The Reserve Bank of India, has on
April 8, 2005 cancelled the certificate of registration issued to Forward Securities
Limited, Manoj, Shankar Ghanekar Marg, Near Ravindra Mandir, Prabhadevi, Mumbai
400 025 for carrying on the business of a non-banking financial institution.
Following cancellation of registration
certificate, Forward Securities Limited cannot transact the business of a non-banking
financial institution. The company is, however, under an obligation to repay
public deposits as per the terms and conditions of the contract of deposit
Under powers conferred by Section
45IA of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the
registration certificate of non-banking financial company. The business of a
non-banking financial institutions is defined in clause (a) of Section 45IA
of the Reserve Bank of India Act, 1934.
P.V.Sadanandan
Manager
Press Release: 2004-2005/1187
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