Action on Associated Fincap
Case Brief
On 13 July 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Associated Fincap Limited, based in Mumbai, under Section 45-IA(6) of the RBI Act, 1934. The company had opted to exit the business of a non-banking financial institution. As a result, it can no longer carry on or transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Associated Fincap Limited, whose registered office was in Andheri West, Mumbai, for carrying on the business of a non-banking financial institution. The release states that the company had opted to exit from the business of a non-banking financial institution. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it removes the entity’s ability to operate as an NBFC.
The company is barred from conducting NBFC business going forward. Customers and counterparties should treat it as no longer authorised to operate as a non-banking financial institution. The action takes effect from the cancellation date stated in the release, 13 July 2009.
Published as M/s. Associated Fincap Limited
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