Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
14 Aug 2009
Case Brief
On 13 July 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Associated Fincap Limited, based in Mumbai, under Section 45-IA(6) of the RBI Act, 1934. The company had opted to exit the business of a non-banking financial institution. As a result, it can no longer carry on or transact 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. Associated Fincap Limited, whose registered office was in Andheri West, Mumbai, for carrying on the business of a non-banking financial institution. The release states that the company had opted to exit from the business of a non-banking financial institution. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Operating Impact
The company is barred from conducting NBFC business going forward. Customers and counterparties should treat it as no longer authorised to operate as a non-banking financial institution. The action takes effect from the cancellation date stated in the release, 13 July 2009.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 13 Jul 2009
- Effective From
- 13 Jul 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC