Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Jan 2014
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Nocil Agents Pvt. Ltd., a non-banking financial company with offices in Kolkata. The action was taken under Section 45-IA(6) of the RBI Act, 1934. The release does not describe any specific misconduct, but the cancellation means the entity 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 issued to M/s Nocil Agents Pvt. Ltd. on October 11, 2013. The release cites Section 45-IA(6) of the RBI Act, 1934 as the statutory basis for cancellation. No specific factual breach or misconduct is stated in the text.
Operating Impact
M/s Nocil Agents Pvt. Ltd. must stop conducting NBFC activities. Customers, counterparties, and anyone dealing with the company as a non-banking financial institution are affected because the company can no longer legally transact that business.
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
- 11 Oct 2013
- Effective From
- 11 Oct 2013
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC