Action on Spectranet Holdings
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Spectranet Holdings Private Limited, whose registered office was in New Delhi, for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA of the RBI Act, 1934. This is a licence cancellation and means the entity loses authorization to operate as an NBFC.
The Reserve Bank of India cancelled the Certificate of Registration issued to Spectranet Holdings Private Limited, New Delhi, for carrying on the business of a non-banking financial institution. The release states this was done under the powers conferred by Section 45-IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which is severity 5 regardless of any monetary amount.
Spectranet Holdings Private Limited is no longer permitted to carry on non-banking financial institution business. Any ongoing NBFC operations must stop, and the company cannot legally continue as a registered NBFC unless it obtains a fresh regulatory authorization through the applicable process.
Published as Spectranet Holdings Private Limited
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