RBI cancels Certificate of Registration of 5 NBFCs

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of five NBFCs under Section 45-IA(6) of the RBI Act, 1934. The affected entities are M/s Trupti Finance Private Limited, M/s Liza Tie-up Private Limited (presently known as M/s Torsa Finvest Private Limited), M/s Moga Finance Limited, M/s Gujarat Financial and Capital Limited (presently M/s Gujarat Financial and Capital Private Limited), and M/s Singh Finance Limited. Following cancellation, these companies are not permitted to transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the Act.