The Reserve Bank of India has on January 15, 2009 cancelled the certificate of registration granted to State Industries Promotion Corporation of Tamilnadu Ltd. having its registered office at No.19A Rukmani Lakshmipathy Road, Egmore, Chennai-600008, for carrying on the business of a non-banking financial institution as the company has opted to exit from the business of a non-banking financial institution. Following cancellation of the registration certificate the company cannot transact the business of a non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of a non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.