RBI cancels Certificate of Registration of Two NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of two companies under Section 45-IA(6) of the RBI Act, 1934: Sahayog Enterprises Private Limited and Sneha Agencies Pvt. Ltd. The press release says that, following cancellation, the companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act. This is a full licensing action affecting both entities.
The Reserve Bank of India cancelled the Certificate of Registration of Sahayog Enterprises Private Limited and Sneha Agencies Pvt. Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that, as a result, the two companies 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
Certificate of Registration cancellation is a severity-5 action under the rubric.
Both companies lose the legal ability to operate as non-banking financial institutions. They must stop NBFC საქმიანity immediately and cannot undertake NBFC business going forward; counterparties and customers should not rely on them for regulated lending/financial activity.
Published as Sneha Agencies Pvt. Ltd.
Published as Sahayog Enterprises Private Limited
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