Certificate of Registration of LSP Finance Limited - Cancelled
Case Brief
On January 17, 2012, the Reserve Bank of India cancelled the Certificate of Registration of LSP Finance Limited under Section 45-IA(6) of the RBI Act, 1934. The company, based in Chennai, had been registered to carry on the business of a non-banking financial institution. RBI cited supervisory grounds for the cancellation, and as a result the company is barred from transacting NBFC business.
The Reserve Bank of India cancelled Certificate of Registration No. 07.00353 dated November 6, 1998, issued to LSP Finance Limited, which had its registered office in Chennai. The stated basis was supervisory grounds. The cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934, and means the company can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a non-banking financial company's Certificate of Registration is a license cancellation, which carries severity 5.
LSP Finance Limited cannot continue or start non-banking financial institution business after the cancellation. The restriction directly affects the company’s operations and any counterparties relying on its NBFC activities.
Published as LSP Finance Limited
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