In November 2024, the Reserve Bank of India (RBI) cancelled the certificate of registration of Ulhas Securities Pvt. Ltd. and Sikar Investment Co. Ltd., two non-banking financial companies (NBFCs).
The cancellation was due to non-compliance with regulatory requirements and failure to adhere to the provisions of the RBI Act, 1934.
NBFCs whose registration is cancelled are prohibited from transacting the business of a non-banking financial institution as defined under the RBI Act, 1934.
Such actions are part of the RBI's efforts to ensure financial stability and compliance within the financial sector.
