Case Brief
By order dated October 1, 2024, RBI imposed a monetary penalty of Rs 28.30 lakh on SG Finserve limited (formerly M/s Moongipa Securities Limited). RBI found that the company did not comply with specific conditions attached to its Certificate of Registration issued under Section 45IA(5) of the RBI Act, 1934. In particular, the company had accepted public funds and extended loans in violation of those conditions. The penalty was imposed under Section 58G(1)(a) read with Section 58B(6) of the RBI Act.
Action Snapshot
- Primary Impact
- Fine: Rs 28.3 L
- Entity Type
- NBFC
- Action Type
- Monetary penalty