RBI cancels Certificate of Registration of Three NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of three NBFCs: Abhinav Hire Purchase Limited, Jupiter Management Services Private Limited, and N. E. Leasing and Finance Private Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, these companies cannot transact the business of a Non-Banking Financial Institution as defined in the Act.
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of three companies: Abhinav Hire Purchase Limited, Jupiter Management Services Private Limited, and N. E. Leasing and Finance Private Limited. As a consequence, the above 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 a Certificate of Registration is a licence cancellation, which is severity 5 under the rubric.
All three companies are barred from carrying on NBFC business going forward. Customers and counterparties should not treat them as authorised non-banking financial institutions, and any NBFC activity must cease.
Published as Abhinav Hire Purchase Limited
Published as N. E. Leasing and Finance Private Limited
Published as Jupiter Management Services Private Limited
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