The Reserve Bank of India, has on November 2, 2005 cancelled the certificate of registration issued to Karvy Consultants Limited having its registered office at Karvy House, 46, Avenue 4, Street No.1, Banjara Hills, Hyderabad-500 034 for carrying on the business of a non-banking financial institution.

Under powers conferred by Section 45-IA of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of 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.