RBI cancels Certificate of Registration of 6 NBFCs
Case Brief
RBI exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificates of Registration of six companies: Makhariya Capital Limited, Senthil Finance Private Limited, GKSR Finance Private Limited, Magna Credit & Financial Services Limited, Sri Ponmani Finance Private Limited, and Indma Transworld Limited. The order means these entities are no longer permitted to transact the business of a Non-Banking Financial Institution under the Act.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificates of Registration of six companies: Makhariya Capital Limited, Senthil Finance Private Limited, GKSR Finance Private Limited, Magna Credit & Financial Services Limited, Sri Ponmani Finance Private Limited, and Indma Transworld Limited. As a result, these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a licence cancellation, which is severity 5 regardless of any other details.
The six companies must stop NBFC business activities immediately and cannot legally operate as non-banking financial institutions. Customers and counterparties should no longer treat them as registered NBFCs for fresh financial business.
Published as M/s Senthil Finance Private Limited
Published as M/s Magna Credit & Financial Services Limited
Published as M/s Indma Transworld Limited
Published as M/s Makhariya Capital Limited
Published as M/s GKSR Finance Private Limited
Published as M/s Sri Ponmani Finance Private Limited
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