Reserve Bank Cancels Certificate of Registration of M/s. Ishan Fincap Limited, Borsad
Case Brief
On June 12, 2003, the Reserve Bank of India cancelled the certificate of registration of M/s. Ishan Fincap Limited, whose registered office was at Borsad, Dist. Kheda. The cancellation was for carrying on the business of a non-banking financial institution, under Section 45IA of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Ishan Fincap Limited, which had its registered office at Borsad, for carrying on the business of a non-banking financial institution. The release cites Section 45IA of the RBI Act, 1934 as the enabling provision for cancelling an NBFC’s registration certificate. No further specific misconduct is described in the text.
Severity Assessment
Cancellation of an NBFC certificate of registration is a full licence cancellation, which falls in severity 5.
The company is barred from conducting NBFC business after cancellation of its registration certificate. The action affects the entity directly and removes its ability to operate as a non-banking financial institution; the text also notes RBI’s powers to prohibit acceptance of deposits and alienation of assets under Section 45MB, though it does not state those separate prohibitions were specifically issued here.
Published as M/s. Ishan Fincap Limited
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