Case Brief
What Happened
In a Section 45-IA(6) action under the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of 32 companies. The release names each company and gives the corresponding registered office and cancellation date. As a result, these entities are barred from transacting 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
- 1 Aug 2018
- Entities Affected
Why RBI Acted
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration (CoR) of 32 companies. The release lists each company and its CoR/cancellation dates, and 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 Certificate of Registration is a licence cancellation, which carries severity 5 regardless of any fine or restriction details.
Impact
All 32 listed companies lose their NBFC registration and must stop transacting NBFC business. Customers, counterparties, and other stakeholders should not treat them as authorised to conduct non-banking financial institution activity after the cancellation dates.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I(a) of the RBI Act, 1934
Restrictions & Effective Timeline
- Effective From
- 1 Aug 2018
Affected Entities
- Deer Gold Dealers Pvt. LtdNBFC · Bulk Member
Published as Deer Gold Dealers Pvt. Ltd.
- Capital LimitedNBFC · Bulk Member
Published as Capital Limited
- Gegacorp Enterprises Private LimitedNBFC · Bulk Member
Published as Gegacorp Enterprises Private Limited
- Unique Forms Private LtdNBFC · Bulk Member
Published as Unique Forms Private Ltd.
- Adarsh General Motor Financiers Limited
Published as Adarsh General Motor Financiers Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.