The Reserve Bank of India has on November 30, 2007 cancelled the certificate of registration granted to Shani Financial Services Private Limited having its registered office at Goel Chamber, IInd Floor, Shyamganj, Bareilly (U.P.) for carrying on the business of a non-banking financial institution. Following cancellation of registration certificate, Shani Financial Services Private Limited 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 institution. 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.