Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
19 Aug 2005
Case Brief
On August 6, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Viswapriya Financial Services and Securities Limited, Chennai. The company had been authorised to carry on the business of a non-banking financial institution, and the cancellation was made under Section 45-IA(6) of the RBI Act, 1934.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration issued to Viswapriya Financial Services and Securities Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered for carrying on the business of a non-banking financial institution, and RBI exercised its statutory power to cancel that registration.
Operating Impact
Viswapriya Financial Services and Securities Limited can no longer carry on non-banking financial institution business under the cancelled registration. The action is final and directly affects the company's ability to operate as an NBFC, with consequences for its ongoing business activities and counterparties.
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
- 6 Aug 2005
- Effective From
- 6 Aug 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC