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Ocean Capital Market Limited

NBFCRourkela, Odisha

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

Fine: Rs 16.0 L

Monetary penalty · Fresh imposition

S3

Published by RBI

26 Feb 2024

Case Brief

By an order dated February 09, 2024, RBI imposed a monetary penalty of ₹16 lakh on Ocean Capital Market Limited, Rourkela, Odisha. The company was found गैर-compliant with certain provisions of the NBFC-SI and deposit-taking company directions, 2016, and with specific RBI directions on submission of returns on the XBRL platform. RBI’s inspection also noted delayed XBRL return submissions, breaches of exposure limits for lending/investments to single borrowers and single groups of borrowers, and failure to constitute various Board committees. After considering the company’s reply, additional submissions, and oral hearing, RBI concluded that the contraventions were substantiated and warranted penalty under the RBI Act, 1934.

Why RBI Acted

Reporting & disclosureCapital & exposure normsGovernance oversight

RBI imposed a monetary penalty on Ocean Capital Market Limited for non-compliance with provisions of the NBFC-SI and deposit-taking company directions, 2016, and specific RBI directions relating to submission of returns on the XBRL platform. The statutory inspection also found delayed submission of several XBRL returns, breaches of exposure limits on lending/investments in respect of single borrowers and single groups of borrowers, and non-constitution of various Board committees. The penalty was imposed under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act, 1934.

Operating Impact

The company must absorb the ₹16 lakh penalty; the order does not itself withdraw any licence or impose an ongoing operating restriction, but it signals continued supervisory scrutiny and the need to strengthen regulatory reporting, exposure-limit compliance, and board-level governance controls. No direct customer-specific transaction is invalidated by the order.

Regulatory Basis

  • clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934

Action Facts

Primary Impact
Fine: Rs 16.0 L
Order Date
9 Feb 2024
Effective From
9 Feb 2024
Entities Affected
1
Entity Role
Primary
Entity Type
NBFC