RBI cancels Certificate of Registration of 2 NBFCs

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date
1. M/s Sampada Chemicals Limited Parijat House, 2nd Floor, 1076, Dr. E Moses Road, Worli, Mumbai – 400018 13.00362 March 18, 1998 March 25, 2016
2. M/s Saakshi Securities Limited 209, 2nd Floor, Shri Balaji Heights, Bodyline Cross Road, C.G. Road, Ahmedabad – 380019 01.00217 April 20, 1998 May 25, 2016

As such, the above companies cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.

Ajit Prasad
Assistant Adviser

Press Release: 2015-2016/3021