Action on Bina Finance
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of M/s. Bina Finance Limited and M/s. Sunflower Securities Private Limited, both registered as non-banking financial companies. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the companies are no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificates of registration granted to two non-banking financial companies: M/s. Bina Finance Limited and M/s. Sunflower Securities Private Limited. The release states that the cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934, and notes that, following cancellation, the companies cannot transact the business of a non-banking financial institution as defined in Section 45-I(a) of the Act.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which is severity 5 regardless of any other context.
Both companies must stop carrying on non-banking financial institution business. The cancellation takes away their ability to operate as NBFCs, affecting their business operations and any counterparties dealing with them as financial institutions.
Published as M/s. Bina Finance Limited
Published as M/s. Sunflower Securities Private Limited
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