Certificate of Registration of Sri Sai Siri Finance & Leasing Ltd. - Cancelled
Case Brief
On April 19, 2012, the Reserve Bank of India cancelled the Certificate of Registration issued to Sri Sai Siri Finance and Leasing Ltd. for carrying on non-banking financial institution activities. The release says the company had voluntarily exited from carrying on NBFI activities, and the cancellation was made under Section 45-IA(6) of the RBI Act, 1934. After cancellation, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled Certificate of Registration No. B-09.00176 dated March 01, 2005, issued to Sri Sai Siri Finance and Leasing Ltd. for carrying on the business of a non-banking financial institution. The release states that the company had voluntarily exited from carrying on NBFI activities. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following cancellation, the company is barred from transacting the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 licensing action because it removes the entity’s authorization to operate as an NBFC.
The company loses its RBI registration and cannot continue NBFC/NBFI business. This directly affects the firm’s ability to undertake regulated financial activities, while customers and counterparties should no longer treat it as authorised to operate as an NBFC.
Published as Sri Sai Siri Finance and Leasing Ltd.
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