Case Brief
What Happened
RBI cancelled the Certificate of Registration of seven NBFCs under Section 45-IA(6) of the RBI Act, 1934. The affected entities are Artisans Micro Finance Private Limited, Religare Finance Limited, Nott Investments (P) Ltd., Eden Trade & Commerce Pvt. Ltd., RCS Parivar Finance Limited (formerly known as Pawansut Merchants Ltd.), Swetasree Finance (P) Ltd., and Dewra Stocks & Securities (P) Ltd. After cancellation, these companies are prohibited from transacting the business of a non-banking financial institution under Section 45-I(a) of the Act.