Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
4 Jan 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of three non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934: M/s Alchemist Holdings Limited, M/s Sukh-Chain Finance Company Limited, and M/s Rishab Financial Services Limited. The release lists their registered office addresses and CoR details, and states that after cancellation they cannot transact the business of a non-banking financial institution as defined under Section 45-I(a) of the RBI Act.
Why RBI Acted
RBI cancelled the CoR of M/s Alchemist Holdings Limited, M/s Sukh-Chain Finance Company Limited, and M/s Rishab Financial Services Limited in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release does not state the underlying factual violations beyond the statutory cancellation of registration.
Operating Impact
All three companies are barred from carrying on NBFC business going forward. Customers, borrowers, and counterparties should treat their ability to operate as a regulated NBFC as समाप्त/terminated, subject to any separate legal or winding-up processes.
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
- 27 Oct 2017
- Effective From
- 27 Oct 2017
- Entities Affected
- 3
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s Rishab Financial Services Limited