Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 30 NBFCs under Section 45-IA(6) of the RBI Act, 1934. The named entities span multiple companies, many based in Kolkata and one in Lucknow, and the release makes clear that they are no longer permitted to transact the business of a Non-Banking Financial Institution under 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 30 listed companies. The release states that, as a consequence, 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 is a severity 5 action affecting the entities' ability to operate as NBFCs.
Impact
All 30 affected companies lose their regulatory permission to operate as NBFCs and must stop carrying on NBFC business. Customers, counterparties, and other stakeholders dealing with these firms are impacted because the entities cannot legally continue NBFC operations after the cancellation date stated for each company.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Affected Entities
- Albright Finance Private LimitedNBFC · Bulk Member
Published as Albright Finance Private Limited
- Sri Ganesh Satya Sai Finance & Agencies (P) LtdNBFC · Bulk Member
Published as Sri Ganesh Satya Sai Finance & Agencies (P) Ltd.
- Spread Merchant Private LimitedNBFC · Bulk Member
Published as Spread Merchant Private Limited
- Jalsagar Distributors Private LimitedNBFC · Bulk Member
Published as Jalsagar Distributors Private Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.