RBI cancels Certificate of Registration of 2 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of two non-banking financial companies: M/s S.P. Global Finance and Investment Private Limited and M/s Skylark Deposit and Advances Limited. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. With the cancellation in force, the companies are no longer permitted to transact the business of a non-banking financial institution under Section 45-IA of the Act.
The RBI cancelled the certificate of registration of M/s S.P. Global Finance and Investment Private Limited and M/s Skylark Deposit and Advances Limited in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that, following cancellation, the companies cannot transact the business of a non-banking financial institution as laid down under Section 45-IA(a) of the Act.
Severity Assessment
Cancellation of a Certificate of Registration is a full licensing action and is severity 5 under the rubric.
Both NBFCs are barred from continuing non-banking financial business. Customers and counterparties should treat them as no longer authorised to operate as NBFCs under RBI registration.
Published as M/s S.P. Global Finance and Investment Private Limited
Published as M/s Skylark Deposit and Advances Limited
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