RBI cancels Certificate of Registration of four NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of four NBFCs under Section 45-IA(6) of the RBI Act, 1934. The affected entities are Kanva Shree Credit Private Limited, Williamson Magor & Co. Ltd., Galaxy Capital Finance Limited, and SRS Finance Limited. As a result, they cannot transact the business of a Non-Banking Financial Institution.
The Reserve Bank of India cancelled the Certificate of Registration of four companies under Section 45-IA(6) of the RBI Act, 1934: Kanva Shree Credit Private Limited, Williamson Magor & Co. Ltd., Galaxy Capital Finance Limited, and SRS Finance Limited. The order states that these companies shall not transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Severity Assessment
Cancellation of the Certificate of Registration is a licence cancellation, which falls in severity 5.
These four companies must stop carrying on NBFC business. Customers and counterparties should not treat them as authorised non-banking financial institutions going forward, and any such activity after cancellation would be unauthorised.
Published as Williamson Magor & Co. Ltd.
Published as SRS Finance Limited
Published as Kanva Shree Credit Private Limited
Published as Galaxy Capital Finance Limited
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