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BMR Securities Private Limited

NBFCKolkata, West Bengal

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

14 Nov 2018

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of 32 companies under Section 45-IA(6) of the RBI Act, 1934. The entities listed are no longer permitted to transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the Act. The affected companies include a mix of private limited companies and listed entities, with registered offices mainly in Kolkata, West Bengal, and one in Jorhat, Assam.

Why RBI Acted

Licensing breach

In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration (CoR) of 32 listed companies. The release states that these companies shall not transact the business of a Non-Banking Financial Institution, as defined in Section 45-I(a) of the RBI Act, 1934.

Operating Impact

All 32 named companies lose their NBFC registration and must stop conducting non-banking financial institution business. This affects their ability to carry on regulated lending/financial activities as NBFCs and requires immediate compliance with the cancellation order; customers and counterparties should treat them as no longer authorized NBFCs.

Regulatory Basis

  • Section 45-IA (6) of the Reserve Bank of India Act, 1934
  • Section 45-I of the RBI Act, 1934

Action Facts

Primary Impact
License cancellation
Effective From
7 Aug 2018
Entities Affected
32
Entity Role
Bulk Member
Entity Type
NBFC

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