Action on 32 NBFCs
Case Brief
RBI, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 32 companies. The release lists each affected company and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act, 1934.
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration (CoR) of 32 listed companies. Following cancellation, the companies shall not transact the business of a Non-Banking Financial Institution, as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a complete licensing action with full operational prohibition, which falls in severity 5.
All 32 named companies are barred from carrying on NBFC business going forward. This affects their ability to undertake non-banking financial institution activities and requires them to cease such operations immediately from the cancellation date stated for each company.
Published as Mars Films Private Limited
Published as Assured Fin-Cap Private Limited
Published as Amar Holdings Private Limited
Published as Believe Securities Private Limited
Published as Shree Daga Leasing & Investment Private Limited
Published as Kartar Leasing Private Limited
Published as Creative Capital Services Limited
Published as Dalal Street Investments Ltd.
Published as Gondwana Leasing & Finance Pvt. Ltd.
Published as Jaipur Securities Pvt. Ltd.
Published as N.D. Fiscal Services Pvt. Ltd.
Published as Ganesh Holdings Ltd.
Published as Rishiroop Investments and Trading Company Private Limited
Published as Trafalgar Investment Company Pvt. Ltd.
Published as Corbett Finance Limited
Published as Avadh Credit & Lease Ltd.
Published as Bansal Motor Finance Ltd.
Published as Anisun Finance & Builders India Limited
Published as Bindal Finsec Private Limited
Published as Shresth Fincap Limited
Published as S S R Finance Private Limited (Formerly known as Umang Fincap Private Limited)
Published as Motika Finance Limited
Published as Ashraya Securities Ltd.
Published as Ghevar Investments and Trading Co. Pvt. Ltd.
Published as GSL Securities Ltd.
Published as Magnus Assets & Capital Management Pvt. Ltd.
Published as Pavandham Investments & Finance Company Private Limited
Published as Raheja Leasing & Investments Pvt. Ltd.
Published as Srivenk Investments & Finance Pvt. Ltd. (Formerly known as Srivenk Investments Pvt. Ltd.)
Published as Triveni Macfin Ltd.
Published as Avinash Exim Private Limited
Published as Nihal Leasing Company Private Limited