Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
15 Oct 2009
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of four non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The listed entities are Peekod Finance Company Private Limited, Swarn Finvest Private Limited, Utkarsh Finvest Private Limited, and Vatika Portfolio Private Limited. As a result, they cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificates of registration granted to four companies 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. Following cancellation, the companies are not permitted to conduct NBFC business.
Operating Impact
The four companies must stop NBFC operations and cannot undertake non-banking financial institution business going forward. Any customers, borrowers, or counterparties dealing with these firms are affected by the cessation of their licensed NBFC activities.
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
- 4 Sept 2000
- Effective From
- 31 Aug 2009
- Entities Affected
- 4
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s. Swarn Finvest Private Limited