Action on Sugandh Finvest
Case Brief
On July 20, 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Sugandh Finvest Pvt. Ltd., whose registered office was in New Delhi, for carrying on the business of a non-banking financial institution. 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 NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Sugandh Finvest Pvt. Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that, following cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licensing action, which is severity 5 regardless of monetary amount.
M/s. Sugandh Finvest Pvt. Ltd. must stop carrying on non-banking financial institution activities. Counterparties and customers can no longer rely on the company to conduct NBFC business after the cancellation date, July 20, 2009.
Published as M/s. Sugandh Finvest Pvt. Ltd.
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