Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
17 Feb 2020
Case Brief
The Reserve Bank of India, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of two companies: M. L. Singhi & Associates Private Limited and Stanchart Securities Private Limited. The release lists their registered office addresses and cancellation dates, and states that these companies shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of M. L. Singhi & Associates Private Limited and Stanchart Securities Private Limited under Section 45-IA(6) of the RBI Act, 1934. As a result, the companies are no longer permitted to transact the business of a Non-Banking Financial Institution.
Operating Impact
Both companies lose their authority to operate as NBFCs and cannot carry on non-banking financial institution business after the cancellation dates. Customers and counterparties should treat them as no longer registered NBFCs for regulatory purposes.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 13 Dec 2019
- Entities Affected
- 2
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to Stanchart Securities Private Limited