Action on Penguin Credits & Securities
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Penguin Credits & Securities Limited, whose registered office was at 321-S Chirag Delhi, New Delhi, on March 16, 2009. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is no longer permitted to transact the business of a non-banking financial institution.
On March 16, 2009, RBI cancelled the Certificate of Registration granted to M/s Penguin Credits & Securities Limited under Section 45-IA(6) of the RBI Act, 1934. The release states the cancellation was for carrying on the business of a non-banking financial institution, and that after cancellation the company cannot transact that business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a full licence cancellation, which falls in severity 5.
M/s Penguin Credits & Securities Limited must stop all non-banking financial institution activity. Customers and counterparties can no longer rely on it for NBFC services, and the cancellation has an immediate forward-looking operational impact.
Published as M/s Penguin Credits & Securities Limited
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