Case Brief
What Happened
RBI, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 30 companies. The entities are all NBFCs, and the order means they are no longer permitted to carry on business as a Non-Banking Financial Institution under the RBI Act.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkata, West Bengal
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
- 30
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 of 30 named companies. The release states that, as a result, the above 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 CoR is a licence cancellation, which is a severity-5 action regardless of any monetary amount.
Impact
All 30 affected companies must stop transacting NBFC business. The action directly affects the companies named in the release and removes their regulatory permission to operate as non-banking financial institutions.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Affected Entities
- RSN Financial Services LimitedNBFC · Primary
Published as RSN Financial Services Limited
- Jai Annanya Investments Private Limited (Formerly Gamut Overseas Private Limited)NBFC · Bulk Member
Published as Jai Annanya Investments Private Limited (Formerly Gamut Overseas Private Limited)
- Choudhary Finance & Investment Private LimitedNBFC · Bulk Member
Published as Choudhary Finance & Investment Private Limited
- Mahant Merchandise (P) LtdNBFC · Bulk Member
Published as Mahant Merchandise (P) Ltd.
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.