According to RBI, the exits were due to various reasons, including voluntary discontinuation of NBFC business, meeting the criteria for unregistered core investment companies (CICs) that are exempt from registration, and qualifying as unregistered Type-I NBFCs that do not require registration. In some cases, the companies ceased to exist following amalgamation, merger, dissolution or voluntary strike-off.
In two separate releases, RBI stated that the registrations of five 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 eight NBFCs that surrendered their CoR had their licences cancelled under the provisions of the RBI Act, 1934.
Among the entities whose registrations were cancelled are several companies from Maharashtra, including Rolta Holding and Finance Corporation Pvt Ltd, Vasudeo Securities Pvt Ltd, Parsoli Corporation Ltd and A. C Choksi Financial Services Pvt Ltd (as per MCA, Deus Financial Capital Pvt Ltd). Dar's Financial Services Pvt Ltd, based in West Bengal, is also among the entities whose registrations were cancelled.
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 eight NBFCs that surrendered their registration include six from New Delhi and one each from Assam and West Bengal.
Among the entities that exited the NBFC business and surrendered their CoR are Anupam Mercantile Ltd, Grand Motor and Finance Pvt Ltd, Sky Limit International Finance Ltd and ASA International India Microfinance Ltd.
In addition, Anagram Industries Ltd surrendered its CoR after qualifying as an unregistered core investment company (CIC), which is not required to be registered with the RBI.
Further, CDN Finance Pvt Ltd surrendered its CoR after meeting the criteria prescribed for an unregistered Type I NBFC, which is also exempt from registration.
New Delhi-based April Investment and Finance Pvt Ltd and Shivam Securities Pvt Ltd ceased to exist as legal entities following amalgamation, merger, dissolution or voluntary strike-off. Consequently, the RBI cancelled its CoR.
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.
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