Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
17 Feb 2014
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration No. B.09.00191 issued to Raasula Securities Limited, whose registered office is in Hyderabad. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is not permitted to carry on the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled Certificate of Registration No. B.09.00191 issued to Raasula Securities Limited, exercising powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that following cancellation of the registration certificate, the company cannot transact the business of a non-banking financial institution as defined under Section 45-I(a) of the Act.
Operating Impact
Raasula Securities Limited must stop operating as a non-banking financial institution. The cancellation affects the company directly and prevents it from transacting NBFC business going forward.
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
- 6 Jan 2014
- Effective From
- 6 Jan 2014
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC