The Reserve Bank of India (RBI) has cancelled the registration certificates of two non-banking financial companies (NBFCs)—Ulhas Securities Pvt. and Sikar Investment Co.. The registration of Ulhas Securities, based in Gandhinagar, Gujarat, was granted in December 2003, while Sikar Investment, based in Bharatpur, Rajasthan, had been registered in March 1998.

The cancellation was carried out under Section 45-IA (6) of the Reserve Bank of India Act, 1934, which allows the RBI to revoke the registration if a company stops operating as a non-banking financial institution or fails to meet the terms under which the registration was issued. The RBI issued the cancellation orders for Ulhas Securities on September 24 and for Sikar Investment on October 7, 2024.

As a result, both companies are no longer permitted to conduct NBFC business. This action follows the RBI’s earlier move to bar four other NBFCs from issuing and disbursing loans due to concerns over high lending rates.