RBI cancels Certificate of Registration of 4 NBFCs
Case Brief
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of four NBFCs: Bhageriya Financial and Capital Services Limited, Kenny Commercial & Investment Pvt. Ltd., BNP Paribas India Holding Pvt. Ltd., and Rosemount Financial Services Private Limited. The order means they are no longer permitted to transact the business of a non-banking financial institution under Section 45-I(a) of the Act.
The Reserve Bank of India cancelled the Certificate of Registration of four non-banking financial companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The companies listed are Bhageriya Financial and Capital Services Limited, Kenny Commercial & Investment Pvt. Ltd., BNP Paribas India Holding Pvt. Ltd., and Rosemount Financial Services Private Limited. After cancellation, these companies cannot transact the business of a non-banking financial institution as defined under Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a licence cancellation, which is severity 5 regardless of any fine.
The four companies are barred from conducting NBFC business going forward. Customers, counterparties, and other stakeholders should no longer treat them as authorised non-banking financial institutions for new business or regulated activities.
Published as M/s Kenny Commercial & Investment Pvt. Ltd.
Published as M/s. Rosemount Financial Services Private Limited
Published as M/s Bhageriya Financial and Capital Services Limited
Published as M/s BNP Paribas India Holding Pvt. Ltd.
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