Action on SCL Finance
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of SCL Finance Limited, Hyderabad, on March 13, 2007 under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit the business of a non-banking financial institution. Following the cancellation, SCL Finance Limited cannot carry on NBFC business.
On March 13, 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to SCL Finance Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company opted to exit from the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which carries severity 5 regardless of the reason stated.
SCL Finance Limited is no longer permitted to transact business as a non-banking financial institution. The restriction is effective from the cancellation date and removes the company from the NBFC operating framework.
Published as SCL Finance Limited
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