Mumbai, September 14
In a fresh jolt to Saharas, RBI has cancelled Sahara India Financial Corporation's certificate of registration as NBFC.
"Following the cancellation of registration certificate, the above company cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the RBI Act, 1934," the central bank said.
The registration of the Lucknow-based NBFC stands cancelled with effect from September 3, it added. It was registered in December 1998.
Earlier in July, SEBI had cancelled the registration of Sahara Mutual Fund, saying it was no longer 'fit and proper' to carry out this business and ordered transfer of its operations to another fund house.
It had also cancelled the Portfolio Management licence of a Sahara firm.
Sahara Group chief Subrata Roy is in jail since March 4, 2014.
The group is engaged in a long-running battle with SEBI in a case related to refunds totalling thousands of crores of rupees to investors.
In a fresh jolt to Saharas, RBI has cancelled Sahara India Financial Corporation's certificate of registration as NBFC.
"Following the cancellation of registration certificate, the above company cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the RBI Act, 1934," the central bank said.
The registration of the Lucknow-based NBFC stands cancelled with effect from September 3, it added. It was registered in December 1998.
Earlier in July, SEBI had cancelled the registration of Sahara Mutual Fund, saying it was no longer 'fit and proper' to carry out this business and ordered transfer of its operations to another fund house.
It had also cancelled the Portfolio Management licence of a Sahara firm.
Sahara Group chief Subrata Roy is in jail since March 4, 2014.
The group is engaged in a long-running battle with SEBI in a case related to refunds totalling thousands of crores of rupees to investors.
