Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 28 NBFCs under Section 45-IA(6) of the RBI Act, 1934. The release lists each company and the date of cancellation, and states that the above companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the Act.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkata, West Bengal
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration (CoR) of 28 named companies. Following cancellation, the release states that 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 the Certificate of Registration is a licence cancellation, which is a severity 5 action regardless of any other factors.
Impact
All 28 listed companies lose their NBFC registration and must stop carrying on non-banking financial institution business. This directly affects the entities themselves and any customers, lenders, and counterparties relying on their NBFC operations.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Affected Entities
- Nirmal Fin Lease (India) LimitedNBFC · Bulk Member
Published as Nirmal Fin Lease (India) Limited
- Chordia Capital Market LimitedNBFC · Bulk Member
Published as Chordia Capital Market Limited
- Naresh Engineers LimitedNBFC · Bulk Member
Published as Naresh Engineers Limited
- Harita Prema Private LimitedNBFC · Bulk Member
Published as Harita Prema Private Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.