Action on Ennoble India Savings and Investment Co
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Ennoble India Savings and Investment Co. Ltd., whose registered office is in Bellary, Karnataka. The cancellation was issued on July 12, 2005 under Section 45-IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution.
On July 12, 2005, RBI cancelled the Certificate of Registration issued to Ennoble India Savings and Investment Co. Ltd., Bellary, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA of the RBI 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 full licence cancellation, which falls in severity 5.
The company loses its regulatory authorization to carry on NBFC business. It must cease operating as a non-banking financial institution, and customers/counterparties can no longer treat it as an RBI-registered NBFC.
Published as Ennoble India Savings and Investment Co. Ltd.
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