Action on Unclassified entity
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 22 NBFCs named in the annex to the release. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result of the cancellations, the companies are no longer allowed to transact the business of a non-banking financial institution under clause (a) of Section 45-I of the Act.
The Reserve Bank of India cancelled the certificate of registration of 22 non-banking financial companies (NBFCs) listed in the annex, exercising powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that, following cancellation of their registration certificates, these companies are not permitted to transact the business of a non-banking financial institution as defined under clause (a) of Section 45-I of the Act.
Severity Assessment
Cancellation of CoR is a full licensing action and is severity 5 regardless of any other factors.
The 22 named companies must stop carrying on NBFC business immediately and cannot legally operate as non-banking financial institutions. Customers and counterparties should no longer expect these entities to originate or carry on NBFC activities under their cancelled registrations.
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