Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of Jasvin Leasing & Finance Private Limited and Payyade Finance Private Limited. The order was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, both companies cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificates of Registration granted to Jasvin Leasing & Finance Private Limited and Payyade Finance Private Limited for carrying on the business of a non-banking financial institution. The cancellation was exercised under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following cancellation, the companies are no longer permitted to conduct NBFC business.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a severity-5 action because it removes the entity's ability to operate as a non-banking financial institution.
Both companies lose the regulatory permission needed to operate as NBFCs and must stop transacting non-banking financial institution business. The action directly affects the two companies and their counterparties, since the entities can no longer undertake NBFC activities.
Published as Payyade Finance Private Limited
Published as Jasvin Leasing & Finance Private Limited
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