Action on Equity Financial Services
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration No. B.02.00214 issued to M/s Equity Financial Services Private Limited, with effect from January 23, 2014. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a consequence, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled CoR No. B.02.00214 issued to M/s Equity Financial Services Private Limited on January 23, 2014. The cancellation was exercised under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following the cancellation, the company is no longer permitted to carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full operating prohibition for the NBFC, which falls in severity 5.
The company must cease NBFC business activities and cannot operate as a registered non-banking financial institution going forward. This directly affects the company and any customers or counterparties relying on its NBFC operations.
Published as M/s Equity Financial Services Private Limited
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