Action on Panther InvestTrade
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of 31 NBFCs under Section 45-IA(6) of the RBI Act, 1934. The order names each affected company and records the date on which its CoR was cancelled. Following the cancellation, these entities cannot 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 its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934 to cancel the Certificate of Registration (CoR) of 31 named companies. The release lists each company along with its registered office and date of cancellation, and states that the above 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 Certificates of Registration is a licence cancellation action, which is severity 5 under the rubric.
The 31 named companies lose their authority to operate as NBFCs and must stop carrying on non-banking financial institution business. Customers and counterparties should not rely on these entities for new NBFC services, and any further activity in that capacity would be impermissible.
Published as Panther InvestTrade Ltd.
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