Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
1 Jul 2008
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Ankit Tradesec Limited, whose registered office is in Mumbai, on May 5, 2008. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company is barred from transacting the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Ankit Tradesec Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and following cancellation it cannot transact that business.
Operating Impact
M/s Ankit Tradesec Limited must stop carrying on NBFC business with effect from May 5, 2008. The cancellation removes its authority to operate as a non-banking financial institution, affecting its customers and counterparties in any NBFC activity.
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
- 5 May 2008
- Effective From
- 5 May 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC