RBI cancels Certificate of Registration of 2 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of two Non-Banking Financial Companies: M/s Jay Kay Transporters and Financiers (P) Limited and M/s Jay Kay Credit & Investment (Private) Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934, and the release says the companies cannot transact the business of a Non-Banking Financial Institution after cancellation.
The Reserve Bank of India cancelled the Certificate of Registration of M/s Jay Kay Transporters and Financiers (P) Limited and M/s Jay Kay Credit & Investment (Private) Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that, following cancellation, these companies cannot transact the business of a Non-Banking Financial Institution as laid down under clause (a) of Section 45-I of the Act.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a full licence cancellation, which carries severity 5.
Both companies are barred from carrying on NBFC business going forward. Counterparties and customers should treat them as no longer authorised to operate as non-banking financial institutions.
Published as M/s Jay Kay Transporters and Financiers (P) Limited
Published as M/s Jay Kay Credit & Investment (Private) Limited
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