Cancellation of Certificate of Registration of 3 NBFCs
Case Brief
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificates of Registration of M/s Jagannatha Financial Services Limited, M/s SCF Finance Limited, and M/s Mansar Finance Limited. The cancellation means the three companies are barred from transacting the business of a Non-Banking Financial Institution under the RBI Act.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934 to cancel the Certificate of Registration of M/s Jagannatha Financial Services Limited, M/s SCF Finance Limited, and M/s Mansar Finance Limited. As a result, these companies are no longer permitted to transact the business of a Non-Banking Financial Institution as defined under the RBI Act.
Severity Assessment
Cancellation of a Certificate of Registration is a severity 5 licensing action that prevents the NBFCs from operating as non-banking financial institutions.
The three NBFCs must stop carrying on non-banking financial business. Depositors, borrowers, and counterparties should no longer treat them as authorised NBFCs for regulated financial activities.
Published as M/s Jagannatha Financial Services Limited
Published as M/s Mansar Finance Limited
Published as M/s SCF Finance Limited
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