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M/s The Instalment Supply Limited

NBFCNew Delhi, Delhi

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

6 Feb 2017

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of nine non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The action covers the named companies in the release and means they can no longer transact the business of a Non-Banking Financial Institution under the RBI Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the certificate of registration of nine non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The listed companies are M/s The Instalment Supply Limited, M/s Sunshine Finlink Limited, M/s Link Benefit Fund Limited, M/s Mani and Money Limited, M/s Hanumangarh Finvest Pvt. Ltd., M/s Vijaya Finance Ltd., M/s Westend Management Technologies Pvt. Ltd., M/s HNM Leasing and Finance Private Limited, and M/s Paras Hire Purchase Company (India) Private Limited (presently M/s Paras Hire Purchase Company (India) Limited). Following cancellation, these companies cannot transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.

Operating Impact

All nine companies are prohibited from conducting NBFC business going forward. This directly affects the entities and their customers/counterparties, as the firms can no longer operate as registered non-banking financial institutions.

Regulatory Basis

  • Section 45-IA (6) of the Reserve Bank of India Act, 1934
  • clause (a) of Section 45-I of the RBI Act, 1934

Action Facts

Primary Impact
License cancellation
Entities Affected
9
Entity Role
Primary
Entity Type
NBFC

Related Entities

Entities similar to M/s The Instalment Supply Limited

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  1. M/s Hanumangarh Finvest Pvt. Ltd

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    1 shared action

    1 restriction

  2. M/s HNM Leasing and Finance Private Limited

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    1 shared action

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  3. M/s Link Benefit Fund Limited

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    1 shared action

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  4. M/s Mani and Money Limited

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    1 shared action

    1 restriction

  5. M/s Paras Hire Purchase Company (India) Private Limited (Presently M/s Paras Hire Purchase Company (India) Limited)

    NBFC · New Delhi, Delhi

    1 shared action

    1 restriction