Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
9 Mar 2016
Case Brief
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of four NBFCs: Bhageriya Financial and Capital Services Limited, Kenny Commercial & Investment Pvt. Ltd., BNP Paribas India Holding Pvt. Ltd., and Rosemount Financial Services Private Limited. The order means they are no longer permitted to transact the business of a non-banking financial institution under Section 45-I(a) of the Act.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of four non-banking financial companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The companies listed are Bhageriya Financial and Capital Services Limited, Kenny Commercial & Investment Pvt. Ltd., BNP Paribas India Holding Pvt. Ltd., and Rosemount Financial Services Private Limited. After cancellation, these companies cannot transact the business of a non-banking financial institution as defined under Section 45-I(a) of the RBI Act, 1934.
Operating Impact
The four companies are barred from conducting NBFC business going forward. Customers, counterparties, and other stakeholders should no longer treat them as authorised non-banking financial institutions for new business or regulated activities.
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
- Entities Affected
- 4
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s. Rosemount Financial Services Private Limited