Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
27 Jun 2008
Case Brief
On May 21, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to Nelfin (India) Private Limited under Section 45-IA(6) of the RBI Act, 1934. The entity, an NBFC with its registered office in Nellore, was registered to carry on the business of a non-banking financial institution. Following the cancellation, it cannot transact that business.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to Nelfin (India) Private Limited under Section 45-IA(6) of the RBI Act, 1934. The cancellation was for carrying on the business of a non-banking financial institution, and as a result the company can no longer transact that business.
Operating Impact
Nelfin (India) Private Limited is barred from carrying on non-banking financial institution business going forward. The restriction directly affects the company’s operations and any customers or counterparties relying on its NBFC activities.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 21 May 2008
- Effective From
- 21 May 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC