Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
25 Jan 2019
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 28 companies. The release lists the affected entities and their registered office addresses and dates of cancellation. Following cancellation, the companies are not permitted to transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration (CoR) of 28 listed companies under Section 45-IA(6) of the RBI Act, 1934. As a result, these entities can no longer transact business as a Non-Banking Financial Institution as defined under Section 45-I(a) of the Act.
Operating Impact
All 28 companies lose their RBI registration and must stop carrying on NBFC business. Customers and counterparties can no longer treat them as registered non-banking financial institutions, and any future NBFC activity would be unauthorized.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I(a) of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 28 Nov 2018
- Entities Affected
- 28
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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