Action on Suryavanshi Finance & Investments
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.
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.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action under the rubric for licence/CoR cancellation.
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.
Published as Suryavanshi Finance & Investments Pvt. Ltd.
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