Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
30 Oct 2004
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Mango Securities Limited, Hyderabad, under Section 45-IA of the RBI Act, 1934. The order is a licence cancellation for a non-banking financial company. No specific misconduct is described in the release, but the effect is that the company is no longer permitted to carry on 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 Mango Securities Limited, Hyderabad, for carrying on the business of a non-banking financial institution. The cancellation was issued under Section 45-IA of the RBI Act, 1934. The release does not provide detailed factual allegations or a specific misconduct narrative, only that the company’s registration stood cancelled and it could no longer carry on NBFC business.
Operating Impact
M/s Mango Securities Limited must cease NBFC operations and cannot legally transact non-banking financial business after the cancellation. The restriction directly affects the company and any customers or counterparties dealing with it as an NBFC.
Regulatory Basis
- Section 45-IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 23 Oct 2004
- Effective From
- 23 Oct 2004
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC