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RBI cancels certificate of registration of 17 NBFCs

Posted Date : 11-Mar-2023 , 08:05:03 am | Posted By CASANSAAR print Print
The Reserve Bank of India on Friday cancelled the Certificate of Registration (CoR) of 17 non-banking financial companies (NBFCs). The central bank noted that in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, it has therefore cancelled the NBFCs' CoR.

“The following 17 Non-Banking Financial Companies (NBFC) have surrendered the Certificate of Registration (CoR) granted to them by the Reserve Bank of India (RBI). The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR," said RBI in its statement.

The RBI lists 10 non-banking financial institution (NBFI) that have exited the business. The list includes Dhanbad Properties Private Ltd, Soorya Vanijya & Investment Ltd., Jainex India Ltd, Jayam Vyapaar Pvt Ltd, and JM Holdings Pvt Ltd, Wide Range Sales Pvt. Ltd, Syn Pack Finance Pvt Ltd, B D Vanijya Udyog Pvt Ltd, Quency Consultancy Pvt Ltd, S G Projects Private Limited (formerly known as S.G. Credit Ltd).

It includes two companies that have been prescribed for unregistered Core Investment Company (CIC) that do not require registration. It includes New Age Import Pvt Ltd and Jubilant Securities Private Limited.

While there were five NBFCs who have ceased to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off, etc. This list includes Shriram City Union Finance Limited, Shriram Capital Limited, Antriksh Commerce Pvt Ltd, DRP Trading & Investment Pvt Ltd and Jalsagar Sales Agency Pvt Ltd.

Last year, three NBFCs on December 13 surrendered their certificate of registration to the RBI.

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