Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
26 Nov 2024
Case Brief
RBI, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of Ulhas Securities Private Limited and Sikar Investment Co Ltd. The order is a licence cancellation affecting two NBFCs, and the release specifies that they shall not transact the business of a Non-Banking Financial Institution under the RBI Act.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration (CoR) of Ulhas Securities Private Limited and Sikar Investment Co Ltd under Section 45-IA(6) of the RBI Act, 1934. The release states that, as a result, the above companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act.
Operating Impact
Both entities must stop carrying on NBFC business. The cancellation affects the companies directly and removes their authorization to operate as non-banking financial institutions.
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
- Order Date
- 24 Sept 2024
- Effective From
- 24 Sept 2024
- Entities Affected
- 2
- Entity Role
- Primary
- Entity Type
- NBFC
Related Entities
Entities similar to Ulhas Securities Private Limited