Action on Raasula Securities
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration No. B.09.00191 issued to Raasula Securities Limited, whose registered office is in Hyderabad. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is not permitted to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled Certificate of Registration No. B.09.00191 issued to Raasula Securities Limited, exercising powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that following cancellation of the registration certificate, the company cannot transact the business of a non-banking financial institution as defined under Section 45-I(a) of the Act.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a license cancellation, which is severity 5 regardless of any fine.
Raasula Securities Limited must stop operating as a non-banking financial institution. The cancellation affects the company directly and prevents it from transacting NBFC business going forward.
Published as Raasula Securities Limited
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