Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
16 Mar 2016
Case Brief
The Reserve Bank of India has cancelled the Certificate of Registration of two non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The affected entities are M/s Deep Capital Services Private Limited, Ahmedabad, and M/s DFL Infrastructure Finance Limited, Chennai. As a result, both companies are barred from transacting the business of a non-banking financial institution under the RBI Act.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of two non-banking financial companies in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The companies listed are M/s Deep Capital Services Private Limited and M/s DFL Infrastructure Finance Limited. Following cancellation, they are no longer permitted to transact the business of a non-banking financial institution as defined under clause (a) of Section 45-I of the RBI Act, 1934.
Operating Impact
Both NBFCs must stop carrying on non-banking financial business. Customers, counterparties, and other stakeholders should not expect them to continue operating as registered NBFCs after the cancellation dates.
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
- Effective From
- 5 Feb 2016
- Entities Affected
- 2
- Entity Role
- Primary
- Entity Type
- NBFC
Related Entities
Entities similar to M/s Deep Capital Services Private Limited