The Reserve Bank of India on
Monday cancelled the certificate of registration of Sahara India Financial
Corporation, a non-banking finance company, with effect from September 3.
With this mandate, the Lucknow-headquartered Sahara India Financial Corporation cannot conduct the business of a non-banking financial institution, the central bank said in a release.
The move came in wake of several alleged irregularities and violation of financial rules and regulations by Sahara.
With this mandate, the Lucknow-headquartered Sahara India Financial Corporation cannot conduct the business of a non-banking financial institution, the central bank said in a release.
The move came in wake of several alleged irregularities and violation of financial rules and regulations by Sahara.
The move came in wake of
several alleged irregularities and violation of financial rules and regulations
by Sahara.
Sahara Group has been engaged in a long-running regulatory and legal battle with the Securities and Exchange Board of India. Earlier, the capital market regulator ordered refund by two Sahara entities.
Sahara Group has been engaged in a long-running regulatory and legal battle with the Securities and Exchange Board of India. Earlier, the capital market regulator ordered refund by two Sahara entities.
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