Action on 32 NBFCs
Case Brief
The Reserve Bank of India, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 32 NBFCs. The order lists the affected companies and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificates of Registration of 32 named companies. The release states that as such, 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 licence cancellation, which carries the maximum severity of 5 regardless of the absence of a monetary penalty.
All 32 named companies are prohibited from carrying on NBFC business going forward. Customers and counterparties should not rely on them for non-banking financial services after the respective cancellation dates stated in the release.
Published as Konkan Capfin Limited
Published as Cheksons Broking Company Private Limited
Published as Evergreen Trades & Finances Pvt. Ltd.
Published as Surya Industrial Developments Ltd.
Published as Ajanta Leasing & Resources Private Limited
Published as Artech Merchants Private Limited
Published as Anindra Sales Private Limited
Published as Anhita Financial Services (Bombay) Private Limited
Published as Krunal Finance and Leasing Pvt. Limited
Published as Tarujyot Investment Limited
Published as Kalp-Prakash Finance Ltd.
Published as Whitepin Tie-Up Limited
Published as Masalia Finance Limited
Published as Gadiya Global Forex Limited
Published as Arihant Mangal Securities Private Limited
Published as Goldfields Leasing Finance And Investment Company Ltd.
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Published as Ultimate Management & Financial Services Private Limited
Published as Vividha Finance and Investment Company Pvt. Ltd.
Published as Tarzon Tracon Private Limited
Published as Scope Tie-Up Private Limited
Published as Babulal Nandlal Bohra Private Limited
Published as Abhinandan Fintex Private Limited
Published as Amber Commodeal Private Limited
Published as Arch Financial Services Bombay Private Limited
Published as Amrit Leasefin Private Limited
Published as Rangoli Lease and Finance Limited
Published as Prakash Financial Services (Gujarat) Limited
Published as Awaj Finance & Investment Pvt. Ltd.
Published as Anmol Distributors Private Limited
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Published as Manohar Credit and Growth Fund Pvt. Ltd.
Published as Kosi Consultants Private Limited