Action on Ramchand Jagdishchand Finance
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Ramchand Jagdishchand Finance Private Limited on November 23, 2005. The company, based in Bangalore, was registered to carry on the business of a non-banking financial institution. RBI invoked Section 45-IA(6) of the RBI Act, 1934, which empowers it to cancel the registration certificate of an NBFC.
On November 23, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Ramchand Jagdishchand Finance Private Limited, Bangalore, 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 an NBFC Certificate of Registration is a full license cancellation, which carries severity 5.
The company loses its RBI registration to operate as a non-banking financial company. It must stop carrying on NBFC business under the cancelled certificate, and counterparties/borrowers should treat its regulated NBFC status as withdrawn from the effective date.
Published as Ramchand Jagdishchand Finance Private Limited
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