Case Brief
What Happened
The Reserve Bank of India cancelled the Certificates of Registration of three companies—M/s. Leasement Investo (India) Limited, M/s. Khemsons Global Limited, and M/s. Rex Financial Services Private Limited—each registered to carry on the business of a non-banking financial institution. The release says that once the registration certificate is cancelled, the companies cannot transact the business of a non-banking financial institution. RBI cites its power under Section 45-IA(6) of the Reserve Bank of India Act, 1934.