Action on Y.K.M. Holdings
Case Brief
The Reserve Bank of India cancelled the certificate of registration of M/s. Y.K.M. Holdings Private Limited on November 25, 2009 under Section 45-IA(6) of the RBI Act, 1934. The company, based in Gurgaon, had been granted registration to carry on the business of a non-banking financial institution. Following the cancellation, it cannot transact NBFC business.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Y.K.M. Holdings Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered at Signature Tower A, 14th floor, South City, NH-8, Gurgaon, and that after cancellation it cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC registration is a license cancellation, which is severity 5 regardless of any monetary amount.
The company must stop operating as a non-banking financial institution with immediate effect from the cancellation date. Customers and counterparties can no longer treat it as an authorised NBFC for new business.
Published as M/s. Y.K.M. Holdings Private Limited
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