Case Brief
What Happened
The Reserve Bank of India, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 32 companies. The release lists each company and its registered office details, and states that these entities 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
- Pilibhit, Uttar Pradesh
- 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 32 named companies. As a result, the 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 under the rubric.
Impact
All 32 listed companies must stop carrying on NBFC business with immediate effect from the cancellation dates stated against each company. Customers, counterparties, and other stakeholders should treat them as no longer authorized to conduct non-banking financial institution activity.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the RBI Act, 1934
Affected Entities
- Gupta Instalment Supply LimitedNBFC · Primary
Published as Gupta Instalment Supply Limited
- The New Globe Financiers (Bareilly) Limited (Presently known as Shree Om Finance India Limited)NBFC · Bulk Member
Published as The New Globe Financiers (Bareilly) Limited (Presently known as Shree Om Finance India Limited)
- Sekhon Motor Finance LimitedNBFC · Bulk Member
Published as Sekhon Motor Finance Limited
- Mayur Motor And General Finance LimitedNBFC · Bulk Member
Published as Mayur Motor And General Finance Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.