2 NBFCs surrender their Certificate of Registration to RBI
Case Brief
The Reserve Bank of India said two NBFCs surrendered their Certificates of Registration, and RBI accordingly cancelled the CoRs under Section 45-IA(6) of the RBI Act, 1934. The entities listed are M/s Fedder Tieup Private Limited (presently Savi Media World Limited) and M/s High Seas Traders Private Limited, both based in Kolkata. Following cancellation, they cannot transact the business of a non-banking financial institution as defined under the RBI Act.
RBI stated that the listed NBFCs surrendered the Certificate of Registration granted to them, and therefore, in exercise of powers under Section 45-IA(6) of the RBI Act, 1934, cancelled their CoR. The release expressly says the companies cannot transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act.
Severity Assessment
Cancellation of Certificate of Registration is a full license cancellation, which is severity 5 regardless of any underlying reason.
The two companies lose authorization to operate as NBFCs and must stop any business that requires a valid Certificate of Registration. This affects their ability to undertake non-banking financial institution activities going forward.
Published as M/s Fedder Tieup Private Limited (Presently Savi Media World Limited)
Published as M/s High Seas Traders Private Limited
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