Certificate of Registration of Jayant Mercantile Company Limited – Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Jayant Mercantile Company Limited, Mumbai, on January 25, 2010. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, because the company had opted to exit the business of a non-banking financial institution. As a result, the company is no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Jayant Mercantile Company 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 its registration was cancelled. After cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/certificate cancellation, which carries severity 5.
Jayant Mercantile Company Limited can no longer carry on NBFC business. The restriction is permanent unless a fresh regulatory approval is obtained through a new process, and it directly affects the company’s ability to accept or conduct NBFC transactions.
Published as Jayant Mercantile Company Limited
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