Action on S.V. Investment and Financial Services
Case Brief
On March 17, 2009, the Reserve Bank of India cancelled the Certificate of Registration of S.V. Investment and Financial Services Private Limited, Hyderabad, under Section 45-IA(6) of the RBI Act, 1934. The company had opted to exit the business of a non-banking financial institution. With the cancellation, it can no longer carry on NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to S.V. Investment and Financial Services Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled. As a result, the company can no longer transact NBFC business.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which carries severity 5 regardless of monetary amount.
The company is barred from transacting non-banking financial institution business going forward. Customers and counterparties should treat the entity as no longer authorised to operate as an NBFC.
Published as S.V. Investment and Financial Services Private Limited
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