The Reserve Bank of India, has on October 23, 2004 cancelled the certificate of registration granted to M/s Mango Securities Limited having its registered office at 3-6-874/4, Hyderguda, Hyerabad-500029 (allegedly changed to Flat No.109, S.R.Complex, Opposite to CCMB, Habsiguda, Hyderabad-500007) for carrying on the business of a non-banking financial institution.

Following cancellation of registration certificate, M/s Mango Securities Limited, cannot transact 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 45IA of the Reserve Bank of India Act, 1934.