Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
14 Aug 2009
Case Brief
On July 17, 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Internet Investment Company Private Limited, whose registered office was in Mumbai. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, because the company had opted to exit the business of a non-banking financial institution. As a result, the company can no longer 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. Internet Investment Company Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled; after cancellation, it cannot transact the business of a non-banking financial institution.
Operating Impact
The company loses its RBI registration and cannot carry on non-banking financial institution business going forward. This affects the entity directly and prevents it from undertaking regulated NBFC activities.
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
- 17 Jul 2009
- Effective From
- 17 Jul 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC