Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
2 May 2012
Case Brief
On April 23, 2012, the Reserve Bank of India cancelled the Certificate of Registration (CoR) No. 16.00169, dated January 9, 2002, issued to Alternative Investments and Credits Limited. The cancellation was made on supervisory grounds under Section 45-IA(6) of the RBI Act, 1934. After the cancellation, the company is not permitted to transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled CoR No. 16.00169 dated January 9, 2002, issued to Alternative Investments and Credits Limited, on supervisory grounds. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following the cancellation, the company is prohibited from carrying on the business of a non-banking financial institution.
Operating Impact
Alternative Investments and Credits Limited must stop carrying on non-banking financial institution business. Depositors, borrowers, and counterparties should not rely on the firm to continue NBFC operations after the cancellation takes effect.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 9 Jan 2002
- Effective From
- 23 Apr 2012
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC