Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
24 Oct 2011
Case Brief
On August 30, 2011, RBI cancelled the Certificate of Registration No. 09.00053 granted to M/s. Cyclo Investments Private Limited under Section 45-IA(6) of the RBI Act, 1934. The registration had allowed the company to carry on the business of a non-banking financial institution. With the cancellation, the company is no longer permitted to transact that business.
Why RBI Acted
The Reserve Bank of India cancelled Certificate of Registration No. 09.00053, granted on March 3, 1998, to M/s. Cyclo Investments Private Limited under Section 45-IA(6) of the RBI Act, 1934. The company had been registered to carry on the business of a non-banking financial institution; after cancellation, it cannot transact that business.
Operating Impact
M/s. Cyclo Investments Private Limited must stop operating as a non-banking financial institution. Customers and counterparties cannot rely on it to conduct NBFC business after the cancellation takes effect.
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
- 30 Aug 2011
- Effective From
- 30 Aug 2011
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC