RBI cancels Certificate of Registration of 5 NBFCs
Case Brief
RBI cancelled the Certificates of Registration of five NBFCs under Section 45-IA(6) of the RBI Act, 1934: Key Dealers Private Limited, Mudrika Stationery Pvt. Ltd., Parasad Trading Company Private Limited, Lordem Trading Co (P) Limited, and Shikhar Holdings (P) Limited. The cancellation means these entities cannot transact the business of a Non-Banking Financial Institution under the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration of five Non-Banking Financial Companies in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The cancellation covers M/s Key Dealers Private Limited, M/s Mudrika Stationery Pvt. Ltd, M/s Parasad Trading Company Private Limited, M/s Lordem Trading Co (P) Limited, and M/s Shikhar Holdings (P) Limited. Following cancellation, these companies are not permitted to transact the business of a Non-Banking Financial Institution as defined under clause (a) of Section 45-I of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a licence cancellation, which is severity 5 regardless of whether any monetary penalty is involved.
The five named companies lose the ability to operate as NBFCs and must stop any regulated non-banking financial institution activity. Depositors, borrowers, and counterparties should treat them as no longer authorised for NBFC business after the cancellation dates stated in the release.
Published as M/s Key Dealers Private Limited
Published as M/s Mudrika Stationery Pvt. Ltd
Published as M/s Parasad Trading Company Private Limited
Published as M/s Lordem Trading Co (P) Limited
Published as M/s Shikhar Holdings (P) Limited
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