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M/s Trupti Finance Private Limited

NBFCAhmedabad, Gujarat

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

9 Apr 2018

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of five NBFCs under Section 45-IA(6) of the RBI Act, 1934. The affected entities are M/s Trupti Finance Private Limited, M/s Liza Tie-up Private Limited (presently known as M/s Torsa Finvest Private Limited), M/s Moga Finance Limited, M/s Gujarat Financial and Capital Limited (presently M/s Gujarat Financial and Capital Private Limited), and M/s Singh Finance Limited. Following cancellation, these companies are not permitted to transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the Act.

Why RBI Acted

Licensing breach

The RBI cancelled the Certificate of Registration of five non-banking financial companies in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the companies can no longer transact the business of a Non-Banking Financial Institution as defined under Section 45-I(a) of the Act.

Operating Impact

The five companies are barred from carrying on NBFC business after cancellation of their CoR. This affects the entities directly and limits their ability to undertake regulated financial intermediation until any separate legal remedy or fresh authorization is obtained.

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
16 Mar 2018
Effective From
16 Mar 2018
Entities Affected
5
Entity Role
Primary
Entity Type
NBFC

Related Entities

Entities similar to M/s Trupti Finance Private Limited

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  1. M/s Gujarat Financial and Capital Limited (presently M/s Gujarat Financial and Capital Private Limited)

    NBFC · Ahmedabad, Gujarat

    1 shared action

    1 restriction

  2. M/s Liza Tie-up Private Limited (presently known as M/s Torsa Finvest Private Limited)

    NBFC · Ahmedabad, Gujarat

    1 shared action

    1 restriction

  3. M/s Moga Finance Limited

    NBFC · Ahmedabad, Gujarat

    1 shared action

    1 restriction

  4. M/s Singh Finance Limited

    NBFC · Ahmedabad, Gujarat

    1 shared action

    1 restriction