Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the certificates of registration of two non-banking financial companies: M/s Hero Financial Services Limited and M/s Beeru Brothers Finance Limited. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, the companies are no longer permitted to carry on or transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificates of registration granted to M/s Hero Financial Services Limited and M/s Beeru Brothers Finance Limited for carrying on the business of a non-banking financial institution. The release states that, following cancellation, the companies cannot transact the business of a non-banking financial institution. The statutory basis cited is Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a full licensing action and falls in severity 5 regardless of any fine.
Both companies must stop non-banking financial institution business immediately from the cancellation dates stated in the release. Customers and counterparties dealing with these firms in an NBFC capacity are affected because the firms can no longer legally conduct that business.
Published as M/s Hero Financial Services Limited
Published as M/s Beeru Brothers Finance Limited
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