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M/s Vax Housing Finance Corporation Limited

NBFCJalandhar, Punjab

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

11 Jan 2017

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of seven NBFCs under Section 45-IA(6) of the RBI Act, 1934. The affected entities are Virk Hire Purchase Limited, Thakar Investments Limited, Trackway Securities and Finance Private Limited, Jindal Integrated Lea-Co-Fin Limited (presently Kashyap Tele-Medicines Limited), Kolon Investment Private Limited, Vax Housing Finance Corporation Limited, and Ankit Tracom Private Limited. Following cancellation, these companies cannot transact the business of a Non-Banking Financial Institution as defined in the RBI Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the Certificate of Registration of seven non-banking financial companies (NBFCs) in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that, as a result, the listed companies cannot transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.

Operating Impact

The listed companies must stop NBFC operations and cannot legally undertake non-banking financial institution business. Customers and counterparties should not treat them as active RBI-registered NBFCs for new business.

Regulatory Basis

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

Action Facts

Primary Impact
License cancellation
Entities Affected
7
Entity Role
Bulk Member
Entity Type
NBFC

Related Entities

Entities similar to M/s Vax Housing Finance Corporation Limited

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  1. M/s Ankit Tracom Private Limited

    NBFC · Jalandhar, Punjab

    1 shared action

    1 restriction

  2. M/s Jindal Integrated Lea-Co-Fin Limited (Presently Kashyap Tele-Medicines Limited)

    NBFC · Jalandhar, Punjab

    1 shared action

    1 restriction

  3. M/s Kolon Investment Private Limited

    NBFC · Jalandhar, Punjab

    1 shared action

    1 restriction

  4. M/s Thakar Investments Limited

    NBFC · Jalandhar, Punjab

    1 shared action

    1 restriction

  5. M/s Trackway Securities and Finance Private Limited

    NBFC · Jalandhar, Punjab

    1 shared action

    1 restriction