Action on Share & Care Resorts & Marketing (India)
Case Brief
On 25 November 2009, the Reserve Bank of India cancelled the Certificate of Registration of Share & Care Resorts & Marketing (India) Limited, Mumbai, under Section 45-IA(6) of the RBI Act, 1934. The company had opted to exit from the business of a non-banking financial institution. As a result, it can no longer carry on or transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Share & Care Resorts & Marketing (India) Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled. After cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a severity-5 license cancellation.
The company is prohibited from conducting non-banking financial institution business going forward. This affects the firm directly and removes its ability to operate as an NBFC; no customer-facing NBFC activities should continue after cancellation.
Published as Share & Care Resorts & Marketing (India) Limited
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