RBI cancels Certificate of Registration of 13 NBFCs
Case Brief
The RBI exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 13 NBFCs. The order names each company and, as a result, they are prohibited from transacting the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act, 1934.
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the RBI cancelled the Certificate of Registration of 13 companies. The listed entities can no longer 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 license cancellation, which is severity 5 regardless of any monetary penalty.
All 13 companies lose the legal ability to carry on NBFC business. This directly affects the entities themselves and any customers or counterparties dealing with them as NBFCs; they must cease NBFC operations from the cancellation dates stated in the release.
Published as Anmol Commerce Private Limited
Published as Dhanvarsha Motor Finance Private Limited
Published as Diamond Commercial Enterprises Limited
Published as Rainbow Credit and Securities Private Limited
Published as Napraaj Commercial Private Limited
Published as Homfit Finance and Leasing Ltd. (Previously known as Homfit Leasing Limited)
Published as Fast-N-Perfect Commercial Pvt. Ltd.
Published as Mayfair Capital Private Limited
Published as Vijay Hire Purchase and Leasing Limited
Published as Enpee Finall Services Private Limited
Published as DPSE Finance Ltd.
Published as Skyline Financial Services Madras Private Limited
Published as Sigs Financial Services (India) Private Limited (Previously known as Olarikkara Investments and Hire Purchases Private Limited)
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