RBI cancels Certificate of Registration of Three NBFCs
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of three NBFCs: Bharathu Investment & Finance India Limited, Cox & Kings Financial Service Limited, and PSPR Enterprises Private Limited. The release states that, following cancellation, these companies shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration of Bharathu Investment & Finance India Limited, Cox & Kings Financial Service Limited, and PSPR Enterprises Private Limited under Section 45-IA(6) of the RBI Act, 1934. As a result, these companies cannot transact the business of a Non-Banking Financial Institution as defined under Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which is severity 5 regardless of any other details.
All three companies are barred from carrying on NBFC business going forward. Customers and counterparties should treat them as no longer authorized to operate as Non-Banking Financial Institutions. The order is effective from the respective cancellation order dates stated in the release.
Published as Bharathu Investment & Finance India Limited
Published as PSPR Enterprises Private Limited
Published as Cox & Kings Financial Service Limited
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