Case Brief
On April 8, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Forward Securities Limited, Mumbai, 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. Following the cancellation, the company cannot transact NBFC business, although it must still repay public deposits as per the terms and conditions of the deposit contracts.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Mumbai, Maharashtra
- Order Date