Action on Ankit Tradesec
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Ankit Tradesec Limited, whose registered office is in Mumbai, on May 5, 2008. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company is barred from transacting the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Ankit Tradesec Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and following cancellation it cannot transact that business.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a complete licensing action and carries severity 5.
M/s Ankit Tradesec Limited must stop carrying on NBFC business with effect from May 5, 2008. The cancellation removes its authority to operate as a non-banking financial institution, affecting its customers and counterparties in any NBFC activity.
Published as M/s Ankit Tradesec Limited
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