RBI cancels Certificate of Registration of 8 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of eight NBFCs under Section 45-IA(6) of the RBI Act, 1934. The affected entities are listed individually in the release, and the cancellation order dates range from January 23, 2017 to May 22, 2017. As a result, these companies cannot transact the business of a non-banking financial institution as defined under the RBI Act.
The RBI cancelled the Certificate of Registration of eight non-banking financial companies in exercise of its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release does not specify the underlying factual breach for the cancellations, only the statutory basis and the list of affected companies.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which is severity 5 regardless of amount.
The eight NBFCs can no longer carry on non-banking financial institution business. This is a complete regulatory shutdown of their NBFC activity, affecting their ability to conduct lending/financing operations as regulated entities and informing counterparties and customers that the firms may not operate in that licensed capacity.
Published as M/s Sehajpal Estates & Finance Pvt. Ltd.
Published as M/s Esteem Investments Limited
Published as M/s City Commercial Investment Company Private Limited
Published as M/s O T G Global Finance Limited
Published as M/s Dhanwan Leasing and Finance Company Ltd.
Published as M/s Deesha Tie-up Pvt. Ltd.
Published as M/s VVD Finance and Leasing Limited
Published as M/s Arihant Finvest Limited
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