RBI has vide its letter Ref No. CO.DOR.RG.No.S3212/12.21.000/2025-2026 dated July 24, 2025 has cancelled the CoR issued by RBI.
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The Swastik Safe Deposit & Investments Limited informed BSE that the RBI has cancelled its Certificate of Registration (CoR No. 13.00535, issued March 24, 1998) as a Non-Banking Financial Company, effective July 24, 2025. This cancellation happened on a voluntary basis, as the company itself applied to surrender the CoR on April 30, 2025, after it stopped NBFI activities from August 8, 2024. As of March 31, 2025, the company's financial income was only 28.74% of gross income, below the 50% threshold required to qualify as an NBFC. Going forward, the company plans to pivot into investing in non-financial assets, trading activities, and register as a stockbroker. It must change its name and amend its MoA within 30 days.
This is a voluntary, company-initiated exit from the NBFC business, not a regulatory penalty, so the impact on shareholders is largely neutral. However, the company is giving up its financial services identity, which means its core business profile is changing — investors should watch for its rebranding and new business direction. Short-term stock reaction may be muted, but the loss of NBFC status removes a key classification for the company.