Revocation of Certificate of Authorisation of UAE Exchange Centre LLC
Case Brief
The Reserve Bank of India revoked the Certificate of Authorisation (CoA) of UAE Exchange Centre LLC under Section 8 of the Payment and Settlement Systems Act, 2007. The release identifies the entity as a Payment System Operator but does not provide any additional factual explanation for the revocation or any monetary penalty. As a result, the action is best classified as a licence cancellation affecting the entity's ability to operate as a PSO.
The Reserve Bank of India, exercising powers under Section 8 of the Payment and Settlement Systems Act, 2007, revoked the Certificate of Authorisation (CoA) of UAE Exchange Centre LLC, identified as a Payment System Operator (PSO). The release does not state the underlying conduct or a specific contravention beyond the revocation itself.
Severity Assessment
Revocation of a Certificate of Authorisation is a licensing cancellation, which carries severity 5 under the rubric.
UAE Exchange Centre LLC can no longer operate under the revoked Certificate of Authorisation as a payment system operator. Any payment system activities that depended on the CoA must cease, and counterparties/customers relying on those services will be affected. No deadline is stated in the text.
Published as UAE Exchange Centre LLC
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