Reserve Bank cancels the Certificate of Registration of TCI Securities Limited, Secunderabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to TCI Securities Limited, a Non-Banking Financial Company headquartered in Secunderabad. According to the release, the company had opted to exit the business of a Non-Banking Financial Institution following its amalgamation with TCI Finance Limited, Secunderabad. RBI invoked Section 45-IA(6) of the RBI Act, 1934 for the cancellation.
The Reserve Bank of India cancelled the Certificate of Registration issued to TCI Securities Limited, an NBFC with its head office in Secunderabad. The release states that the company had opted to exit from the business of a Non-Banking Financial Institution pursuant to its amalgamation with TCI Finance Limited. The cancellation was made in exercise of powers under Section 45-IA(6) of the RBI Act, 1934.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a licence cancellation, which carries severity 5 under the rubric.
TCI Securities Limited can no longer operate as an NBFC under the cancelled registration. The action is effective from October 31, 2003, and reflects the company’s exit from the NBFC business; customers and counterparties would no longer rely on it as a registered non-banking financial institution.
Published as TCI Securities Limited
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