Stories
RBI Cancels Registration of 13 NBFCs and Accepts Licence Surrenders from 10 Others
- •The Reserve Bank of India cancelled the registration certificates of 13 non-banking financial companies.
- •Ten additional NBFCs voluntarily surrendered their licences due to various reasons including business exits and regulatory exemptions.
- •Companies whose registrations were cancelled include Nakodar Finance Pvt Ltd, Ajitnath Steels Pvt Ltd, and Astrol Dealcom Pvt Ltd.
- •Firms surrendering licences include Pragati Fincap Limited, Vivriti Capital Limited, and HCL Corporation Pvt Ltd.
- •The regulatory actions were executed under the powers conferred on the RBI by the Reserve Bank of India Act 1934.
Key Questions Answered
The Reserve Bank of India cancelled the registration of 13 non-banking financial companies on October 9, which include Nakodar Finance Pvt Ltd, Ajitnath Steels Pvt Ltd, Astrol Dealcom Pvt Ltd, Bhagyashri Trading Pvt Ltd, and Booh Finance Company Pvt Ltd. These cancellations were executed under the powers conferred by the RBI Act, 1934.
Ten NBFCs surrendered their licences for various reasons, including exiting the non-banking financial institution business, qualifying as an unregistered core investment company, or meeting criteria for an unregistered Type I NBFC. Additionally, some ceased to exist as legal entities due to amalgamation, merger, dissolution, or voluntary strike-off.
The companies that surrendered their certificates of registration include Pragati Fincap Limited, Rajlakmi Vanijya Pvt Ltd, Vivriti Capital Limited, MSJ Colonising and Leasing Company Pvt Ltd, PKSL Investment Pvt Ltd, and HCL Corporation Pvt Ltd.
