Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
28 Jun 2007
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to Siri Malle Finance Limited, with effect from June 7, 2007, under Section 45-IA(6) of the RBI Act, 1934. The company, based in Hyderabad, had been authorised to carry on the business of a non-banking financial institution. As a result of the cancellation, it cannot transact NBFC business any further.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to Siri Malle Finance Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and that following cancellation it cannot transact the business of a non-banking financial institution. No monetary penalty was mentioned.
Operating Impact
Siri Malle Finance Limited is barred from carrying on non-banking financial institution business after the cancellation. Customers and counterparties should treat the company as no longer authorised to operate as an NBFC. The order is effective from June 7, 2007.
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
- 7 Jun 2007
- Effective From
- 7 Jun 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC