Action on Saptrishi Finance
Case Brief
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of 32 named companies. The listed firms span Delhi, Kolkata, Haryana, Rajasthan and Uttar Pradesh locations. The release further states that these companies shall not transact the business of a Non-Banking Financial Institution as defined in 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 named companies. The release states that, as a result, these 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 licensing action that fully prevents NBFC operations, which is severity 5.
The 32 named companies are barred from carrying on NBFC business going forward. This removes their regulatory authorization to operate as non-banking financial institutions, affecting their ability to undertake financial intermediation and related activities.
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