RBI cancels Certificate of Registration of two NBFC
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of two NBFCs: BRD Securities Ltd and Lakshmi Finance Private Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the companies are prohibited from transacting the business of a Non-Banking Financial Institution as defined in the Act.
The Reserve Bank of India cancelled the Certificate of Registration of BRD Securities Ltd and Lakshmi Finance Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that, as a result, the companies shall not transact the business of a Non-Banking Financial Institution as defined in the Act.
Severity Assessment
Cancellation of a Certificate of Registration is a license-cancellation action and is severity 5 by the rubric.
Both entities must stop NBFC operations and cannot legally undertake non-banking financial institution business. Customers and counterparties dealing with these firms are affected by the cessation of regulated NBFC activity.
Published as BRD Securities Ltd
Published as Lakshmi Finance Private Limited
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