RBI cancels Certificate of Registration of Two NBFCs
Case Brief
The Reserve Bank of India, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of two companies: M. L. Singhi & Associates Private Limited and Stanchart Securities Private Limited. The release lists their registered office addresses and cancellation dates, and states that these companies shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration of M. L. Singhi & Associates Private Limited and Stanchart Securities Private Limited under Section 45-IA(6) of the RBI Act, 1934. As a result, the companies are no longer permitted to transact the business of a Non-Banking Financial Institution.
Severity Assessment
Cancellation of a CoR is a licence cancellation, which is severity 5 regardless of any monetary amount.
Both companies lose their authority to operate as NBFCs and cannot carry on non-banking financial institution business after the cancellation dates. Customers and counterparties should treat them as no longer registered NBFCs for regulatory purposes.
Published as M. L. Singhi & Associates Private Limited
Published as Stanchart Securities Private Limited
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