Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
12 Sept 2003
Case Brief
On September 8, 2003, the Reserve Bank of India cancelled the Certificate of Registration granted to Abhay Investments Private Limited, whose registered office is in Secundrabad, Andhra Pradesh. The order was issued under Section 45IA of the RBI Act, 1934. As a result, Abhay Investments Private Limited cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to Abhay Investments Private Limited under Section 45IA of the RBI Act, 1934. The release states that, following cancellation, the company cannot transact the business of a non-banking financial institution. No separate misconduct details are provided in the text.
Operating Impact
Abhay Investments Private Limited is prohibited from carrying on NBFC business after the cancellation. The order directly affects the company and its customers/counterparties by ending its ability to operate as a non-banking financial institution.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
- Section 45MB (1)
- Section 45MB (2)
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 8 Sept 2003
- Effective From
- 8 Sept 2003
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC