Action on Unclassified entity
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of 26 non-banking financial companies named in the annex, invoking Section 45-IA(6) of the RBI Act, 1934. This is a licensing cancellation affecting each of the listed NBFCs and means they cannot transact the business of a non-banking financial institution as defined under the Act.
The Reserve Bank of India cancelled the certificate of registration of 26 non-banking financial companies, exercising powers under Section 45-IA(6) of the RBI Act, 1934. As a result, the listed companies can no longer transact the business of a non-banking financial institution under clause (a) of Section 45-I of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a licensing action that fully prevents the NBFCs from carrying on non-banking financial business, which falls in severity 5.
The 26 named NBFCs are barred from carrying on non-banking financial business after the cancellation of their registration certificates. This affects the companies’ ability to operate as NBFCs and has implications for their customers and counterparties dealing with NBFC services.
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