Action on Porsche Capital Market
Case Brief
On August 21, 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Porsche Capital Market Ltd., whose registered office was at W-72 A, Anupam Garden, New Delhi-110068. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is barred from transacting the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Porsche Capital Market Ltd. under Section 45-IA(6) of the RBI Act, 1934. The cancellation was for carrying on the business of a non-banking financial institution; after cancellation, the company is not permitted to transact NBFC business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which carries severity 5 under the rubric.
The company must stop NBFC activity and cannot legally transact the business of a non-banking financial institution going forward. This directly affects the entity and any customers or counterparties relying on its NBFC services.
Published as M/s. Porsche Capital Market Ltd.
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