RBI cancels Certificate of Registration of two NBFCs
Case Brief
RBI, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of Ulhas Securities Private Limited and Sikar Investment Co Ltd. The order is a licence cancellation affecting two NBFCs, and the release specifies that they shall not transact the business of a Non-Banking Financial Institution under the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration (CoR) of Ulhas Securities Private Limited and Sikar Investment Co Ltd under Section 45-IA(6) of the RBI Act, 1934. The release states that, as a result, the above companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which carries severity 5 regardless of any monetary amount.
Both entities must stop carrying on NBFC business. The cancellation affects the companies directly and removes their authorization to operate as non-banking financial institutions.
Published as Sikar Investment Co Ltd
Published as Ulhas Securities Private Limited
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