Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
15 Feb 2005
Case Brief
On February 11, 2005, the Reserve Bank of India cancelled the Certificate of Registration of Suryavanshi Finance & Investments Pvt. Ltd., whose registered office was in Secunderabad. The company was registered to carry on the business of a non-banking financial institution, and the action was taken under Section 45IA of the Reserve Bank of India Act, 1934.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration issued to Suryavanshi Finance & Investments Pvt. Ltd. for carrying on the business of a non-banking financial institution. The release cites Section 45IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company.
Operating Impact
The company can no longer carry on NBFC business under the cancelled registration. This is a forward-looking prohibition on operating as a registered non-banking financial institution, effective from the cancellation date.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
- clause (a) of Section 45IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 11 Feb 2005
- Effective From
- 11 Feb 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC