RBI cancels Sahara’s NBFC licence

New Delhi, Sept. 15: Reserve Bank of India cancelled the certificate of registration of the Sahara India Financial Corporation as a Non-bank financial company (NBFC).

In a statement yesterday, the RBI said that the registration of the Lucknow-headquartered NBFC stands cancelled with effect from 3rd of September. It added that, following the cancellation of registration certificate, the company cannot transact business as a NBFC. The company was registered in December 1998.

Earlier, markets regulator SEBI had cancelled mutual fund and portfolio management licenses of other firms of the group, which is engaged in a long-running battle with the regulator in a case related to refunds totalling thousands of crores of rupees. Its chief Subrata Roy is in jail since 4th March 2014.

ANI