Action on S. A. Services
Case Brief
On August 3, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to S. A. Services Limited, whose registered office was in New Delhi, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the RBI Act, 1934 as the legal basis for the cancellation.
The Reserve Bank of India cancelled the Certificate of Registration issued to S. A. Services Limited, New Delhi, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the Reserve Bank of India Act, 1934 as the statutory basis for cancellation of an NBFC’s registration certificate.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation and therefore severity 5.
S. A. Services Limited can no longer operate as a registered non-banking financial company. The company must stop conducting NBFC business, and counterparties relying on its registration should treat it as cancelled from the stated date.
Published as S. A. Services Limited
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