8 NBFCs surrender their Certificate of Registration to the RBI

Mehrauli, New Delhi

B-14-03082

Jul 29, 2005

Aug 18, 2026

Unregistered CIC Criteria

6

CDN Finance Private Limited

DLF Chattarpur Farms, New Delhi

B-14.02839

Nov 09, 2021

Aug 20, 2026

Unregistered Type-I NBFC

7

Shivam Securities Private Limited

Naharpur, New Delhi

B.14.02684

Aug 22, 2002

Aug 18, 2026

Dissolution / Merger

8

April Investment and Finance Private Limited

Karol Bagh, New Delhi

B.14.00696

Apr 25, 1998

Aug 24, 2026

Amalgamation / Strike-off

Spotlight on ASA International India Microfinance

The most prominent institutional name in this cohort is ASA International India Microfinance Limited, a subsidiary of London-listed microfinance multinational ASA International Group plc.

• Strategic Pivot: Facing liquidity tightening and macroeconomic headwinds in specific micro-credit clusters over recent fiscal periods, the group decided to exit direct NBFC lending operations in India.
• Asset-Light Transition: Rather than funding loans directly on its own balance sheet and bearing heavy provisioning capital weights, the company initiated plans to migrate its distribution franchise into a Business Correspondent (BC) partnership model for commercial banks.
• Regulatory Outcome: Surrendering the CoR allows the entity to divest or wind down its on-balance-sheet portfolio without incurring ongoing NBFC-MFI compliance mandates.

Why Non-Operating Entities Are Giving Up Licenses

The recent wave of voluntary license cancellations reflects broader macro trends under the RBI’s Scale-Based Regulatory (SBR) architecture:

1. Type-I NBFC Optimization: Entities like CDN Finance Private Limited operate purely on promoter capital without raising public deposits, public borrowings, or interfacing with retail consumers. Qualifying as an unregistered Type-I NBFC frees the firm from recurring return submissions and audit filings.
2. Core Investment Companies (CICs): Holding companies such as Anagram Industries Limited that purely hold group stakes and meet the prescribed non-registration thresholds can operate as unregistered CICs, significantly reducing legal overhead.
3. M&A Consolidation: Entities such as Shivam Securities and April Investment and Finance surrendered their registrations as a statutory consequence of legal dissolution or amalgamation under the Companies Act.