Action on Matruka Investments
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Matruka Investments Ltd., Bangalore, under Section 45-IA(6) of the RBI Act, 1934. The action was taken on supervisory grounds in relation to the company’s NBFI activities. As a result, Matruka Investments Ltd. is no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled Certificate of Registration No. 13.00315 dated March 09, 1998 issued to Matruka Investments Ltd. The cancellation was stated to be on supervisory grounds, and was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release says the company had been carrying on the business of a non-banking financial institution, and after cancellation it cannot continue NBFI business.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a full licence cancellation, which is severity 5.
The company must stop all non-banking financial institution activities with immediate effect from the cancellation date. Customers and counterparties can no longer rely on it to conduct NBFI business.
Published as Matruka Investments Ltd.
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