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 November 18, 1998, the application for certificate of registration submitted by M/s. Chicago Futures & Finance Ltd., a non-banking financial company having its Registered Office at 710-D, GIDC Estate, Ankleshwar-393 002.

As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I of the Reserve Bank of India Act, 1934.