RBI cancels Certificate of Registration of 7 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of seven NBFCs under Section 45-IA(6) of the RBI Act, 1934. The release names the companies and specifies that, following cancellation, they cannot transact the business of a Non-Banking Financial Institution as defined in the Act.
The Reserve Bank of India cancelled the Certificate of Registration of seven non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The order lists the affected companies and states that, as a result, they cannot transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-IA of the RBI Act, 1934.
Severity Assessment
Cancellation of CoR is a complete licensing action that stops the NBFCs from carrying on the regulated business, which falls in severity 5.
All seven companies lose their NBFC registration and must stop carrying on non-banking financial institution business. Customers and counterparties are affected only to the extent those entities were conducting regulated NBFC activity.
Published as M/s Lipi Finstock Limited
Published as M/s Anupam Finlease (India) Limited
Published as M/s LRN Finance Limited
Published as M/s RFL International Limited
Published as M/s BVM Finance Private Limited
Published as M/s Annai Amar Finance Private Limited
Published as M/s Prraneta Industries Limited (Presently known as M/s Aadhaar Ventures India Limited)
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