Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
12 Mar 2008
Case Brief
On February 14, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s Srishti Fincap Private Limited, whose registered office was in New Delhi, for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact NBFC business anymore.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to M/s Srishti Fincap Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was for carrying on the business of a non-banking financial institution, and that after cancellation the company cannot transact NBFC business.
Operating Impact
M/s Srishti Fincap Private Limited loses the regulatory अनुमति to carry on non-banking financial institution business. The entity must stop NBFC activities, and counterparties relying on its NBFC status are affected; the order is effective from February 14, 2008.
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
- 14 Feb 2008
- Effective From
- 14 Feb 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC