Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 30 non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The order lists each company and its registered office, and it states that the companies shall not transact the business of a Non-Banking Financial Institution as defined under the RBI Act.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Meerut, Uttar Pradesh
- Order Date
- Unknown date
- Effective From
- 30 Aug 2018
- Entities Affected
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, RBI cancelled the Certificate of Registration of 30 listed companies. The release states that, as such, these companies shall not transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a licence cancellation action, which carries severity 5 regardless of whether any monetary penalty is involved.
Impact
All 30 companies are barred from carrying on NBFC business going forward. Customers, counterparties, and other stakeholders should treat the entities as no longer authorised to operate as non-banking financial institutions from the stated cancellation dates.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Restrictions & Effective Timeline
- Effective From
- 30 Aug 2018
Affected Entities
- Ram Nath & Co. Financiers LtdNBFC · Bulk Member
Published as Ram Nath & Co. Financiers Ltd.
- Apple Portfolio LimitedNBFC · Bulk Member
Published as Apple Portfolio Limited
- Anupam Securities Private LimitedNBFC · Bulk Member
Published as Anupam Securities Private Limited
- Archna Trading and Investment Company (P) LtdNBFC · Bulk Member
Published as Archna Trading and Investment Company (P) Ltd.
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.