Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
2 Feb 2010
Case Brief
On 25 November 2009, the Reserve Bank of India cancelled the Certificate of Registration of Share & Care Resorts & Marketing (India) Limited, Mumbai, under Section 45-IA(6) of the RBI Act, 1934. The company had opted to exit from the business of a non-banking financial institution. As a result, it can no longer carry on or transact NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to Share & Care Resorts & Marketing (India) 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. After cancellation, the company cannot transact the business of a non-banking financial institution.
Operating Impact
The company is prohibited from conducting non-banking financial institution business going forward. This affects the firm directly and removes its ability to operate as an NBFC; no customer-facing NBFC activities should continue after cancellation.
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
- 25 Nov 2009
- Effective From
- 25 Nov 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC