Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of seven NBFCs under Section 45-IA(6) of the RBI Act, 1934. The affected entities are Shree Luxmi Narayan Trexim Private Limited, Thirdwave Financial Intermediaries Ltd, Vidhyabalaji Finance & Investments Private Limited, Sanspareil Finance Limited, Nambi Investments & Finance Private Limited, MCM Investments and Finance Limited, and Ishara Finance & Rural Development Private Limited. Following the cancellations, these companies are not permitted to carry on the business of a Non-Banking Financial Institution under the RBI Act.