Action on Fortis Financial Services
Case Brief
On June 02, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Fortis Financial Services Limited, whose registered office was in New Delhi, 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 of M/s. Fortis Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and that after cancellation it cannot transact such business.
Severity Assessment
Cancellation of an NBFC certificate of registration is a severity-5 action because it removes the entity's authority to operate as a non-banking financial institution.
M/s. Fortis Financial Services Limited loses its authorization to operate as a non-banking financial institution from the cancellation date. The firm must cease NBFC business activity, and customers/counterparties can no longer rely on it to conduct regulated non-banking financial institution operations.
Published as M/s. Fortis Financial Services Limited
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