Action on Reliance Petroinvestments
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Reliance Petroinvetments Limited, based at Maker Chambers IV, Mumbai, under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit the business of a non-banking financial institution. As a result, the company can no longer carry on NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Reliance Petroinvetments Limited, which was carrying on the business of a non-banking financial institution. The release states the cancellation was because the company had opted to exit from the business. The action was taken under Section 45-IA(6) of the RBI Act, 1934, and the company can no longer transact NBFC business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which carries severity 5 regardless of whether the company opted to exit.
M/s. Reliance Petroinvetments Limited is barred from transacting non-banking financial institution business after cancellation of its registration. This ends its authority to operate as an NBFC; the action does not describe any direct impact on customers beyond the loss of NBFC operations.
Published as M/s. Reliance Petroinvetments Limited
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