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 separate releases, RBI stated that the registrations of 54 NBFCs were cancelled due to non-compliance with regulatory requirements. These include failure to meet the conditions under which registration was granted, as well as cessation of NBFC operations. Separately, the 16 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 West Bengal-based Chefair Impex Ltd and Telangana-based Zafonic Finlease & Investments Pvt Ltd.
The list also includes several New Delhi-based entities such as Kasal India Pvt Ltd, Tulip Investments Pvt Ltd, Confluence Leasing and Credit Ltd, Unickon Fincap Pvt Ltd, Dreamteam Investment and Leasing Pvt Ltd, Dear Investments Pvt Ltd, Basist Leasing Finance Company Ltd, Harsha Capital Services Ltd, Hind Leasing and Finance Ltd, KR Finvest Ltd, Karsewa Investments Ltd, Libra Finance Ltd, Modex Investments Pvt Ltd, Kiran Resources Pvt Ltd, Gurudev Financial Services Pvt Ltd, Neesan Investment and Finance Ltd, Kirti Capital Services Pvt Ltd, Portend Services Pvt Ltd, Pratham Projects and Finlease Ltd, Prichsit Investments Pvt Ltd, RJ Shareholdings Pvt Ltd and RMB Financial Services Ltd.
Other New Delhi-based companies whose registrations have been cancelled include: SKM Export Industries Pvt Ltd, Sallak Consultants Pvt Ltd, Savariya Investments Pvt Ltd, Sethi Finlease Pvt Ltd, SLR Finance and Investments Ltd, SLR Finlease Ltd, Trideep Leasing and Finance Ltd, VIP Growth Fund Pvt Ltd, Zenith Finance Pvt Ltd, SFS Infinite Ltd, Sulaxmi Finance Pvt Ltd, Redkite Capital Pvt Ltd, Pointblack Tracon Pvt Ltd, Vishesh Securities Pvt Ltd, Rajat Fincap Pvt Ltd, Sincerely Finance & Investment Pvt Ltd, RN Finance Ltd, Vineet Infin Pvt Ltd, Supra Financial Services Ltd, Vardhman Financial Services Pvt Ltd, Rishabh Holdings Pvt Ltd, VS Growth Fund Pvt Ltd, Satkar Finlease Ltd, Pinkku Chits Pvt Ltd, Sparkling (India) Finshares Ltd, Hemani Finlease and Hire Purchase Pvt Ltd, Sakar Portfolio Pvt Ltd, Tushar Leasing & Investment Pvt Ltd and Scud Finlease 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 16 NBFCs that surrendered their registration include entities from across India—five each from New Delhi and Maharashtra and one each from Haryana, West Bengal, Karnataka, Telangana and Thrissur.
Among those that exited the NBFC business and surrendered their CoR are: Rajyarekha Trade Pvt Ltd, UBS Finance India Pvt Ltd (formerly Credit Suisse Finance (India) Pvt Ltd), Sri Bhabani Investments Pvt Ltd, Uni P2P Platform Pvt Ltd, Nalwa Trading Ltd (formerly Jindal Holdings Ltd), LKP Finance Ltd (now known as Gyftr Ltd) and IM+ Investments & Capital Pvt Ltd.
In addition, Amin Finvest Holding Pvt Ltd, Cellphone Credit and Securities India Pvt Ltd, Cellcap Invofin India Pvt Ltd and Shishir Finstock Pvt Ltd surrendered their CoR after qualifying as unregistered core investment companies that do not require RBI registration.
Further, Vinsan Brothers Pvt Ltd, HDFC Investments Ltd, Nabsamruddhi Finance Ltd, Mehul Finance and Investments Pvt Ltd and Vyaparavijayam Hire Purchase Pvt Ltd ceased to exist as legal entities due to amalgamation, merger, dissolution or voluntary strike-off, leading to the cancellation of their 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.
