/s. Sargam Capital Limited – Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Sargam Capital Limited, Surat, on July 15, 2009. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934 after the company opted to exit from the business of a non-banking financial institution. With the registration cancelled, the company cannot carry on or transact the business of a non-banking financial institution.
On July 15, 2009, RBI cancelled the Certificate of Registration granted to M/s. Sargam Capital 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. As a result, the company can no longer 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.
M/s. Sargam Capital Limited is no longer permitted to operate as a non-banking financial institution. The restriction affects the company alone and means it cannot undertake NBFC business going forward.
Published as M/s. Sargam Capital Limited
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