Action on Icon Securities India
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Icon Securities India Limited, whose registered office was in Hyderabad, on 11 February 2005. The action was taken under Section 45IA of the RBI Act, 1934, and relates to the company’s authority to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration issued to Icon Securities India Limited, Hyderabad, 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 an NBFC.
Severity Assessment
Cancellation of an NBFC’s certificate of registration is a licence cancellation action, which is severity 5.
Icon Securities India Limited is no longer permitted to carry on NBFC business under its registration certificate. The restriction directly affects the company’s ability to operate as a non-banking financial institution; no monetary penalty is mentioned.
Published as Icon Securities India Limited
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