RBI cancels Certificate of Registration of six NBFCs
Case Brief
RBI cancelled the Certificate of Registration of six companies under Section 45-IA(6) of the RBI Act, 1934: Stuti Tie-Up Private Limited, Jaroli Vincom Private Limited, Wondermax Vinimay Pvt. Ltd., Oswal Resources Private Limited, Spoxy Vincom Private Limited, and Parichiti Textiles Private Limited. The release states that, following cancellation, these companies shall not transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934 to cancel the Certificate of Registration of six companies: Stuti Tie-Up Private Limited, Jaroli Vincom Private Limited, Wondermax Vinimay Pvt. Ltd., Oswal Resources Private Limited, Spoxy Vincom Private Limited, and Parichiti Textiles Private Limited. As a result, these entities 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 Certificates of Registration is a complete licensing action and is severity 5 by rubric.
These six entities are prohibited from carrying on NBFC business going forward. Any lending or other activities that require NBFC registration must stop, and affected counterparties should treat the companies as no longer authorized NBFCs. The cancellation dates listed in the notice range from July 4, 2019 to July 19, 2019.
Published as Stuti Tie-Up Private Limited
Published as Wondermax Vinimay Pvt. Ltd.
Published as Spoxy Vincom Private Limited
Published as Jaroli Vincom Private Limited
Published as Oswal Resources Private Limited
Published as Parichiti Textiles Private Limited
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