Action on Flair Investment and Finance
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Flair Investment and Finance Limited, Hyderabad, on January 20, 2005. The cancellation was issued under Section 45IA of the RBI Act, 1934, in respect of the company’s business as a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to Flair Investment and Finance Limited, Hyderabad, for carrying on the business of a non-banking financial institution. The action was taken under Section 45IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which is severity 5 regardless of any monetary amount.
Flair Investment and Finance Limited loses its authorization to operate as a non-banking financial institution. It must cease any regulated NBFC business, and counterparties relying on its NBFC status are affected; the release does not specify any remedial deadline.
Published as Flair Investment and Finance Limited
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