Action on Base Financials
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Base Financials Limited, New Delhi, under Section 45-IA(6) of the RBI Act, 1934. The order applies to the CoR dated April 24, 1998, and means the company cannot transact business as a Non-Banking Financial Institution under the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration bearing No. 14.00679 dated April 24, 1998, issued to M/s Base Financials Limited, New Delhi, in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company is prohibited from transacting the business of a Non-Banking Financial Institution as defined under Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it fully removes the entity's ability to operate as an NBFC.
Base Financials Limited must stop carrying on NBFC business. The restriction is effective from the cancellation date, and counterparties and customers can no longer rely on it to operate as an NBFC.
Published as M/s Base Financials Limited
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