Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of four non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The affected entities are TGF Financials Limited, Good Luck Finance Co. Ltd., Baug-E-Sara Investments Ltd., and Suryalaxmi Securities Ltd. After the cancellation, these companies are not permitted to transact the business of a non-banking financial institution.
Under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the certificates of registration of four non-banking financial companies: TGF Financials Limited, Good Luck Finance Co. Ltd., Baug-E-Sara Investments Ltd., and Suryalaxmi Securities Ltd. The release states that once the registration certificate is cancelled, the companies cannot carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a licence cancellation, which is severity 5.
The four companies must stop NBFC business activities immediately and cannot legally undertake non-banking financial institution operations going forward. This affects the companies themselves and any customers or counterparties relying on their NBFC services.
Published as TGF Financials Limited
Published as Baug-E-Sara Investments Ltd.
Published as Good Luck Finance Co. Ltd.
Published as Suryalaxmi Securities Ltd.
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