Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 May 2011
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration No. B-14.02377 granted to M/s. Supra Portfolio Limited, whose registered office was at 803, Manjusha, Nehru Place, New Delhi-110019. The order was issued on January 4, 2011 under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company is prohibited from transacting the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled Certificate of Registration No. B-14.02377 granted on August 13, 2001 to M/s. Supra Portfolio Limited. The cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934, and it bars the company from carrying on the business of a non-banking financial institution.
Operating Impact
M/s. Supra Portfolio Limited must stop conducting NBFC business and cannot legally transact as a non-banking financial institution after the cancellation. Customers/counterparties dealing with the firm for NBFC services are affected by the loss of authorisation.
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
- 4 Jan 2011
- Effective From
- 4 Jan 2011
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC