Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
9 Dec 2014
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Ask Financial Services Limited, an NBFC, under Section 45-IA(6) of the Reserve Bank of India Act, 1934. This is a licence cancellation and ends the company's authority to operate as an NBFC.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of Ask Financial Services Limited, which is a non-banking financial company, in exercise of its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Operating Impact
Ask Financial Services Limited can no longer carry on NBFC business under the cancelled registration. The company is prevented from operating as a registered non-banking financial company unless it obtains fresh regulatory approval or registration, as applicable.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC