Peekay Mercantiles Pvt Ltd: RBI Enforcement History

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

Published by RBI

14 Feb 2025

Case Brief

The Reserve Bank of India cancelled the Certificates of Registration of 17 companies under Section 45-IA(6) of the RBI Act, 1934. The entities listed in the release are all NBFCs/non-banking financial institutions, and RBI directed that they shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the Act. The press release does not provide the underlying factual grounds for the cancellations beyond the statutory basis and the cessation of NBFC activity.

Why RBI Acted

Licensing breach

In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, RBI cancelled the Certificate of Registration (CoR) of 17 companies. The listed entities, all registered as NBFCs / non-banking financial institutions, shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934. The release does not specify the factual trigger for cancellation beyond the statutory order.

Operating Impact

All 17 affected companies are barred from carrying on NBFC business going forward. Customers and counterparties should treat them as no longer authorised to transact as non-banking financial institutions from the cancellation date, January 15, 2025.

Regulatory Basis

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

Action Facts

Primary Impact: License cancellation
Order Date: 15 Jan 2025
Effective From: 15 Jan 2025
Entities Affected: 17
Entity Role: Bulk Member
Entity Type: NBFC

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Peekay Mercantiles Pvt Ltd

Case Brief

Why RBI Acted

Operating Impact

Regulatory Basis

Action Facts

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