Action on RSN Financial Services
Case Brief
RBI, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 30 companies. The entities are all NBFCs, and the order means they are no longer permitted to carry on business as a Non-Banking Financial Institution under the RBI Act.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration of 30 named companies. The release states that, as a result, the above companies shall not transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Severity Assessment
Cancellation of CoR is a licence cancellation, which is a severity-5 action regardless of any monetary amount.
All 30 affected companies must stop transacting NBFC business. The action directly affects the companies named in the release and removes their regulatory permission to operate as non-banking financial institutions.
Published as RSN Financial Services Limited
Published as Jai Annanya Investments Private Limited (Formerly Gamut Overseas Private Limited)
Published as Choudhary Finance & Investment Private Limited
Published as Mahant Merchandise (P) Ltd.
Published as JMK Resources Private Limited
Published as Indo-Eco (India) Ltd
Published as Amber Homes Private Limited
Published as Triple-B Finlease Investments Limited
Published as Manovik Leasing Limited
Published as Anaemica Fin-Sec Private Limited
Published as Bindhywasni Glassware Limited
Published as Ishu Securities Limited
Published as Florida Leasing & Finance Private Limited
Published as Dharm Overseas Private Limited
Published as Dwarikadhish Constructions Private Limited
Published as Kanoria Mercantile Limited
Published as Inter State Securities Private Limited
Published as Arrow Syntex Private Limited
Published as Inter State Capital Markets Pvt. Ltd.
Published as Quality Vinimay Private Limited
Published as Zee Securities Private Limited
Published as MKS Credit & Finance Pvt. Ltd.
Published as Lagnisree Exim Pvt. Ltd.
Published as Rinni Supply Private Limited
Published as Kanchanjangha Finance & Leasing Limited
Published as Morgan Securities & Credits Private Ltd. (Formerly known as Bold Securities And Credit Private Ltd.)
Published as Khaitan Lefin Limited
Published as Kalinga Financial Services Private Limited
Published as Vanshree Holdings Private Limited
Published as Vivek Trade & Investment Private Limited