Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 22 NBFCs named in the annex to the release. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result of the cancellations, the companies are no longer allowed to transact the business of a non-banking financial institution under clause (a) of Section 45-I of the Act.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Not specified
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration of 22 non-banking financial companies (NBFCs) listed in the annex, exercising powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that, following cancellation of their registration certificates, these companies are not permitted to transact the business of a non-banking financial institution as defined under clause (a) of Section 45-I of the Act.
Severity Assessment
Cancellation of CoR is a full licensing action and is severity 5 regardless of any other factors.
Impact
The 22 named companies must stop carrying on NBFC business immediately and cannot legally operate as non-banking financial institutions. Customers and counterparties should no longer expect these entities to originate or carry on NBFC activities under their cancelled registrations.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the Reserve Bank of India Act, 1934
Affected Entities
- M/s Amazan Capital LimitedNBFC · Bulk Member
Published as M/s Amazan Capital Limited
- M/s Nawalsons Holdings Private LimitedNBFC · Bulk Member
Published as M/s Nawalsons Holdings Private Limited
- M/s Surin Investments Private LimitedNBFC · Bulk Member
Published as M/s Surin Investments Private Limited
- M/s Mascot Commerce Pvt. LtdNBFC · Bulk Member
Published as M/s Mascot Commerce Pvt. Ltd.
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.