Case Brief
What Happened
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of 30 companies. The order covers the listed entities and, after cancellation, they cannot transact the business of a non-banking financial institution as defined in Section 45-I(a) of the RBI Act, 1934.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Not specified
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of 30 named companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a consequence, the companies are no longer permitted to transact the business of a non-banking financial institution as defined in Section 45-I(a) of the RBI Act.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which is severity 5 under the rubric.
Impact
The affected companies lose the ability to operate as NBFCs and must stop undertaking non-banking financial institution business. The restriction applies to all 30 named entities, with no indication of a temporary suspension or extension; the release states they shall not transact NBFC business going forward.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the RBI Act, 1934
Affected Entities
- NIF Financiers LimitedNBFC · Bulk Member
Published as NIF Financiers Limited
- Sulabh Vanijya LtdNBFC · Bulk Member
Published as Sulabh Vanijya Ltd.
- Pushpanjali Securities Management Pvt. LtdNBFC · Bulk Member
Published as Pushpanjali Securities Management Pvt. Ltd.
- N R Mercantiles Private LimitedNBFC · Bulk Member
Published as N R Mercantiles Private Limited
- Chain Investments Ltd
Published as Chain Investments Ltd.
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.