Reserve Bank of India (RBI) has cancelled the registrations of 192 non-banking finance companies (NBFCs), with as many as 159 based in West Bengal, 22 from Maharashtra, four from Delhi, two from Gujarat and one each from Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Jharkhand and Bihar. Meanwhile, a total of eighteen have voluntarily surrendered their certificates of registration (CoR) to the central bank.
The reasons for these actions include companies exiting the NBFC business, being classified as unregistered core investment companies (CICs) that do not require registration, or ceasing to exist as legal entities due to amalgamation, merger, dissolution, or voluntary strike-off.
In two separate releases, RBI stated that the registrations of 192 NBFCs were cancelled for non-compliance with regulatory requirements. These include failure to meet the conditions under which registration was granted and cessation of NBFC operations. Separately, the 18 NBFCs that surrendered their CoR had their licences cancelled under the provisions of the RBI Act, 1934.
Among those whose registrations have been cancelled are: Metro India Ltd, Solar Mercantiles Pvt Ltd, Claytone Commercial Co Ltd and Diwakar Commercials Pvt Ltd from Delhi, Swift Fabrics Private Ltd (Suift Dealers Pvt Ltd) and Clio Infotech Ltd from Gujarat, Nippon Services & Holdings Pvt Ltd from Madhya Pradesh, Saaket Mercantiles Pvt Ltd from Uttar Pradesh, Misa Finvest Pvt Ltd from Chhattisgarh, Bravo Erection Pvt Ltd (also known as Sourav Kutir & Homes (P) Ltd) from Jharkhand and NKJ Securities and Finance Ltd from Bihar.
The list of cancelled registrations also includes several West Bengal-based companies, such as Naveen Merico Engineering Co Pvt Ltd, Mehandipua Tradelink Pvt Ltd, Meltron Vincom Pvt Ltd, Merry Fiscal Services Pvt Ltd, MK Alliance Finance Pvt Ltd, Narayani Finance Ltd, Pankti Credit Capital Pvt Ltd, Radiance Finvest Pvt Ltd, Saloni Hire Purchase Pvt Ltd, CLE Pvt Ltd(also known as Sonata Investments Ltd), Spectrum Vintrade Pvt Ltd, Sarvottam Tradelink Private Ltd, Stardox Vinimay Pvt Ltd, Swift Fabrics Private Ltd (also known as Suift Dealers Pvt Ltd), Suntreck Finance Pvt Ltd, Suparshwa Distributors Pvt Ltd, Surya Kiran Textiles Pvt Ltd, Metlex Goods & Services Pvt Ltd, Metro India Ltd, Minimax Mercantiles Pvt Ltd, Mirik Trading & Manufacturing Ltd, Misa Finvest Pvt Ltd, Mohan Motor Business Private Ltd, Monnet Equity Services Pvt Ltd, Satyatej Merchants Pvt Ltd, SDJ Investment Pvt Ltd, Sesun Marketing Pvt Ltd, Shardaraj Tradefin Ltd, SRM Share & Finance Brokers Pvt Ltd, Stale Trading Pvt Ltd, Star Builders Pvt Ltd, Starlite Vanijya Pvt Ltd, Subhrekha Vyapaar Pvt Ltd, Sudama Trading & Investments Ltd, Sundrm Consultants Pvt Ltd, Sunnytex Investments Pvt Ltd, Suryamukhi General Finance & Investment Company (India) Ltd, MSV Fiscal Services Pvt Ltd, Mukesh Trade & Finance Pvt Ltd, Murabrown Trading Pvt Ltd, Nanchi Marketing Pvt Ltd, Efthalia Mercantiles Pvt Ltd (also known as Nandan Mercantiles (P) Ltd), Nariman Fiscal Services Pvt Ltd, Navneet Trading & Investments Co Pvt Ltd, Navrang Viniyog Pvt Ltd, Rangdev Holdings Pvt Ltd, SJR Auto Financiers Private Ltd and Saaket Mercantiles Pvt Ltd.
RBI's cancellation list also covers several other companies from West Bengal such as Sanchi Commercial Pvt Ltd, Sarada Confin Pvt Ltd, Sarswati Vincom Ltd, Satya Miners & Transporters Ltd, Satyam Securities & Finance Pvt Ltd, Select Products Pvt Ltd, Shivganga Distributors Pvt Ltd, Shoparna Brothers Pvt Ltd, Shree Ganesh Iron Industries Ltd, Shruti Ltd, Shubh Suppliers Ltd, Amar Impex Private Limited (also known as Shubham Impex Private Ltd), Simple Viniyog Pvt Ltd, Simpro Vanijya Ltd, Sipani Hire Purchase Finance Co Pvt Ltd, Slow And Sound Electronics Pvt Ltd, Solar Mercantiles Pvt Ltd, Sonal Tie Up Pvt Ltd, Sonali Suppliers Pvt Ltd, Bravo Erection Private Limited (also known as Sourav Kutir & Homes (P) Ltd), South East Industrial Developments Ltd, Southern Lease Finance Ltd, Spm Engineers Ltd, STIC Tradecomm Pvt Ltd, Sundrop Towers Pvt Ltd, Zulu Merchandise Pvt Ltd, Claytone Commercial Co Ltd, Cosco Vanijya Pvt Ltd, Deepraj Vinimay Pvt Ltd, Exponoval Commercial Enterprises Ltd, Rose Capital Ltd, Bhillai Properties Investments Pvt Ltd, Lexi Exports Pvt Ltd, Twadanya Credit Capital Pvt Ltd, Urvee Investment Pvt Ltd, Usha Stock Holdings Pvt Ltd, V Gandhi Fin-Vest Pvt Ltd, Vasupujya Enterprises Pvt Ltd, Victoria Trade And Finance Ltd, Diwakar Commercials Pvt Ltd, Raghav Industries Limited, Rolta Credit Private Limited, Saffire Exports And Agency Pvt Ltd, Sai Kanaka Mahalakshmi Finance Pvt Ltd, Shardanjali Vinimay Pvt Ltd, Shree Ganga Leasing Company Ltd, Shubh Shanti Services Ltd and Snapshot Media Pvt Ltd.
The West Bengal list further includes Spatial Dealer Pvt Ltd, Sreedeb Commercial Pvt Ltd, Suashish Capital Pvt Ltd, Neogrowth Vyapaar Pvt Ltd, Neptune Finance (India) Ltd, Nidhi Agro Pvt Ltd, Nigolice Trading Pvt Ltd, Nikita Stock Dealers Pvt Ltd, Nilkanthfincon Pvt Ltd, Nippon Services & Holdings Pvt Ltd, Nishant Management Pvt. Ltd., Amphibious Finvest Pvt Ltd (also known as Sagar Trade Link (P) Ltd), Shaharsh Fiscal Services Pvt Ltd, Chhallani Marketing and Investment Pvt Ltd, Classic Infin Limited, Denali Finance Pvt Ltd, Equator Corporate Finance Pvt Ltd, Aneri Fincap Ltd, Winpro Industries Ltd (also known as Channel Guide India Ltd), Nawdeep Credit Consultants Pvt Ltd, Nikhil Holdings Pvt Ltd, Nishu Leasing and Finance Ltd, Nitin Mercantiles Pvt Ltd, Niyati Financial Services Pvt Ltd, Noble Vintrade Pvt Ltd, North End Finance Ltd, Nova Commercial Pvt Ltd, Novelty Finvest Pvt Ltd, Om Commercial Company Ltd, Omega Dealers Pvt Ltd, Orbit Investments Pvt Ltd, Orchid Vinimay Pvt Ltd, Padmini Fiscal Services Pvt Ltd, Panchsheel Commercial Pvt Ltd, Paradise Vintrade Pvt Ltd, Paramount Dealcom Pvt Ltd, Park View Dealers Pvt Ltd, Parshwa Finance Pvt Ltd, Pearl Dealers Pvt Ltd, Pioneer Merchandise Pvt Ltd, Piyush Commercial Pvt Ltd, Platinum Vincom Pvt Ltd, Popular Dealers Pvt Ltd, Pragati Finvest Pvt Ltd, Prakash Commercials Pvt Ltd, Premier Fiscal Services Pvt Ltd, Prime Tradecom Pvt Ltd and Princep Vinimay Pvt Ltd.
Other West Bengal-based companies whose registrations have been cancelled includes Virtuous Holdings Pvt Ltd, Vishnupriya Trexim Pvt Ltd, VKA Commercial Pvt Ltd, Waldorf India Ltd, Winsome Finance Pvt Ltd, Wipro Suppliers Pvt Ltd, Woodhat Distributors Pvt Ltd, Yamini Agencies Pvt Ltd, Zharuka Fiscal Services Pvt Ltd, Zimkele Marketing Pvt Ltd, Blue Point Leasings Ltd, Ingram Investment Private Limited, Maya Infin Pvt Ltd, Priyadarshani Investment and Finance Company Pvt Ltd, Simplex Metallurgical Private Limited, Patalganga Distributors Pvt Ltd, Nilay Finance & Leasing Pvt Ltd, P K Credits Pvt Ltd, PSL Financial Services Ltd, L C J Finance Pvt Ltd, M C C Investment & Leasing Co Ltd, Mahima Barter Pvt Ltd, Mallya Pvt Ltd, Mahasakti Vyapaar Pvt Ltd, Pabla Leasing and Finance Pvt Ltd, Deepsikha Trading Pvt Ltd, KNS Exports Pvt Ltd, Purushottam Investments Pvt Ltd, Northern Projects Ltd, Sansun Fiscal Services Ltd, Parichiti Software Pvt Ltd, NKJ Securities and Finance Ltd, Sigma Credit and Capital Services Private Limited, Clio Infotech Limited and Daver Investments Pvt Ltd, Hector Software Pvt Ltd, Hipoline Commerce Pvt Ltd, Janpragti Commodities Pvt Ltd., Manglam Fiscal Services Pvt Ltd, Nandeshwar Commotrade Pvt Ltd, Richie Credit & Finance Pvt Ltd (also known as Chandpur Motor Finance Pvt Ltd), Rohit Plastopack Pvt Ltd., Shree Sati Finvest Pvt Ltd, TSL Industries Ltd, Udaipuria Commercial Pvt Ltd, Vandita Investments Pvt Ltd, Velmon Tie-Up Pvt Ltd and Venkatesh Advisory Services Pvt Ltd.
Maharashtra-based entities whose registrations were cancelled include: MK Alliance Finance Pvt Ltd, Narayani Finance Ltd, Pankti Credit Capital Pvt Ltd, Radiance Finvest Pvt Ltd, Saloni Hire Purchase Pvt Ltd, CLE Pvt Ltd (Sonata Investments Ltd), Spectrum Vintrade Pvt Ltd, Cosco Vanijya Pvt Ltd, Spatial Dealer Pvt Ltd, Chhallani Marketing and Investment Pvt Ltd, Classic Infin Ltd, Denali Finance Pvt Ltd, Equator Corporate Finance Pvt Ltd, Aneri Fincap Ltd, Winpro Industries Ltd (Channel Guide India Ltd), Blue Point Leasings Ltd, Ingram Investment Pvt Ltd, Maya Infin Pvt Ltd, Priyadarshani Investment and Finance Company Pvt Ltd, Simplex Metallurgical Pvt Ltd, Sigma Credit and Capital Services Pvt Ltd and Daver Investments Pvt Ltd.
However, RBI has not provided specific reasons for each cancellation. Its statement only notes that, “in exercise of powers conferred under Section 45-IA(6) of the RBI Act, 1934, the certificate of registration has been cancelled.”
Consequently, these companies are no longer permitted to carry on the business of a non-banking financial institution (NBFI), as defined under the Act.
The 18 NBFCs that surrendered their registration include entities from across India. Seven from West Bengal, four from Karnataka, three each from Delhi and Maharashtra and one from Punjab.
Among those that exited the NBFC business and surrendered their CoR are: Sahu Jain Ltd, Mars Viniyog Pvt Ltd, Cyrus Engineers Pvt Ltd, Sarthak Trades Pvt Ltd, Combine Holding Ltd and Sidhbinayak Tracon Pvt Ltd.
In addition, Shell Business Pvt Ltd surrendered its CoR after qualifying as unregistered core investment companies (CIC) that do not require RBI registration.
Laser Financial and Project Consultants Pvt Ltd, Chatha Financial Services Pvt Ltd, Ashika Global Securities Pvt Ltd, Castle Consultants Pvt Ltd, Sethia Chemicals Pvt Ltd, Placid Pvt Ltd, Kashmira Investment And Leasing Pvt Ltd, Wadia Investments Ltd, Bikanna Commercial Co Pvt Ltd, Park View Properties Pvt Ltd and PCI Marketing Pvt Ltd ceased to exist as a legal entity due to amalgamation, merger, dissolution or voluntary strike-off, leading to the cancellation of its CoR.
Over the past few years, RBI has stepped up supervisory scrutiny to ensure that only entities that meet prudential norms, governance standards, and operational requirements are allowed to function as NBFCs.
The central bank has also reiterated that holding a registration certificate is subject to continuous compliance, and that any regulatory relief obtained through appellate or judicial processes does not dilute NBFCs' obligation to adhere to the law and regulatory directions in both letter and spirit.
