Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
19 Aug 2005
Case Brief
On August 3, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to S. A. Services Limited, whose registered office was in New Delhi, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the RBI Act, 1934 as the legal basis for the cancellation.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration issued to S. A. Services Limited, New Delhi, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the Reserve Bank of India Act, 1934 as the statutory basis for cancellation of an NBFC’s registration certificate.
Operating Impact
S. A. Services Limited can no longer operate as a registered non-banking financial company. The company must stop conducting NBFC business, and counterparties relying on its registration should treat it as cancelled from the stated date.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 3 Aug 2005
- Effective From
- 3 Aug 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC