Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
3 May 2016
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of six non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The named entities are M/s Gyanijay Tradecomm Private Limited, M/s Accurate Tracon Pvt. Ltd., M/s Navneet Vinimay (P) Ltd., M/s Rahul Fintrade Private Ltd., M/s S.A. Mercantile Commercial (P) Ltd., and M/s Brindaban Holdings and Trading Limited. Following the cancellation, these companies cannot transact the business of a non-banking financial institution as defined under Section 45-I(a).
Why RBI Acted
The RBI cancelled the Certificate of Registration of six non-banking financial companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the companies are no longer permitted to transact the business of a non-banking financial institution under Section 45-I(a) of the Act.
Operating Impact
All six NBFCs lose their registration and are barred from conducting NBFC business. Customers, borrowers, and counterparties should treat the entities as no longer authorized to operate as registered NBFCs.
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
- 17 Feb 2016
- Entities Affected
- 6
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s Brindaban Holdings and Trading Limited
M/s Accurate Tracon Pvt. Ltd
NBFC · Kolkata, West Bengal
1 shared action
1 restriction
M/s Gyanijay Tradecomm Private Limited
NBFC · Kolkata, West Bengal
1 shared action
1 restriction
M/s Navneet Vinimay (P) Ltd
NBFC · Kolkata, West Bengal
1 shared action
1 restriction
M/s Rahul Fintrade Private Ltd
NBFC · Kolkata, West Bengal
1 shared action
1 restriction
M/s S.A. Mercantile Commercial (P) Ltd
NBFC · Kolkata, West Bengal
1 shared action
1 restriction