India, Aug. 10 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3.90 lakh on Utsav Securities Limited for non-compliance with certain provisions relating to governance and submission of credit data to Credit Information Companies (CICs).
The penalty follows a statutory inspection of the company based on its financial position as of March 31, 2025. After reviewing the company's response, the RBI found two regulatory lapses.
The company's Key Management Personnel (KMP) held positions, including directorships, in other NBFCs-Middle Layer. Additionally, the company failed to submit credit information for certain loan accounts to CICs.
The RBI clarified that the action is based on regulatory compliance deficiencies and ...