Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of two companies: M/s. Inmex Investments Private Limited and M/s. Chitra Finance and Investment Private Limited. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, the companies are not permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificates of Registration granted to M/s. Inmex Investments Private Limited and M/s. Chitra Finance and Investment Private Limited for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the RBI Act, 1934 as the statutory basis for cancellation. It also states that after cancellation of the registration certificate, the companies cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of the Certificate of Registration is a license cancellation, which is severity 5 regardless of any other factors.
Both companies are barred from continuing NBFC business from the stated cancellation date. Customers and counterparties should no longer treat them as registered NBFCs for new non-banking financial institution transactions.
Published as M/s. Chitra Finance and Investment Private Limited
Published as M/s. Inmex Investments Private Limited
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