RBI cancels certificate of registration of 7 NBFCS, 14 surrender permits

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The Reserve Bank of India (RBI) on May 12 said it has cancelled permits of seven non-banking finance companies (NBFC).

The NBFCs whose certificate of registration was cancelled were Coorg Tea Company, Trimurthi Finvest, East West Finvest India, J.V.Modi Securities, K K Patel Finance, Purvi Finvest, and Genfin Capital Pvt Ltd, according to a press release from the RBI.

Further, the release said these companies shall not transact the business of a Non-Banking Financial Institution.

Coorg Tea Company cancellation order was on April 20, Genfin Capital Pvt Ltd cancellation was on April 26, while rest of the companies cancellation order date was April 24, the release added.

In a separate press release, the RBI said 14 NBFCs surrendered their licence, which include Icseva Finance Pvt, L&T Infrastructure Development Projects Ltd, and Wondermax Mercantile Pvt Ltd.

Seven companies surrendered their licence because of exit from business while two surrendered due to meeting the criteria prescribed for unregistered Core Investment Company (CIC) that do not require registration.

Further, remaining five surrendered permits due to ceasing to be a legal entity due to amalgamation/merger/dissolution/ voluntary strike-off, the release added.