Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 32 companies under Section 45-IA(6) of the RBI Act, 1934. The release lists each affected company and states that, as a result, they shall not 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
- New Delhi, Delhi
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
Why RBI Acted
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 32 named companies. 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, 1934.
Severity Assessment
Cancellation of CoR is a licence cancellation action, which is severity 5 regardless of any monetary amount.
Impact
The 32 affected companies cannot continue or commence NBFC business unless otherwise permitted by law. Customers, counterparties, and other stakeholders should treat them as no longer authorised to conduct non-banking financial institution activity.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Affected Entities
- Pulkit Fincap Private LimitedNBFC · Bulk Member
Published as Pulkit Fincap Private Limited
- Vinayak Vanijya LimitedNBFC · Bulk Member
Published as Vinayak Vanijya Limited
- RNAM Finlease Private LimitedNBFC · Bulk Member
Published as RNAM Finlease Private Limited
- Profile System LimitedNBFC · Bulk Member
Published as Profile System Limited
- Team Plus Securities Limited
Published as Team Plus Securities Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.