The Reserve Bank of India has canceled the certificate of registration of two non-banking financial companies—Ulhas Securities Pvt. and Sikar Investment Co. Ulhas Securities, based in Gujarat's Gandhinagar, had secured registration as an NBFC in December 2003. Sikar Investment, which is based in Rajasthan's Bharatpur, was registered with the RBI in March 1998.
The registration has been canceled under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the RBI said.
The rule allows the central bank to cancel registration if the company ceases to carry on the business of a non-banking financial institution in India or has failed to comply with any condition subject to which the certificate of registration had been issued to it. The cancellation order for Ulhas Securities was issued on Sept. 24 and Sikar Investment on Oct. 7 this year.
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"As such, the above companies shall not transact the business of a Non-Banking Financial Institution," the RBI notice said. Earlier also, RBI barred four NBFCs, Asirvad Micro Finance, Navi Finserv, Arohan Financial Services, and DMI Finance, from sanctioning and disbursing loans from Oct. 21 as it found material supervisory concerns with high lending rates.
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