RBI cancels Certificate of Registration of Fourteen NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of fourteen companies under Section 45-IA(6) of the RBI Act, 1934. The release lists the affected NBFCs and their cancellation dates, and states that they shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the Act.
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 14 companies. The release does not describe misconduct for each company; it simply states that their CoRs were cancelled and that they 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 Certificate of Registration is a severity-5 action, and the release explicitly bars the companies from transacting NBFC business.
The 14 companies are prohibited from conducting NBFC business going forward. Customers, counterparties, and lenders dealing with these firms should treat the entities as no longer authorized to operate as non-banking financial institutions.
Published as Jayabharat Credit Limited
Published as Daanee Leasing Limited
Published as Honhar Investments Limited
Published as Proficient Leasing and Finance Limited
Published as Primus Capital Private Limited
Published as Ashutosh Securities Private Limited
Published as Bharat Finance and Industries Limited
Published as Anchal Leasing Private Limited
Published as Signature Finance Private Limited
Published as Dee Bee Leasing and Hire Purchase Private Limited
Published as Jindal Finlease Private Limited
Published as B L S Investments Private Limited
Published as Help Finance Limited
Published as Ekjot Advances Limited
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