Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
4 Jan 2006
Case Brief
On December 26, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Harrison Malayalam Financial Services Ltd., Kochi, under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit from the business of a non-banking financial institution, which led RBI to cancel its registration certificate.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration issued to Harrison Malayalam Financial Services Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and RBI therefore cancelled its registration certificate.
Operating Impact
The company can no longer operate as a registered non-banking financial company. Any NBFC-related business must cease, and the cancellation affects the firm directly rather than customers through an ongoing operational restriction.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 26 Dec 2005
- Effective From
- 26 Dec 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC