Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
11 Feb 2009
Case Brief
On January 16, 2009, the Reserve Bank of India cancelled the Certificate of Registration of M/s. SO-EX Investment & Finance Pvt. Ltd., whose registered office is at Nirmal, 21st Floor, Nariman Point, Mumbai-400021. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934 after the company opted to exit from the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. SO-EX Investment & Finance Pvt. Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and following cancellation it cannot transact the business of a non-banking financial institution.
Operating Impact
The company is barred from carrying on the business of a non-banking financial institution going forward. Customers and counterparties should no longer rely on it for NBFC services; the action effectively ends its regulated NBFC operations. The effective date is January 16, 2009.
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
- 16 Jan 2009
- Effective From
- 16 Jan 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC