Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
18 Feb 2005
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Icon Securities India Limited, whose registered office was in Hyderabad, on 11 February 2005. The action was taken under Section 45IA of the RBI Act, 1934, and relates to the company’s authority to carry on the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration issued to Icon Securities India Limited, Hyderabad, for carrying on the business of a non-banking financial institution. The release cites Section 45IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Operating Impact
Icon Securities India Limited is no longer permitted to carry on NBFC business under its registration certificate. The restriction directly affects the company’s ability to operate as a non-banking financial institution; no monetary penalty is mentioned.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 11 Feb 2005
- Effective From
- 11 Feb 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC