Case Brief
On August 6, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Viswapriya Financial Services and Securities Limited, Chennai. The company had been authorised to carry on the business of a non-banking financial institution, and the cancellation was made under Section 45-IA(6) of the RBI Act, 1934.
The Reserve Bank of India cancelled the Certificate of Registration issued to Viswapriya Financial Services and Securities Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered for carrying on the business of a non-banking financial institution, and RBI exercised its statutory power to cancel that registration.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a severe licensing action and falls in severity 5.
Viswapriya Financial Services and Securities Limited can no longer carry on non-banking financial institution business under the cancelled registration. The action is final and directly affects the company's ability to operate as an NBFC, with consequences for its ongoing business activities and counterparties.
Published as Viswapriya Financial Services and Securities Limited
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