Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
11 May 2009
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Alishan Securities & Credits Private Limited on March 25, 2009. The company, based in Delhi, had been granted registration to carry on the business of a non-banking financial institution. Acting under Section 45-IA(6) of the RBI Act, 1934, RBI's cancellation means the company cannot transact NBFC business going forward.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Alishan Securities & Credits Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had registration to carry on the business of a non-banking financial institution, and that following cancellation it cannot transact NBFC business.
Operating Impact
The company is barred from carrying on non-banking financial institution activities after the cancellation. Customers and counterparties dealing with the firm should no longer expect it to operate as an NBFC.
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
- 25 Mar 2009
- Effective From
- 25 Mar 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC