8 NBFCs Surrender Registration Certificates to RBI
Moneylife Digital Team 24 July 2024
As many as eight non-banking financial companies (NBFCs) have surrendered their certificates of registration (CoR) to the Reserve Bank of India (RBI). Of these, three have chosen to exit the NBFC business entirely, while five NBFCs ceased operations due to corporate actions, including amalgamation, dissolution, merger, or voluntary strike-off. 
 
The eight NBFCs that have surrendered their CoR include four from New Delhi, two from Bihar and one each from West Bengal and Rajasthan.
 
West Bengal-based Himatsingka Trade and Agency Ltd, Bihar-based Spectacular Finance Ltd and Rajasthan-based Neha Resources Ltd have surrendered their registration certificates afte deciding to exit the business.
 
New Delhi-based Molly Trading Company Pvt Ltd, Sri Rajesh Financial and Management Services Pvt Ltd, Shree Krishna Finbiz Pvt Ltd and MSG Finance (India) Pvt Ltd also surrendered their registration certificate. RBI issued an order to cancel their registration on 27 June 2024.
 
Further, Balmukund Lease-Fin Pvt Ltd also surrendered its registration certificate. RBI issued an order for cancellation of their registration on 25 June 2024.
 
In a statement, RBI says, "...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 its CoR. As such, the above companies shall not transact the business of an NBFI, as defined in clause (a) of Section 45-I of the RBI Act."
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