Action on Harrison Malayalam Financial Services
Case Brief
On December 26, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Harrison Malayalam Financial Services Ltd., Kochi, under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit from the business of a non-banking financial institution, which led RBI to cancel its registration certificate.
The Reserve Bank of India cancelled the Certificate of Registration issued to Harrison Malayalam Financial Services Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and RBI therefore cancelled its registration certificate.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which carries severity 5.
The company can no longer operate as a registered non-banking financial company. Any NBFC-related business must cease, and the cancellation affects the firm directly rather than customers through an ongoing operational restriction.
Published as Harrison Malayalam Financial Services Ltd.
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