Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of Chennai Financeco Limited and Shubham Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. The companies were registered to carry on the business of a non-banking financial institution, and the release explicitly says that after cancellation they cannot transact such business.
The Reserve Bank of India cancelled the Certificates of Registration granted to Chennai Financeco Limited and Shubham Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that, following cancellation, the companies cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which carries severity 5.
Both companies are barred from carrying on non-banking financial institution business going forward. The restriction directly affects the two entities and their ability to operate as NBFCs; customers and counterparties dealing with them in that capacity would need to stop or unwind such activity.
Published as Chennai Financeco Limited
Published as Shubham Financial Services Limited
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