The Reserve Bank of India, in exercise of the powers conferred on it under Section 45-IA of the Reserve Bank of India Act, 1934, has rejected on May 13, 1999, the application for Certificate of Registration submitted by M/s JKA Financial Services Ltd., a Non-Banking Financial Company having its Registered Office at S.C.O. 18, Sector 20-D, 1st floor, Chandigarh.

As such, the company cannot transact the business of a Non-Banking Financial Institution, as defined in Clause (a) of Section 45-I of the RBI Act, 1934.