8 NBFCs, including JM Financial Capital and Kampani Consultants, and 1 ARC Surrender Registration Certificate to RBI
Moneylife Digital Team 12 September 2023
As many as eight non-banking financial companies (NBFC) have surrendered their certificate of registration (CoR) to the Reserve Bank of India (RBI). Four NBFCs submitted their registration certificate after exiting the NBFC business. At the same time, four ceased operations following corporate actions such as amalgamation, dissolution, merger or voluntary strike-off. Arcion Revitalization Pvt Ltd, an asset reconstruction company (ARC), decided to exit from the securitisation or asset reconstruction business and surrendered its CoR to RBI. The central bank also cancelled the registration of Thrissur, Kerala-based Pooram Finserv Pvt Ltd. 
 
The eight NBFCs that have surrendered their CoR include three each from Mumbai and Hyderabad and two from Guwahati. 
 
In a statement, the banking regulator says, "The NBFCs have surrendered the certificate of registration granted to them by the RBI. The RBI, in the exercise of powers conferred on it under Section 45-IA (6) of the RBI Act, 1934, has therefore cancelled their certificate of registration. As such, the above companies shall not transact the business of a non-banking financial institution- NBFI, as defined in clause (a) of Section 45-I of the RBI Act."
 
Four NBFCs that decided to exit from the NBFI business include: North Eastern Publishing and Advertising Co Ltd and Purbanchal Prestressed Ltd from Guwahati, Assam and Imperial Credit Pvt Ltd and Layana Finance and Leasing Ltd from Hyderabad, Telangana. 
 
Four NBFCs that cease to be a legal entity following their amalgamation, dissolution, merger or voluntary strike-off are: Twinvest Financial Services Ltd from Hyderabad and three, including JM Financial Capital Ltd, Kampani Consultants Ltd and Samvardhana Motherson International Ltd, from Mumbai. 
 
RBI cancelled the CoR of these eight NBFCs in August.
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