Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
14 Dec 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Anna Finance Limited, whose registered office was in Karol Bagh, New Delhi. The action was taken under Section 45-IA of the RBI Act, 1934, which authorizes RBI to cancel the registration of a non-banking financial company. This is a full licence cancellation and has immediate adverse regulatory consequences for the entity.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration issued to Anna Finance Limited, New Delhi, enabling it to carry on the business of a non-banking financial institution. The cancellation was made under Section 45-IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Operating Impact
Anna Finance Limited can no longer legally conduct NBFC business under the cancelled certificate. The action directly affects the company and restricts its ability to operate as a non-banking financial institution from the effective date of cancellation, November 25, 2005.
Regulatory Basis
- Section 45-IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 25 Nov 2005
- Effective From
- 25 Nov 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC