Action on Karvy Consultants
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Karvy Consultants Limited, Hyderabad, under Section 45-IA of the Reserve Bank of India Act, 1934. The order relates to the company’s authority to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to Karvy Consultants Limited, Hyderabad, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation action, which carries severity 5.
Karvy Consultants Limited can no longer operate as a non-banking financial institution under the cancelled registration. Any NBFC-related business conducted under that certificate must cease, subject to any further legal or regulatory process.
Published as Karvy Consultants Limited
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