Cancellation of the certificate of registration
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA of the RBI Act, 1934, cancelled the certificate of registration of Cobol Management Pvt. Limited, whose registered office is in Kolkata. The cancellation removes the company’s authority to carry on the business of a non-banking financial institution under the Act.
The Reserve Bank of India cancelled the certificate of registration granted to Cobol Management Pvt. Limited under Section 45-IA of the RBI Act, 1934. The company had been authorised to carry on the business of a non-banking financial institution, and after cancellation it can no longer transact that business as defined under Section 45 I(a).
Severity Assessment
Cancellation of a certificate of registration is a full licensing action and is severity 5.
Cobol Management Pvt. Limited is prohibited from carrying on non-banking financial institution business going forward. Customers and counterparties should not treat it as an authorised NBFC for regulated business activities.
Published as Cobol Management Pvt. Limited
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