Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
13 Apr 2009
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of eight non-banking financial companies with registered offices in Delhi/New Delhi. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, these companies cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to eight companies carrying on the business of a non-banking financial institution. The release states that, following cancellation of the registration certificate, the companies cannot transact NBFC business. The cancellation is made under Section 45-IA(6) of the RBI Act, 1934.
Operating Impact
All eight companies lose their RBI registration and must stop NBFC საქმიანity immediately. Customers and counterparties can no longer deal with them as regulated NBFCs for new business.
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
- Effective From
- 17 Mar 2009
- Entities Affected
- 8
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s Smita Commercial Investment Limited
M/s Akanksha Finvest Limited
NBFC · New Delhi, Delhi
1 shared action
1 restriction
M/s L.R.Finvest Private Limited
NBFC · New Delhi, Delhi
1 shared action
1 restriction
M/s Shewnarain Magraj Finance and Investment Private Limited
NBFC · New Delhi, Delhi
1 shared action
1 restriction
M/s Shri Mahavir Leasing And Finance Limited
NBFC · New Delhi, Delhi
1 shared action
1 restriction
M/s Sober Associates Private Limited
NBFC · New Delhi, Delhi
1 shared action
1 restriction