10 NBFCs surrender their Certificates of Registration to the RBI

The Reserve Bank of India (RBI) has cancelled the Certificates of Registration for ten Non-Banking Financial Companies (NBFCs) under Section 45-IA (6) of the RBI Act, 1934. This action follows the surrender of these certificates by the NBFCs themselves. The cancellations were processed after the entities either ceased to operate as legal entities or no longer met the criteria for mandatory registration.

Among the surrendered certificates, some NBFCs were classified as unregistered Core Investment Companies (CICs), which do not require registration under Section 45IA of the RBI Act. Others were reclassified as unregistered Type I NBFCs, also exempt from registration requirements. These classifications were determined based on the specific criteria outlined in the RBI Act.

Several NBFCs had their registrations cancelled due to corporate restructuring events such as amalgamation, merger, dissolution, or voluntary strike-off. These changes resulted in the entities no longer functioning as independent legal entities, necessitating the cancellation of their registration certificates.

The RBI’s decision reflects its regulatory oversight to ensure only compliant and operational NBFCs retain their registration. The cancellations do not imply any wrongdoing but rather align with the entities’ current operational status or classification under the RBI Act.