SROTrac Weekly #1 — UFF's licence, FEDAI's transition, and a tracker goes live
SROTrac Weekly #1
Week to 11 September 2026
The big event: UFF gets its SRO-FT licence
The Reserve Bank formally recognised the Unified Fintech Forum (UFF) — rebranded from the Digital Lenders Association of India in April 2025 — as the second SRO for the fintech sector, at the Global Fintech Fest on 10 September. UFF joins FACE (recognised August 2024) under the SRO-FT framework. With this, both major fintech industry bodies are inside RBI's self-regulation perimeter: codes of conduct, member monitoring and grievance machinery that consumers can (in principle) invoke.
What makes UFF interesting on paper: its board carries heavyweight independent directors — former RBI Deputy Governor N S Vishwanathan, former RBI ED Dr Meena Hemchandra, ex-SIDBI CMD Mohammad Mustafa, and veteran banker Alok Prasad as Chair. Its executive committee has a dedicated SRO portfolio (chair: Progcap, co-chair: Vivifi). The test now is whether any of this machinery produces visible member discipline — FACE's enforcement record, for contrast, is unpublished.
The full RBI SRO map, as of this week
| SRO | Sector | Recognised | Members published? |
|---|---|---|---|
| MFIN | NBFC-MFIs | 16 Jun 2014 | Yes — ~84 listed |
| Sa-Dhan | NBFC-MFIs | Mar 2015 | No — via BMR report/portal |
| FACE | Fintech (SRO-FT) | 28 Aug 2024 | Yes — 85 listed |
| FIDC | NBFCs | 3 Oct 2025 | No — claims ~400 in press |
| SRPA | Payment system operators | 11 Nov 2025 | Yes — 18 logos |
| UFF | Fintech (SRO-FT) | 10 Sep 2026 | Yes — ~120 logos |
| FEDAI | Authorised dealers (FX) | 14 Jan 2026 | Yes — 108 with LEIs |
Seven RBI-recognised SROs, spanning microfinance (2014 origin), fintech, NBFCs, payments and now the forex market. Two patterns worth a consumer's attention:
- Publication asymmetry. Three of seven publish full rosters with member websites. FIDC and Sa-Dhan — between them covering most of India's NBFC and MFI lending — publish none. A consumer cannot check whether their lender answers to an SRO unless the SRO says who its members are.
- Transition debt. FEDAI has until January 2027 to align with the Omnibus SRO framework. SRPA's public face remains a one-page site with no code of conduct published. Recognition is the start of the accountability story, not the end.
Why we built SROTrac
SROs sit between regulator and industry: they write the codes, monitor conduct, and are supposed to be the first door a complainant knocks on. But their public output — rosters, governance, consultation responses, enforcement actions — is scattered across six websites of varying quality. SROTrac consolidates the register, the member lists, the boards, and the activity trail in one place, with source snapshots for every claim. Everything here is re-verified daily by an automated refresh; roster changes are diffed and logged.
Watchlist for next week
- UFF's first public act under the SRO-FT banner — a code of conduct? An enforcement note?
- Whether FIDC publishes a member roster or stays a ~400-member claim in press releases.
- FEDAI's membership expansion beyond AD Category-I banks (the one-year clock is running).
SROTrac is an independent CashlessConsumer project. Data: members, timeline, activity log. Corrections welcome.