Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
14 Aug 2007
Case Brief
On July 30, 2007, the Reserve Bank of India cancelled the Certificate of Registration of Premium Portfolio Management & Finance Private Limited, Agra, for carrying on the business of a non-banking financial institution. The release says the company had voluntarily surrendered Certificate of Registration No. B.12.00220 dated August 31, 2000. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the company is no longer permitted to transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to Premium Portfolio Management & Finance Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had voluntarily surrendered Certificate of Registration No. B.12.00220 dated August 31, 2000. As a result of the cancellation, the company cannot transact the business of a non-banking financial institution.
Operating Impact
Premium Portfolio Management & Finance Private Limited must stop conducting non-banking financial institution business. The restriction is effective from the cancellation date, and the company cannot continue NBFC operations unless it obtains any fresh regulatory authorization required by law.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 30 Jul 2007
- Effective From
- 30 Jul 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC