The Reserve Bank of India notified that, exercising powers under Section 45-IA(6) of the RBI Act, 1934, it had cancelled as surrendered the Certificate of Registration issued to Capital Fortunes Ltd., Hyderabad. The registration had authorised the company to conduct non-banking financial institution business. With the cancellation in effect, the company is prohibited from transacting NBFC business under the RBI Act.

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Quick Facts

Primary Impact: License cancellation
Entity Type: NBFC
Location: Hyderabad, Telangana
Order Date: 6 Aug 2002
Effective From: 6 Aug 2002
Entities Affected: 1

Why RBI Acted

Licensing breach

Under Section 45-IA(6) of the RBI Act, 1934, RBI cancelled the Certificate of Registration issued to Capital Fortunes Ltd. on the basis that it had been surrendered on August 6, 2002. The company had been authorised to carry on the business of a non-banking financial institution, and following cancellation it cannot transact NBFC business as defined under Section 45I(a).

Severity Assessment

Cancellation of the Certificate of Registration is a full license cancellation, which is severity 5.

Impact

Capital Fortunes Ltd. must stop carrying on non-banking financial institution business. Customers and counterparties should treat the entity as no longer authorised to operate as an NBFC.

Regulatory Basis

Section 45 IA(6) of the Reserve Bank of India Act, 1934
Clause (a) of Section 45 I of the Reserve Bank of India Act, 1934

Restrictions & Effective Timeline

Effective From: 6 Aug 2002

Affected Entities

Capital Fortunes Ltd
Published as Capital Fortunes Ltd.
NBFC · Primary

Official RBI Source

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