Case Brief
What Happened
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, RBI cancelled the Certificate of Registration of 19 companies. The named entities include MVA Finance Private Limited, Apka Sahyog Finance & Mercantile Private Limited, RHC Holding Private Limited, and others listed in the release. RBI also stated that these companies shall not transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act, 1934.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Not specified
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
- 19
Why RBI Acted
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 19 companies. The release states that, as a result, these 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
Cancellation of the Certificate of Registration is a license cancellation, which is severity 5 regardless of any other factors.
Impact
The affected companies cannot continue or begin NBFC business after the cancellation of their CoR. This directly affects the 19 entities named in the release and any customers/counterparties relying on their NBFC operations.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Affected Entities
- MVA Finance Private LimitedNBFC · Bulk Member
Published as MVA Finance Private Limited
- RHC Holding Private Limited (previously known as Solaris Finance Private Limited)NBFC · Bulk Member
Published as RHC Holding Private Limited (previously known as Solaris Finance Private Limited)
- Sri Janardhana Credits LimitedNBFC · Bulk Member
Published as Sri Janardhana Credits Limited
- Confina Vincom Private Limited (presently known as Confina Vincon Pvt. Ltd.)NBFC · Bulk Member
Published as Confina Vincom Private Limited (presently known as Confina Vincon Pvt. Ltd.)
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.