Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
25 Aug 2009
Case Brief
On 28 July 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. SEL Leasing Limited, whose registered office is in New Delhi, for carrying on the business of a non-banking financial institution. The release says the company had voluntarily exited that business. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934. As a result, the company can no longer transact 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. SEL Leasing Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had voluntarily exited from the business of a non-banking financial institution, and therefore the registration was cancelled. After cancellation, the company cannot transact the business of a non-banking financial institution.
Operating Impact
M/s. SEL Leasing Limited is no longer permitted to conduct non-banking financial institution business. This removes its regulatory authorization to operate in that segment and affects any future NBFC 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
- Order Date
- 28 Jul 2009
- Effective From
- 28 Jul 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC