Dipul Sales and Marketing Private Limited

The RBI states that 22 NBFCs surrendered their Certificate of Registration granted by RBI, and accordingly RBI cancelled their CoR under Section 45-IA(6) of the RBI Act, 1934. Separately, one Housing Finance Company, Essel Finance Home Loans Limited, surrendered its CoR granted by NHB, and the CoR was cancelled under Section 29A(6) of the National Housing Bank Act, 1987. The press release further states that the listed companies shall not transact the business of a Non-Banking Financial Institution; for the HFC, it shall neither transact the business of a Housing Finance Institution nor of a Non-Banking Financial Institution.

The listed entities must stop operating as NBFCs/HFCs and cannot transact the regulated business covered by their cancelled registrations. This affects all named companies and, for the housing finance company, both housing finance and NBFC activities are prohibited going forward.