RBI imposes monetary penalty on Ocean Capital Market Limited, Rourkela, Odisha

Case Brief

By an order dated February 09, 2024, RBI imposed a monetary penalty of ₹16 lakh on Ocean Capital Market Limited, Rourkela, Odisha. The company was found गैर-compliant with certain provisions of the NBFC-SI and deposit-taking company directions, 2016, and with specific RBI directions on submission of returns on the XBRL platform. RBI’s inspection also noted delayed XBRL return submissions, breaches of exposure limits for lending/investments to single borrowers and single groups of borrowers, and failure to constitute various Board committees. After considering the company’s reply, additional submissions, and oral hearing, RBI concluded that the contraventions were substantiated and warranted penalty under the RBI Act, 1934.