Case Brief
What Happened
The Reserve Bank of India cancelled the Certificates of Registration of M/s. Sahil Securities Limited and M/s Jai Mata Pipes Private Limited, both registered to carry on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Once the registration certificate is cancelled, the companies are not permitted to transact NBFC business. The cancellation dates mentioned in the release are July 2, 2010 and July 6, 2010.