Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
27 May 2008
Case Brief
On April 08, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Electra Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. The cancellation means the company is no longer permitted to 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. Electra Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. The order relates to the company’s authorization to carry on the business of a non-banking financial institution (defined under Section 45-I(a)).
Operating Impact
M/s. Electra Financial Services Limited must stop carrying on non-banking financial institution business. The restriction affects the company directly and prevents it from undertaking NBFC activities going forward.
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
- 8 Apr 2008
- Effective From
- 8 Apr 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC