17 NBFCs Registration Cancelled; 20 Others Surrender Certificates to RBI
Moneylife Digital Team 17 February 2025
As many as 20 non-banking finance companies (NBFCs) have surrendered their registration certificates to the Reserve Bank of India (RBI), while the regulator cancelled the registration of 17 NBFCs. This includes reasons such as exiting the business and ceasing to be legal entities due to amalgamation, merger, dissolution or voluntary strike-off.
 
Those whose registration has been cancelled by RBI include West Bengal-based Zion Financial Services Pvt Ltd, Namokar Consultants Pvt Ltd, Salasarji Merchant Pvt Ltd, Ortem Estates Pvt Ltd, Tanwi Viniyog Pvt Ltd, Peekay Mercantiles Pvt Ltd, Panorama Financial Services Pvt Ltd, Prashant Impex Pvt Ltd, Ramuka Commercial Pvt Ltd, Pratius Merchants Pvt Ltd, Castle Fincon Pvt Ltd, Kishorrai Trading & Holding Pvt Ltd, Gama Commerce Pvt Ltd, Itameri Commerce Pvt Ltd, Divya Dealers Ltd, Preference Technologies Pvt Ltd and STIC Marketing Pvt Ltd.
 
RBI has not given any specific reason for the cancellation. Its statement merely says, "...in the exercise of powers conferred on it under section 45-IA (6) of the RBI Act, 1934, has cancelled the certificate of registration...As such, the above companies shall not transact the business of a non-banking financial institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act."
 
The 20 NBFCs who have surrendered their registration include 12 from West Bengal, four from Maharashtra and two each from Assam and Tamil Nadu.
 
According to RBI, two NBFCs surrendered their registration certificates following a decision to exit from the NBFC business. Following corporate actions such as amalgamation, dissolution, merger or voluntary strike-off, 18 NBFCs ceased operations.
 
Maharashtra-based Manoway Investments Pvt Ltd and Reliance Commercial Finance Ltd surrendered their registration certificate. RBI issued an order to cancel their registration on 13 January 2025 and 24 January 2025 respectively.
 
RBI says the registration certificates of Maharashtra based-Birla Family Investments Pvt Ltd and Birla TMT Holdings Pvt Ltd are cancelled from 22 January 2025/ 
 
West Bengal-based SRB Agencies Pvt Ltd, Agarwal Iron and Steel Company Pvt Ltd, Akashganga Suppliers Private Ltd, Braintrust Securities Pvt Ltd, Chaplin Securities Pvt Ltd, Esquire Projects Pvt Ltd, Goodworth Suppliers Pvt Ltd, Interface Vanijya Pvt Ltd, Linear Dealers Pvt Ltd, Mecons Commotrade Pvt Ltd, India General Trading Co Ltd and Supreet Vyapaar Pvt Ltd also decided to exit the business and surrender their registration to RBI.
 
The central bank issued another order for cancelling the registration certificate of Assam-based Quadrillion Finance Pvt Ltd and RGVN (North East) Microfinance Ltd. 
 
IDFC Financial Holding Company Ltd and IDFC Ltd from Tamil Nadu have surrendered their registration certificate, and RBI has issued an order to cancel their registration on 10 January 2025.
Comments
parimalshah1
2 months ago
Realized that fly by night is now difficult for them, and if they do; they will be behind the bars.
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