Action on Narayana Capitals
Case Brief
On March 18, 2008, the Reserve Bank of India cancelled the certificate of registration of Narayana Capitals Limited, whose registered office was in Hyderabad. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to Narayana Capitals Limited on March 18, 2008. The stated basis was Section 45-IA(6) of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company. As a result, the company is no longer permitted to carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of a certificate of registration is a full licensing action and is severity 5 under the rubric.
Narayana Capitals Limited is prohibited from carrying on NBFC business after the cancellation. Customers and counterparties should no longer treat it as authorized to operate as a non-banking financial institution.
Published as Narayana Capitals Limited
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