ARTICLE · 03 DECEMBER 2024

AKP Banking & Finance Digest - December 02, 2024

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The Reserve Bank of India ("RBI") has cancelled the Certificates of Registration ("CoR") of six Non-Banking Financial Companies ("NBFCs") following their surrender

IndiaFinance and Banking

1. Regulatory Updates

1.1. India

1.1.1. Six NBFCs surrender RBI licences

The Reserve Bank of India ("RBI") has cancelled the Certificates of Registration ("CoR") of six Non-Banking Financial Companies ("NBFCs") following their surrender. Bellona Dealcom Pvt Ltd, Sonata Finance Pvt Ltd, and Stanley Vyapaar Pvt Ltd exited the financial business, while Mayur Barter Pvt Ltd, Sakthi Consultants Pvt Ltd, and C L Developers Pvt Ltd ceased operations due to amalgamation, merger, or dissolution. RBI

1.1.2. RBI cancels two NBFC licences

RBI has cancelled the CoR of Ulhas Securities Private Limited and Sikar Investment Co Ltd under Section 45-IA (6) of the RBI Act, 1934. The cancellations, dated September 24, 2024, and October 7, 2024, respectively, bar these entities from conducting NBFC business as defined under the RBI Act, 1934. RBI

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