Finance Companies' Association (India) (FCA) CIN : U65991TN1984NPL010689, GSTIN : 33AAACE1678B1Z5 was incorporated in February 1984 as “Equipment Leasing Association (India) as a Section 25 Company under the Companies Act, 1956. The main objective of the Association was to safeguard the interests and to represent the corporate Bodies who carry on the business of Equipment leasing financing. The first Chairman of the Association was Mr. Ved Prakash Gupta, CMD of MGF (India) Ltd and the Co-Chairman was Mr. Farouk M Irani, MD of First Leasing Company of India Ltd.
Later on, in 2010 the name of the Association was changed to “Finance Companies’ Association (India) “ to reflect the changing scenario of the Financial services sector and to encompass all financiers who are dealing in other modes of financing.
FCA is one of the promoters of Finance Industry Development Council(FIDC) which is the Self Regulatory Organisation for all the finance companies who are registered with Reserve Bank of India. FCA is also recognized by FIDC as its Regional Chapter for Southern Region.
FCA admits as its members, only Corporate Bodies who are in the business of financing and are registered with the Reserve Bank of India (RBI) as Asset based financing companies like leasing, hire purchase, hypothecation etc.
FCA has a Managing Committee comprising of a Chairman, a Co-Chairman, a Member-Secretary and Committee Members. A new Committee is elected at the end of every year. The Managing Committee meets at least once in every calendar quarter or more frequently if there is a need to take stock of the current industry scenario and also to decide on important issues affecting the interests of the member companies.
FCA was a member of Asian Leasing Association which had its Headquarters in Jakartha. FCA successfully conducted the Asian Leasing Convention in Mumbai in April 1997.
FCA has consistently been playing a vital and dominant role in protecting the interests of the financial services sector in general and the members of FCA in particular. When RBI announced several amendments in 1998 which threatened the very existence of many member companies, FCA took up the matter with RBI and the Ministry of Finance and as a result of the valiant efforts of FCA, the Finance Minister constituted a Task Force under the leadership of Mr. C M Vasudev, Special Secretary, Banking. The Task Force, after hearing the views of the industry and other parties, came out with a number of suggestions and recommendations which were accepted by the Government. The Industry was thus saved from a major catastrophe, thanks to the efforts taken by FCA.
During this period and later, FCA was a member of the Informal Group constituted by RBI and FCA played a significant role at all the meetings of the Informal Group.
FCA celebrated its Silver Jubilee in October 2009 when it was decided to constitute an endowment to carry on Research in the field of Financial Services Sector and also to extend help and assistance to the society at large and the financiers in particular. The Research Study on NBFC Sector was assigned to The Madras School of Economics (MSE) and the assignment has been completed. Efforts are being taken to publish the Report in the form of a Book for the benefit of the members of the Industry and for distribution to the relevant authorities.