Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
22 Sept 2009
Case Brief
On 13 August 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Premier Securities Pvt. Ltd., whose registered office is in New Delhi, for carrying on the business of a non-banking financial institution. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is not permitted to transact NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Premier Securities Pvt. Ltd. for carrying on the business of a non-banking financial institution. The release states that the cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934. No additional misconduct is described in the text beyond the statutory cancellation of registration.
Operating Impact
With the registration cancelled, M/s. Premier Securities Pvt. Ltd. must stop carrying on non-banking financial institution business. The restriction directly affects the company’s ability to operate as an NBFC and eliminates its authority to transact regulated financial business.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 13 Aug 2009
- Effective From
- 13 Aug 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC