RBI cancels Certificate of Registration of Four NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of four NBFCs: Bharatpur Investment Ltd, K.S. Finlease Limited, Build Con Finance Limited, and Operating Lease and Hire Purchase Company Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the companies are not permitted to transact the business of a Non-Banking Financial Institution.
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of four companies: Bharatpur Investment Ltd, K.S. Finlease Limited, Build Con Finance Limited, and Operating Lease and Hire Purchase Company Limited. The release states that, as a result, 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 a Certificate of Registration is a license cancellation, which is severity 5 regardless of any other factors.
All four companies lose their NBFC registration and must stop carrying on NBFC business. Customers and counterparties should no longer treat them as authorised non-banking financial institutions, and any further activity would be outside the RBI registration regime.
Published as K.S. Finlease Limited
Published as Operating Lease and Hire Purchase Company Limited
Published as Bharatpur Investment Ltd
Published as Build Con Finance Limited
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