Case Brief
What Happened
The Reserve Bank of India cancelled the certificates of registration of five companies that were carrying on the business of a non-banking financial institution. The entities listed are M/s. Suryakrupa Finance Limited, M/s. Pathmakers Finance Limited, M/s. Suchak Trading Limited, M/s. Sharedeal Financial Consultants Private Limited, and M/s. Nagarjun Securities Limited. RBI cited its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following cancellation, the companies cannot transact the business of a non-banking financial institution.