Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
10 Aug 2012
Case Brief
On June 13, 2012, the Reserve Bank of India cancelled the certificate of registration issued to Maruti Securities Limited under Section 45-IA(6) of the RBI Act, 1934. RBI noted that the company, whose registered office was at Plot No. 66, Park View Enclave, Hasmatpet Road, Hyderabad, had voluntarily exited from carrying on non-banking financial institution activities. As a result of the cancellation, the company can no longer transact the business of a non-banking financial institution.
Why RBI Acted
RBI cancelled the certificate of registration No. 09.00196 dated November 13, 1998, issued to Maruti Securities Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had voluntarily exited from carrying on non-banking financial institution (NBFI) activities, and therefore the registration was cancelled. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
Operating Impact
Maruti Securities Limited is no longer permitted to carry on non-banking financial institution business. The restriction affects the company directly and bars it from operating as a registered NBFI/NBFC going forward.
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
- 13 Jun 2012
- Effective From
- 13 Jun 2012
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC