RBI cancels Certificate of Registration of Four NBFCs
Case Brief
The RBI cancelled the Certificate of Registration of four NBFCs: M/s Vrundavan Securities Limited, M/s Durlav Finance Limited, VGM Finance Private Limited (now known as M/s Sufalam Financial Services Private Limited), and M/s Dhananjay Finance Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the companies are not allowed to transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the Act.
The RBI, in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, cancelled the Certificate of Registration of four companies: M/s Vrundavan Securities Limited, M/s Durlav Finance Limited, VGM Finance Private Limited (presently known as M/s Sufalam Financial Services Private Limited), and M/s Dhananjay Finance Limited. The release states that 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 an NBFC Certificate of Registration is a licence cancellation, which is severity 5.
These companies must stop carrying on NBFC business. Customers and counterparties dealing with them as non-banking financial institutions are affected because the firms lose regulatory permission to operate in that capacity. The release gives the cancellation order dates for each company, but no separate compliance deadline.
Published as M/s Durlav Finance Limited
Published as M/s Dhananjay Finance Limited
Published as M/s Vrundavan Securities Limited
Published as VGM Finance Private Limited (Presently known as M/s Sufalam Financial Services Private Limited)
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