Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
22 Sept 2009
Case Brief
On August 21, 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Porsche Capital Market Ltd., whose registered office was at W-72 A, Anupam Garden, New Delhi-110068. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is barred from transacting 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. Porsche Capital Market Ltd. under Section 45-IA(6) of the RBI Act, 1934. The cancellation was for carrying on the business of a non-banking financial institution; after cancellation, the company is not permitted to transact NBFC business.
Operating Impact
The company must stop NBFC activity and cannot legally transact the business of a non-banking financial institution going forward. This directly affects the entity and any customers or counterparties relying on its NBFC services.
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
- 21 Aug 2009
- Effective From
- 21 Aug 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC