Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
10 Dec 2009
Case Brief
The Reserve Bank of India cancelled the certificate of registration of M/s. Y.K.M. Holdings Private Limited on November 25, 2009 under Section 45-IA(6) of the RBI Act, 1934. The company, based in Gurgaon, had been granted registration to carry on the business of a non-banking financial institution. Following the cancellation, it cannot transact NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Y.K.M. Holdings Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered at Signature Tower A, 14th floor, South City, NH-8, Gurgaon, and that after cancellation it cannot transact the business of a non-banking financial institution.
Operating Impact
The company must stop operating as a non-banking financial institution with immediate effect from the cancellation date. Customers and counterparties can no longer treat it as an authorised NBFC for new business.
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
- 25 Nov 2009
- Effective From
- 25 Nov 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC