According to the central bank, the reasons for these actions include companies exiting the NBFC business and ceasing to exist as legal entities due to amalgamation, merger, dissolution, or voluntary strike-off.
In a set of regulatory disclosures, RBI stated that the registrations of 59 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 4 NBFCs that surrendered their CoR had their licences cancelled under the provisions of the RBI Act, 1934.
At the same time, RBI announced that it has restored the registration of Goli Finance Ltd, an NBFC based Delhi. The restoration was carried out after considering orders passed by the appellate authority and courts, the central bank says.
The companies whose registration has been cancelled in West Bengal include: Trincas Consultancy Pvt Ltd, Triple Rank Consultants Pvt Ltd, Tristar Agencies Pvt Ltd, True Mercantile Pvt Ltd, Tulsi Trimpex Pvt Ltd, Turf Advertising & Marketing Co Pvt Ltd, Unnao Trading Pvt Ltd, Urch Traders (P) Ltd, Vignesh Vyapaar Pvt Ltd, Vista Vision Pvt Ltd, Vivek Finvest & Consultants (P) Ltd, VNG Mercantiles (P) Ltd, Wafer Vinimay (P) Ltd, Welon Advisory Services Pvt Ltd, Whitestone Suppliers (P) Ltd, Zenco Advisory Services Pvt Ltd, Zigma Consultants Pvt Ltd, Compass Finstock Pvt Ltd, Newjet Vyapaar Pvt Ltd, Redstrip Merchants (P) Ltd and Aryan Deposits And Advances Pvt Ltd.
The West Bengal list also includes: CG Securities Pvt Ltd, Dawson Commodities Pvt Ltd, Interactive Financial Services Pvt Ltd, Marubhumi Tracon Pvt Ltd, Suraj Global Ltd, DD Deposits and Advances Private Ltd, Fontana Commodeal Pvt Ltd., Tirupati Trafin's Pvt Ltd, Evika Vincom Pvt Ltd, AC Steels & Holdings (P) Ltd, Anukampa Vanijya Ltd, Janki Securities Ltd, Jupiter Credits Pvt Ltd, Dulichand Finance & Leasing Ltd and Shivdooti Pearls and Investments Ltd.
Other West Bengal-based companies whose registrations have been cancelled are: Stead Traders (P) Ltd, Ajiwika Financial Services Pvt Ltd, Divya Fiscal Services Pvt Ltd, Opulent Fiscal Services Ltd, Paltani Investment & Finance Co Pvt Ltd, PNR Holdings (P) Ltd and Sridhar Securities Ltd.
The companies from Maharashtra whose registrations have been cancelled include: Stephanotis Finance Ltd (formerly known as Vora Constructions Ltd), Zing Investments Pvt Ltd, Jamnadas Morarjee Finance Pvt Ltd (as per MCA, Bharath Fincorp Private Ltd), Budhrani Finance Pvt Ltd and Expandus Capital Ltd (as per MCA, Future Money Financial Services Ltd), Fragrance Investments Pvt Ltd, Citygold Investments Pvt Ltd, Credit One Payment Solutions Pvt Ltd, Kotagiri Commerce Pvt Ltd and Kashmir Finance Pvt Ltd. Another company whose registration has been cancelled is Kosian Industries Ltd (as per MCA, Seven Hill Industries Ltd).
The other NBFCs whose registrations have been cancelled are: Delhi-based Purba Coke & Finance Pvt Ltd, Parag Commercial Pvt Ltd, and Renovision Commerce (P) Ltd; Gujarat-based Guardian Finance Pvt Ltd; and Telangana-based Vishnuhari Merchants (P) 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 four NBFCs that surrendered their registration include three entities from Maharashtra and one from Delhi.
Among those that exited the NBFC business and surrendered their CoR are: RAGA Tradecon Pvt Ltd and Real Lease and Credit Pvt Ltd (as per MCA -Nitin Auto Trading Pvt Ltd, converted to LLP)
Chaitanya India Fin Credit Pvt Ltd and Mirae Asset Sharekhan Financial Services Ltd ceased to exist as legal entities due to amalgamation, merger, dissolution, or voluntary strike-off, leading to the cancellation of their CoRs.
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 permitted to operate 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.
