Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
5 May 2008
Case Brief
On April 8, 2008, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Gains Impex & Traders Private Limited, whose registered office was at 146, Ansal Chambers II, 6 Bhikaji Cama Place, New Delhi-110066. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot 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. Gains Impex & Traders Private Limited under Section 45-IA(6) of the RBI Act, 1934. The company was registered to carry on the business of a non-banking financial institution, and after cancellation it cannot transact that business.
Operating Impact
The company is barred from carrying on non-banking financial institution business after the cancellation takes effect. This directly affects the entity and any counterparties relying on its NBFC operations; the release does not mention any deadline or remediation path.
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