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M/s. Nagarjun Securities Limited

NBFCMumbai, Maharashtra

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

27 Nov 2009

Case Brief

The Reserve Bank of India cancelled the certificates of registration of five companies that were carrying on the business of a non-banking financial institution. The entities listed are M/s. Suryakrupa Finance Limited, M/s. Pathmakers Finance Limited, M/s. Suchak Trading Limited, M/s. Sharedeal Financial Consultants Private Limited, and M/s. Nagarjun Securities Limited. RBI cited its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following cancellation, the companies cannot transact the business of a non-banking financial institution.

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the certificates of registration granted to five non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The companies were registered to carry on the business of a non-banking financial institution, and RBI stated that after cancellation they cannot transact that business. The notice lists the affected entities and their dates of cancellation.

Operating Impact

The five named companies are barred from carrying on NBFC business from their respective cancellation dates. This affects the companies directly and limits any onward acceptance or conduct of non-banking financial institution activity.

Regulatory Basis

  • Section 45-IA (6) of the Reserve Bank of India Act, 1934
  • clause (a) of Section 45-I of the Reserve Bank of India Act, 1934

Action Facts

Primary Impact
License cancellation
Order Date
25 Sept 2009
Effective From
25 Sept 2009
Entities Affected
5
Entity Role
Bulk Member
Entity Type
NBFC

Related Entities

Entities similar to M/s. Nagarjun Securities Limited

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  1. M/s. Pathmakers Finance Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction

  2. M/s. Sharedeal Financial Consultants Private Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction

  3. M/s. Suchak Trading Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction

  4. M/s. Suryakrupa Finance Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction