The Reserve Bank of India, has on January 17, 2006 cancelled the certificate of registration granted to Soni Moni Credit Centre Private Limited, having its registered office at A/126, Kasturi Plaza, Manpada Road, Dombivali(E), District Thane-421201 (Maharashtra) for carrying on the business of a non-banking financial institution. Following cancellation of registration certificate, Soni Moni Credit Centre Private Limited, cannot transact the business of a non-banking financial institution.

The company has also been prohibited from accepting public deposits and alienating any of its assets.

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 non-banking financial company. Under Section 45MB (1) of this Act, the Reserve Bank can prohibit non-banking financial company for accepting deposits; and under Section 45MB (2), it can prohibit the company from alienating its assets. 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.