RBI cancels Certificate of Registration of 2 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of two non-banking financial companies: M/s Sampada Chemicals Limited and M/s Saakshi Securities Limited. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following the cancellation, the companies are barred from transacting the business of a non-banking financial institution as defined under clause (a) of Section 45-I of the Act.
RBI cancelled the CoR of M/s Sampada Chemicals Limited and M/s Saakshi Securities Limited in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the companies can no longer transact the business of a non-banking financial institution under clause (a) of Section 45-I of the Act.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which carries severity 5 regardless of the absence of a monetary penalty.
The two NBFCs must stop carrying on NBFC business. Customers and counterparties should expect that the entities can no longer legally operate as non-banking financial institutions after the cancellation dates stated in the release.
Published as M/s Saakshi Securities Limited
Published as M/s Sampada Chemicals Limited
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