Certificate of Registration Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Plus Finance Limited under Section 45-IA(6) of the RBI Act, 1934. Plus Finance Limited was registered at 44-B, Hotel Chalukya Annexe, Race Course Road, Bangalore-560 001. As a result, the company is not permitted to transact the business of a non-banking financial institution under the RBI Act.
The Reserve Bank of India exercised its powers under sub-section (6) of Section 45-IA of the RBI Act, 1934 to cancel the Certificate of Registration issued to Plus Finance Limited, which had been registered at Bangalore. The cancellation bars the company from transacting the business of a non-banking financial institution as defined under Section 45-I(a) of the Act.
Severity Assessment
Cancellation of an NBFC certificate of registration is a licence cancellation, which carries severity 5.
Plus Finance Limited must stop carrying on NBFC business immediately and cannot legally continue its non-banking financial institution activities. Customers and counterparties dealing with the company are affected by the cessation of its regulated NBFC operations.
Published as Plus Finance Limited
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