Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
28 Apr 2009
Case Brief
On March 17, 2009, the Reserve Bank of India cancelled the Certificate of Registration of S.V. Investment and Financial Services Private Limited, Hyderabad, under Section 45-IA(6) of the RBI Act, 1934. The company had opted to exit the business of a non-banking financial institution. With the cancellation, it can no longer carry on NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to S.V. Investment and Financial Services Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled. As a result, the company can no longer transact NBFC business.
Operating Impact
The company is barred from transacting non-banking financial institution business going forward. Customers and counterparties should treat the entity as no longer authorised to operate as an NBFC.
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
- 17 Mar 2009
- Effective From
- 17 Mar 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC