Executive Summary
On March 11, 2026, the Reserve Bank of India (RBI) announced the cancellation of the Certificate of Registration (CoR) for nine Non-Banking Financial Companies (NBFCs). These cancellations were executed in accordance with the powers conferred upon the RBI under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
The surrender of these certificates indicates that these entities can no longer legally operate as Non-Banking Financial Institutions. The RBI has categorized these cancellations into three distinct groups based on the regulatory and operational reasons for their exit. Below is a detailed breakdown of the affected entities.
1. Voluntary Exit from NBFI Business
The following three companies have voluntarily chosen to exit the Non-Banking Financial Institution (NBFI) business. This typically occurs when a company decides to pivot its core business model away from financial lending or investments, thereby no longer requiring RBI authorization.
| Sr. No. | Name of the Company | Registered Office Address | CoR No. | Cancellation Date |
|---|---|---|---|---|
| 1 | Manglam Vanijya Private Limited | Office No. 14, 1st Floor, Plumber House, 557, J. S.S. Road, Chira Bazar, Mumbai City, Maharashtra, 400002 | N-13.02053 | February 11, 2026 |
| 2 | KKR India Asset Finance Private Limited | 4101, Level 41, Altimus, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra, 400018 | B-07.00565 | February 23, 2026 |
| 3 | Mechno Sales Agencies Pvt Ltd | 34 C R Avenue 2nd Floor Room No 10, Kolkata, West Bengal, 700012 | 05.01300 | February 26, 2026 |
2. Transition to Unregistered Core Investment Company (CIC)
The RBI permits certain Core Investment Companies (CICs) with an asset size below a specific threshold (and not accessing public funds) to operate without formal registration. One entity has surrendered its CoR after meeting these exemption criteria.
| Sr. No. | Name of the Company | Registered Office Address | CoR No. | Cancellation Date |
|---|---|---|---|---|
| 1 | Premier Ferro & Alloys Securities Limited | 687, Anandapur, EM Bypass 2nd Floor, Kolkata, West Bengal, 700107 | B-05.05477 | February 16, 2026 |
3. Corporate Restructuring & Dissolution
The majority of the surrenders fall under this category. Five NBFCs have had their CoR cancelled due to ceasing to exist as a legal entity. This is commonly a result of corporate restructuring activities such as amalgamations, mergers, voluntary strike-offs, or formal dissolutions.
| Sr. No. | Name of the Company | Registered Office Address | CoR No. | Cancellation Date |
|---|---|---|---|---|
| 1 | Unicon Suppliers Pvt Ltd | 1007, 10th Floor, Safal Prelude, Opp. Spipa Corporate Road, Prahladnagar, Ahmedabad, Gujarat 380015 | B.01.00591 | February 13, 2026 |
| 2 | Atreyi Vincom Pvt Ltd | 1007, 10th Floor, Safal Prelude, Opp. Spipa Corporate Road, Prahladnagar, Ahmedabad, Gujarat 380015 | B.01.00593 | February 13, 2026 |
| 3 | Hanuman Forging & Engineering Pvt Ltd | Triplex-7, 1st Floor, Remi Commercio, Plot No. 14, Shah Industrial Estate, Andheri (West), Mumbai 400053 | B-13.02031 | February 23, 2026 |
| 4 | Upwards Capital Private Limited | 501-A Pinnacle Corporate Park, BKC, Bandra (East), Vill Kole Kalyan, NR. Trade Centre, Mumbai, Maharashtra 400051 | N-13.02353 | February 23, 2026 |
| 5 | Samuk Holding Pvt Ltd | 1, Floor-Ground, Plot 228, Mittal Chamber Barrister Rajani Patel Marg, Nariman Point, Mumbai, Maharashtra, 400021 | 13.01575 | February 25, 2026 |
Impact and Advisory
The cancellation of these certificates emphasizes the RBI’s ongoing efforts to maintain transparency and compliance within the financial sector. Entities that surrender their CoR are strictly prohibited from transacting the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934. Stakeholders and consumers are advised to update their records and cease treating these entities as regulated financial institutions.