9 NBFCs surrender Certificate of Registration to RBI – The Hindu BusinessLine

Clipped from: https://www.thehindubusinessline.com/money-and-banking/9-nbfcs-surrender-certificate-of-registration-to-rbi/article64823018.ece

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The list includes Morgan Stanley India Securities, West Bengal Industrial Development Corporation, among others who have surrendered their registration.  

Nine Non-Banking Financial Companies (NBFCs), including Mumbai-based Morgan Stanley India Securities Pvt Ltd and Kolkata-based West Bengal Industrial Development Corporation Ltd, have surrendered their Certificate of Registration (CoR) to the Reserve Bank of India (RBI).

The other NBFCs which have surrendered their CoR are: Dholadhar Investments Pvt Ltd (Kangra, Himachal Pradesh); Goodwill Financial Services Pvt Ltd (Chennai); Sankalp Granites Pvt Ltd (Jaipur); Yardley Investment and Trading Company Pvt Ltd (Mumbai); Sri Shirdi Credit and Finance Pvt Ltd (Hyderabad); Mangalam Softwares Pvt Ltd (Kokata).

Referring to aforementioned eight NBFCs surrendering the CoR granted to them, the central bank, in a statement, said: “The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their CoR.

“As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.”

RBI also said Indie Homefin Pvt Ltd (Mumbai). has surrendered the CoR granted by National Housing Bank (NHB).

“The RBI, in exercise of powers conferred on it under Section 29A (6) of the National Housing Bank Act, 1987, has therefore cancelled the CoR.

“As such, the above company shall neither transact the business of a Housing Finance Institution nor of a Non-Banking Financial Institution as defined in National Housing Bank Act, 1987 and Reserve Bank of India Act, 1934, respectively,” per the RBI statement.Published on January 13, 2022

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