"FINANCE COMPANIES' ASSOCIATION (INDIA)" - MEMBERSHIP PROCEDURE

Membership with FCA

In order to represent to the Government / RBI / Other regulatory bodies, on various issues which need the attention of our Industry, unity of all NBFCs is essential to form huge strength together and to speak with one voice to the concerned authorities.

NBFCs registered with RBI are requested to become a member of our Association. Your valuable support will give us strength to speak with one voice and fight for protecting the interests of the member companies.

Eligibility

1.   Your Principal business should be Asset Based Financing like, Leasing, Hire Purchase, Hypothecation etc. also dealing any type of Financial Activities.

2.   The Association will accept only corporate bodies (public and private limited companies) registered with Reserve Bank of India as its members.

Periodicity

1.   Our financial year is from April to March.

Fees Structure

1.   Entrance Fee - Rs. 10,000/-

2.   Annual Subscription payable is based on your Net Owned Fund as follows:


Net worth of the Applicant Annual Subscription (in Rs.) Total Amount payable for Membership [including 18% GST] (in Rs.)
Upto Rs 10 Crores 5,000/- 17,700/-
Between Rs 10 Crores and Rs 20 Crores 10,000/- 23.600/-
Above Rs 20 Crores 25,000/- 41,300/-

* Aggregate of the paid-up capital and free reserves as appearing in the latest audited balance sheet of the company.

Members of this Association having direct membership with FIDC are granted 50% concession and hence are required to pay only 50% on the applicable subscription.

Submission of documents for Membership

1.   FCA Membership Application Form duly filled in and signed alongwith the following documents :

(a)  A self-attested photocopy of the certificate of registration issued by the Reserve Bank of India. In case you have applied for registration but still not granted, please furnish reference.
(b)  Your last audited Annual Report.
(c)  Memorandum and Articles of Association.
(d)  A self-attested photocopy of the credit rating certificate given by any one of the four credit rating agencies, if available.
(e)  Prudential norms prescribed by the RBI have now been made mandatory. A certificate from your auditors that the company is following all the prudential norms prescribed by the RBI or a copy of the recent balance sheet (preferably current year balance sheet) may kindly be forwarded with the auditor’s report about observance of all Prudential Norms by the company.

2.   Cheque / Demand Draft in favour of “Finance Companies’ Association (India)” towards (1) Entrance Fee and (2) First year Annual Subscription (based on the net worth table given above) including 18% GST on total payment, payable at Chennai.

Upon receipt of duly filled application together with the crossed Demand Draft, the membership application will be placed before the Managing Committee meeting for consideration and admission.

Attachment (for Downloading):

1.    Application for Membership

2.    Particulars of the Applicant