Reserve Bank Cancels Certificate of Registration of HICEL Leasing Limited, Hyderabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of HICEL Leasing Limited, Hyderabad, under Section 45IA(6) of the RBI Act, 1934. The release says the company opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot transact NBFC business, and it has also been prohibited from accepting deposits under Section 45MB(1).
The Reserve Bank of India cancelled the Certificate of Registration issued to HICEL Leasing Limited under Section 45IA(6) of the RBI Act, 1934, stating that the company had opted to exit from the business of a non-banking financial institution. The release also states that, under Section 45MB(1), the company has been prohibited from accepting deposits. As a result, HICEL Leasing Limited cannot carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a severity-5 licensing action, and the accompanying deposit-acceptance prohibition does not reduce that floor.
HICEL Leasing Limited must stop carrying on NBFC activities and cannot accept deposits. The action has immediate forward-looking effect on the company’s operations and on any customers or counterparties relying on its NBFC services.
Published as HICEL Leasing Limited
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