Action on Nelfin India Private Limited
Case Brief
On May 21, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to Nelfin (India) Private Limited under Section 45-IA(6) of the RBI Act, 1934. The entity, an NBFC with its registered office in Nellore, was registered to carry on the business of a non-banking financial institution. Following the cancellation, it cannot transact that business.
The Reserve Bank of India cancelled the certificate of registration granted to Nelfin (India) Private Limited under Section 45-IA(6) of the RBI Act, 1934. The cancellation was for carrying on the business of a non-banking financial institution, and as a result the company can no longer transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it removes the entity’s ability to operate as an NBFC.
Nelfin (India) Private Limited is barred from carrying on non-banking financial institution business going forward. The restriction directly affects the company’s operations and any customers or counterparties relying on its NBFC activities.
Published as Nelfin (India) Private Limited
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