Action on Electra Financial Services
Case Brief
On April 08, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Electra Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. The cancellation means the company is no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Electra Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. The order relates to the company’s authorization to carry on the business of a non-banking financial institution (defined under Section 45-I(a)).
Severity Assessment
Cancellation of a certificate of registration is a licence cancellation, which carries severity 5.
M/s. Electra Financial Services Limited must stop carrying on non-banking financial institution business. The restriction affects the company directly and prevents it from undertaking NBFC activities going forward.
Published as M/s. Electra Financial Services Limited
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