Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of eight companies that were carrying on non-banking financial institution business. The cancellation was stated to be on supervisory grounds and was exercised under Section 45-IA(6) of the RBI Act, 1934. As a result, the affected companies are no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificates of Registration granted to eight companies carrying on the business of a non-banking financial institution, citing supervisory grounds. The notice states that under Section 45-IA(6) of the RBI Act, 1934, RBI may cancel the registration certificate of an NBFC, and that the business of a non-banking financial institution is defined in Section 45-I(a).
Severity Assessment
Cancellation of Certificates of Registration is a licence cancellation action, which carries severity 5 regardless of whether the text does not specify a monetary penalty.
The eight NBFCs named in the release must stop carrying on non-banking financial institution business. The cancellation affects their ability to operate in their regulated NBFC capacity and removes their authority to transact such business going forward.
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Published as Usha Finvest Ltd.
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