Certificate of Registration Cancelled
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of Scotia Finance Private Limited, New Delhi, on January 30, 2003. The release states that the cancellation followed the company’s decision to exit the business of a non-banking financial institution. After the cancellation, the company is not permitted to carry on NBFC business under the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration issued to Scotia Finance Private Limited under Section 45-IA(6) of the RBI Act, 1934. The stated reason is that the company opted to exit from the business of a non-banking financial institution. As a result, the company can no longer transact the business of a non-banking financial institution as defined under Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which is severity 5 regardless of any underlying reason.
Scotia Finance Private Limited cannot continue or resume NBFC activities after the cancellation of its Certificate of Registration. The restriction directly affects the company and its counterparties, since it is no longer authorised to transact non-banking financial institution business.
Published as Scotia Finance Private Limited
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