Action on Sandeep Traders and Investments
Case Brief
On December 22, 2004, the Reserve Bank of India cancelled the Certificate of Registration issued to M/s. Sandeep Traders and Investments Limited, whose registered office was in Ahmedabad. The action was taken under Section 45IA of the RBI Act, 1934, in relation to its business as a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to M/s. Sandeep Traders and Investments Limited, Ahmedabad. The release states that the company had been registered to carry on the business of a non-banking financial institution, and the cancellation was made under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which is severity 5 regardless of any monetary amount.
The company can no longer carry on NBFC business under the cancelled registration. The action is effective from December 22, 2004 and affects the regulated activities of the named entity.
Published as M/s. Sandeep Traders and Investments Limited
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