Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
9 Apr 2007
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of SCL Finance Limited, Hyderabad, on March 13, 2007 under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit the business of a non-banking financial institution. Following the cancellation, SCL Finance Limited cannot carry on NBFC business.
Why RBI Acted
On March 13, 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to SCL Finance Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company opted to exit from the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.
Operating Impact
SCL Finance Limited is no longer permitted to transact business as a non-banking financial institution. The restriction is effective from the cancellation date and removes the company from the NBFC operating framework.
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
- 13 Mar 2007
- Effective From
- 13 Mar 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC