Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Aug 2024
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration (CoR) issued to M/s Margdarshak Financial Services Limited, which is identified as a non-banking financial company (NBFC). The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration issued to M/s Margdarshak Financial Services Limited, a non-banking financial company, in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Operating Impact
The company can no longer operate as an NBFC under the cancelled CoR. Any lending or other NBFC activities requiring registration would have to stop unless separately permitted under law.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC