RBI cancels Certificate of Registration of 17 NBFCs; Check Here Why?

The Reserve Bank of India(RBI) has cancelled the Certificate of Registration (CoR) of 17 NBFCs (non-banking financial companies).

Via Press Release RBI Stated, “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.”

The RBI lists ten non-banking financial institutions (NBFIs) that have gone out of existence. 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 contains two firms that have been prescribed as unregistered Core Investment Companies (CIC) that do not need to be registered. New Age Import Pvt Ltd and Jubilant Securities Private Ltd are among its members.

Whereas five NBFCs ceased to be a legal entity due to amalgamation/ merger/ dissolution/voluntary strike-off, etc. Shriram City Union Finance Ltd, Shriram Capital Limited, Antriksh Commerce Pvt Ltd, DRP Trading and Investment Pvt Ltd, and Jalsagar Sales Agency Pvt Ltd are among the companies on this list.