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17 NBFCs surrender their Certificate of Registration to RBI

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After lots of speculations and guesswork, 17 Non-Banking Financial Companies (NBFCs ) surrendered their Certificate of Registration which was granted to them by the Reserve Bank of India in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore canceled their Certificate of Registration.

Earlier, the RBI was under pressure from the government to open a special liquidity window for NBFCs and housing finance companies, which RBI felt could be a misused.

Also Read: Centre denies seeking Rs 3.6 lakh crore from RBI reserves

“There’s adequate liquidity available for the sector through normal channels. But we won’t be able to prevent companies as it is difficult to distinguish between the asset quality of NBFCs government sought the central bank’s views on the formula for calculation of its reserves and the consequent surplus transfer to the Centre to partly address the issue of liquidity shortage in financial markets. The Finance Ministry statement follows its note to RBI Governor Urjit Patel citing its special powers over RBI under Section 7. “The autonomy for the Central Bank, within the framework of the RBI Act, is an essential and accepted governance requirement. Governments in India have nurtured and respected this. Both the Government and the Central Bank, in their functioning, have to be guided by public interest and the requirements of the Indian economy,” said RBI in a statement.

Also Read: Centre denies seeking Rs 3.6 lakh crore from RBI reserves

Here is the list of the 17 NBFCs that surrendered their Certificate of Registration to RBI

Sr No

Name of the Company

Office Address


Issued on

Cancellation Order date

1 Kumar Commodities Private Limited 54/5A, Strand Road, PS.-Jora Bagan, Kolkata-700 006, West Bengal 05.04371 September 14, 2001 July 06, 2018
2 J.C. Motor and General Finance Company Limited (Presently known as J.C. Motor and General Finance Company Private Limited) Civil Lines II, Opposite to RTO Office, Bijnor, Uttar Pradesh 6A, Clive Row, 4th Floor, Room No. 6/12, Kolkata-700 001, West Bengal B-12.00266 February 20, 2008 August 14, 2018
3 Propycon Trading & Investments Pvt. Ltd. 111, Industrial Area, Sion, Mumbai-400 020 13.00198 March 03, 1998 July 11, 2018
4 GSL Finance & Investment Private Limited 209, Raja House 30-31, Nehru Place, New Delhi-110 019 B-14.00120 March 02, 1998 August 23, 2018
5 Harita Sheela Private Limited Jayalakshmi Estates, No:29, Haddows Road, Chennai-600 006 B-07.00561 January 09, 2001 September 04, 2018
6 Nationwide Investments Private Limited SCO 56-57, First Floor, Sector 17-D, Chandigarh-160 017 B-06.00086 September 30, 2005 August 31, 2018
7 Harita Balaji Private Limited Jayalakshmi Estates, No:29, Haddows Road, Chennai-600 006 B-07.00557 January 09, 2001 September 04, 2018
8 Sonali Capital Private Limited Shop No.8, Parasamati Plaza, Jayendra Ganj, Gwalior, Madhya Pradesh-474 009 B-03.00152 May 11, 2002 August 16, 2018
9 Chirag Vanijya Private Limited 10/4, Lala Lajpat Rai Sarani, Rameshwara Mansion, Flat No. 17A, Kolkata-700 020, West Bengal N.05.06573 August 26, 2005 July 12, 2018
10 Vareli Trexim Pvt. Ltd.
(Presently known as Vareli Tecnac Pvt. Ltd.)
14/1B, Ezra Street, 9th Floor, World Trade Centre, Kolkata-700 001, West Bengal 05.00460 February 27, 1998 July 05, 2018
11 KBLF Enterprises Ltd.
(Presently known as KBLF Enterprises Private Limited)
Room No. 64, 3rd Floor, 207, Maharshi Devendra Road, Kolkata-700 007, West Bengal 05.00394 February 26, 1998 July 18, 2018
12 Ramky Finance & Investment Private Limited, Hyderabad
(Presently known as Ramky IWM Private Limited)
13th Floor, Ramky Grandiose, Ramky Towers Complex, Gachibowli, Hyderabad-500 032, Telangana 09.00124 March 25, 1998 July 19, 2018
13 Meenakshi Finance and Properties Private Limited New No:21, (Old No:8) 2nd Floor, Godown Street, Parrys’ Corner, Chennai-600 001 B-07.00049 July 24, 2002 August 13, 2018
14 B.D. Finvest Private Limited G.T.Road, Village-Surra Nassi Jalandhar, Punjab-144 027 B.10.00113 April 11, 2000 August 10, 2018
15 Kuttanad Credit and Investments Private Limited 40/9715 C, 1st Floor, Bhageeratha Santhwana, Chittoor Road, Kochi, Ernakulam, Kerala-682 018 16.00055 September 15, 1998 August 06, 2018
16 MSP Vanijya (P) Ltd.
(Presently known as Mohan Motor Udyog Pvt. Ltd.)
226/1, AJC Bose Road, Kolkata-700 020, West Bengal 05.02706 June 11, 1998 August 14, 2018
17 Kalpataru Properties Pvt. Ltd. Eastern Building, 2nd Floor, Room No. 211, 19, R.N. Mukherjee Road, Kolkata-700 001, West Bengal 05.00125 February 18, 1998 July 12, 2018

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934, said the press release from RBI’s Ajit Prasad, an Assistant Adviser.