RBI cancels Certificate of Registration of 2 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of two NBFCs under Section 45-IA(6) of the RBI Act, 1934: M/s Chandel Hire Purchase Pvt. Ltd. and M/s Golden Future Capital Limited. The cancellation means the companies cannot transact the business of a non-banking financial institution under Section 45-I(a) of the RBI Act.
The Reserve Bank of India cancelled the certificate of registration of M/s Chandel Hire Purchase Pvt. Ltd. and M/s Golden Future Capital Limited in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following cancellation, the companies are barred from carrying on the business of a non-banking financial institution as defined under Section 45-I(a) of the RBI Act.
Severity Assessment
Cancellation of a Certificate of Registration is a licence-cancellation action, which is severity 5 regardless of any monetary amount.
The two NBFCs must cease NBFC operations immediately and cannot legally carry on non-banking financial business. This affects their ability to originate or conduct regulated NBFC activity going forward.
Published as M/s Golden Future Capital Limited
Published as M/s Chandel Hire Purchase Pvt. Ltd.
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