1. Executive Summary
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (CoR) of 35 Non-Banking Financial Companies (NBFCs) vide a press release dated January 07, 2026. The cancellations were executed in exercise of powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
Following this order, the listed entities are prohibited from transacting the business of a Non-Banking Financial Institution (NBFI) as defined in clause (a) of Section 45-I of the RBI Act, 1934.
2. List of Cancelled Entities
The following 35 companies have had their Certificates of Registration cancelled:
| Sr. | Company Name | Registered Office | CoR No. | Cancellation Date |
|---|---|---|---|---|
| 1 | Satya Prakash Capital Investment Limited | Jabalpur, MP | B-03.00072 | Dec 09, 2025 |
| 2 | A G Securities Private Limited | Delhi | 14.01112 | Dec 19, 2025 |
| 3 | ALB Leasing & Finance Ltd. | New Delhi | B-14.02015 | Dec 19, 2025 |
| 4 | ATM Credit & Investments Pvt.Ltd. | Delhi | 14.00773 | Dec 19, 2025 |
| 5 | Gujranwala Corporate Capital Services India Private Limited | New Delhi | B-14.00153 | Dec 19, 2025 |
| 6 | Decisive Finance Private Limited | New Delhi | B-14.02413 | Dec 19, 2025 |
| 7 | Diamond Press Private Limited | New Delhi | 14.00131 | Dec 19, 2025 |
| 8 | Divine Investments Sales Pvt. Ltd | New Delhi | B-14.02795 | Dec 19, 2025 |
| 9 | Pearls Hire Purchase Corporation Limited | New Delhi | 14.00253 | Dec 19, 2025 |
| 10 | Quasar Fincap Private Limited | New Delhi | B-14.00079 | Dec 19, 2025 |
| 11 | Sunlife Securities Private Limited | New Delhi | N-14.03077 | Dec 19, 2025 |
| 12 | Sunrise Manufacturing Co Ltd | New Delhi | 14.00358 | Dec 19, 2025 |
| 13 | Swito Finance & Estates Private Limited | New Delhi | B-07.00575 | Dec 19, 2025 |
| 14 | Triveni Vinimay Private Limited | New Delhi | B-14.03346 | Dec 19, 2025 |
| 15 | Twenty First Century Marketing Ltd | New Delhi | 14.00116 | Dec 19, 2025 |
| 16 | Unitron Finlease Limited | New Delhi | B-14.01807 | Dec 19, 2025 |
| 17 | Veera Securities and Finlease Private Limited | New Delhi | B-14.02301 | Dec 19, 2025 |
| 18 | Vini Financial and Management Consultants Private Limited | New Delhi | B-14.02546 | Dec 19, 2025 |
| 19 | Shivom Investment & Consultancy Limited | Mumbai | N-13.02218 | Dec 23, 2025 |
| 20 | Adhinath Investments Private Limited | New Delhi | B-14.01879 | Dec 31, 2025 |
| 21 | Agroha Savings Limited | New Delhi | B-14.01531 | Dec 31, 2025 |
| 22 | Ahusons Finance and Investments Private Ltd | New Delhi | B-14.02074 | Dec 31, 2025 |
| 23 | Altar Investment Pvt Ltd | New Delhi | 14.00585 | Dec 31, 2025 |
| 24 | Associated Leasing Limited | New Delhi | 14.01112 | Dec 31, 2025 |
| 25 | Atlantic Leasing Limited | Delhi | 14.00617 | Dec 31, 2025 |
| 26 | BHL Forex and Finlease Limited | New Delhi | 14.00785 | Dec 31, 2025 |
| 27 | Bharatpuria Investment and Finance Limited | New Delhi | B-14.02774 | Dec 31, 2025 |
| 28 | Dev Dada Finance & Leasing Pvt. Ltd. | New Delhi | B-14-01993 | Dec 31, 2025 |
| 29 | East Delhi Leasing Private Limited | New Delhi | B.14.02527 | Dec 31, 2025 |
| 30 | Economic Capital Services India Private Limited | New Delhi | B-14.02609 | Dec 31, 2025 |
| 31 | ESN Finance and Capital Services Limited | New Delhi | B-14.02028 | Dec 31, 2025 |
| 32 | FMI Investments Private Limited | Delhi | B-14.00863 | Dec 31, 2025 |
| 33 | Ganpati Fincap Services Private Limited | New Delhi | B-14.02685 | Dec 31, 2025 |
| 34 | Goodworth Securities Private Limited | New Delhi | B-14.00413 | Dec 31, 2025 |
| 35 | Gopal Overseas Private Limited | New Delhi | B-14.02542 | Dec 31, 2025 |
3. Root Cause Analysis (RCA)
The cancellations were invoked under Section 45-IA (6) of the RBI Act, 1934. Based on regulatory precedents and the statutory provisions of this section, the primary root causes typically include:
A. Non-Maintenance of Net Owned Fund (NOF)
The most common trigger is the failure to maintain the minimum required Net Owned Fund (typically ₹200 Lakhs for post-1999 companies, or as specified). Erosion of capital due to losses often leads to this breach.
B. Cessation of Business
Companies that effectively cease to carry on the business of a non-banking financial institution in India are liable for cancellation.
C. Operational Non-Compliance
Failure to comply with specific conditions of the CoR, including non-submission of statutory returns (NBS filings) or conducting business detrimental to the public interest.
4. Preventive Controls & Mitigation
To prevent similar regulatory actions, financial institutions must implement the following control framework:
| Control Area | Actionable Measures |
|---|---|
| Capital Adequacy | Implement real-time monitoring of Net Owned Funds (NOF) vis-à-vis Risk Weighted Assets. Ensure capital buffers are maintained above the regulatory minimum at all times. |
| Statutory Reporting | Automate the calendar for RBI returns (NBS-1, NBS-2, NBS-7, etc.). Zero tolerance for delays in filing, as non-filing is often a proxy for dormancy. |
| Business Continuity | Ensure active business operations. If the entity is dormant, voluntary surrender of CoR is preferable to punitive cancellation. |
5. Lessons Learnt
- Regulatory Vigilance is Absolute: The RBI’s bulk cancellation indicates a data-driven approach to identifying non-compliant entities. Flying under the radar is no longer possible.
- “Fit and Proper” is Continuous: Compliance is not a one-time event at registration but a continuous lifecycle requirement.
- Reputational Risk: Cancellation orders are public. Being named in such a list causes irreparable reputational damage to directors and associated group companies.