Regulatory timeline
How RBI built the SRO system — frameworks, recognitions, and what each SRO did about it.
FACE published roster adds Rinncrest (85 to 86)
Daily capture of FACEs membership page on 29 Oct 2026 picked up a new member tile: Rinncrest (rinncrest.in), taking the public wall from 85 to 86 organisations. Register total moves to 764 listed memberships. FACE publishes no join dates; the wall is a marketing page, not a register.
MFIN member wall drops ten names (84 to 74) after page redesign
Members page redesigned into region-tabbed logo carousels; capture of 11 Sep 2026 listed 84 organisations, capture of 20 Oct 2026 lists 74. Ten names no longer on the wall: Arth, Centrum Microcredit, GU Finance, Grameen Koota (Growing Opportunity), Grameen Shakti, Inditrade Capital, Margdarshak Financial Services, Sarwadi (Swarna), Unnati Microfinance, Vaya Finserv. MFIN publishes no join/exit dates; page text still says 53 primary members as on March 2025. Verified by re-rendering the live page 26 Oct 2026.
FACE elects Hemant Gala and Rajiv Naresh to Board as Member Directors
PhonePe Lending CEO Hemant Gala and Navi MD & CEO Rajiv Naresh elected Member Directors; governance page lists both alongside a refreshed board (Monga and Sridharan moved to Independent; Ashish Goyal off the board) as of 2026-10-02.
UFF's published roster drops BSFG Finance (121 to 120)
Member-wall capture of 30 Sep 2026 UTC still listed BSFG Finance; the 1 Oct capture no longer does, and four consecutive daily fetches (1-5 Oct) confirm the removal. UFF's About page now says 'At present UFF has 120 members'. No public statement found from UFF or BSFG on the reason.
FACE releases Digital Personal Loans report (Q1 FY26-27)
CRIF High Mark data across 110+ digital NBFCs, Apr 2022 to Jun 2026: 3.4 crore loans worth Rs 64,656 crore sanctioned in Q1 FY26-27; average ticket Rs 18,802 vs Rs 70,025 for other NBFCs and Rs 4.52 lakh for banks; digital loans 22% of sanction value and 70% of sanction volume.
FACE elects Hemant Gala (PhonePe) and Rajiv Naresh (Navi) as Member Directors
Board refresh reported late Sep 2026: PhonePe Lending CEO Gala and Navi MD & CEO Naresh join as Member Directors; Avtar Monga and Srinath Sridharan move to Independent Director; Ashish Goyal ceases to be a board member (stays on Audit, Finance & Remuneration Committee). Board mirrored from faceofindia.org/governance (verified 2 Oct 2026).
UFF recognised as India's second SRO-FT
RBI granted SRO-FT registration to Unified Fintech Forum (ex-DLAI) ahead of RBI's Global Fintech Fest address; second fintech SRO after FACE.
FIMMDA constitutes a Disciplinary Committee of the Board
First visible post-recognition enforcement machinery: Disciplinary Committee constituted under Article 34 of its AoA (FIMCIR/2026-27/20) — chaired by Manoj Rane (Independent Director), with Abhijit Basak (Union Bank) and Manish Luharuka (ICICI Bank).
FACE Personal Loan Report 2026
Consumer-facing study of India's personal loan market: borrower profiles, pricing, top lenders, delinquency and origination trends.
FIDC views on RBI monetary policy statement (June 2026)
FIDC publicly responded to the June 2026 monetary policy, representing NBFC sector interests on liquidity and rate transmission.
FEDAI recognised as SRO for all Authorised Dealers
RBI recognised FEDAI (est. 1958) as SRO for the foreign-exchange market under the Omnibus SRO framework, with a one-year transition (to Jan 2027) to align governance and extend membership to all AD categories.
SRPA becomes RBI-recognised SRO for payment system operators
Self-Regulated PSO Association (SRPA) recognised under the SRO-PSO framework; founded by Vishwas Patel (CCAvenue) and M N Srinivasu (BillDesk); 18 members.
FIDC recognised as RBI's SRO for NBFCs
Finance Industry Development Council became the recognised self-regulatory organisation for NBFCs under the omnibus framework.
DLA Validator — consumer tool for checking digital lending apps
FACE's consumer corner offers a DLA (digital lending application) validator so borrowers can check an app before taking a loan.
FIMMDA publishes List of Current Members (116 institutions)
Member list PDF dated 8 May 2025: 12 public sector banks, 21 private banks, 34 foreign banks, 7 primary dealers, 5 financial institutions, 20 insurers, 11 SFBs, 3 payments banks, CCIL and 2 infrastructure financiers. Only public roster FIMMDA publishes — a PDF, not a web directory.
FIMMDA recognised as RBI's first SRO in financial markets
RBI recognised the Fixed Income Money Market and Derivatives Association of India (est. 1998) as an SRO in the financial markets it regulates (Press Release 2025-2026/274) — the first recognition under the August 2024 financial-markets SRO framework.
DLAI rebrands as Unified Fintech Forum (UFF); new leadership elected
DLAI became UFF with ~120 members: Manish Lunia (FlexiLoans) as President, Upasana Taku (MobiKwik) as Vice-President. Sought RBI SRO-FT recognition as a broad fintech body.
UFF executive committee and working-group chairs in place
UFF EC formed: Manish Lunia (President), Upasana Taku (VP & Events Chair), chairs for SRO, Knowledge, Policy/Product/Tech, Events, PR portfolios.
DLAI among fintech bodies that applied to RBI for SRO-FT status
Three associations applied for SRO-FT recognition after the final framework; Digital Lenders Association of India's application was returned/kept pending.
FACE becomes India's first RBI-recognised fintech SRO (SRO-FT)
Fintech Association for Consumer Empowerment recognised as the first SRO-FT, effective from date of issue of certificate of registration.
FACE response to TRAI consultation on DLT-based transaction scrubbing
FACE filed detailed views (218 pages, 8 annexures) on TRAI's draft 'The Telecommunications (DLT-based Scrubbing) Regulations, 2025', from the digital-lending industry perspective.
RBI invites applications for recognition of SROs for NBFCs
RBI press release inviting SRO applications under the omnibus framework from NBFC industry associations.
Final framework for recognising Self-Regulatory Organisations in the fintech sector (SRO-FT)
Final SRO-FT framework: recognised SRO-FTs to monitor fintech compliance with regulations and codes, support innovation, and protect consumers.
SEBI framework for administration and supervision of research analysts and investment advisers - BSE/BASL designated both IAASB and RAASB
Effective 25 Jul 2024: existing IAs who are BASL members and all registered RAs deemed enlisted with the supervisory bodies.
Omnibus framework for recognising self-regulatory organisations in regulated financial entities
Generic framework applicable across RBI-regulated sectors (NBFCs, PSOs, etc.), each sector supervisor to invite/recognise SROs.
Draft framework for recognising Self-Regulatory Organisations for the fintech sector (SRO-FT)
RBI's first fintech-specific SRO framework: eligibility, membership openness, governance, oversight of members' compliance and consumer protection.
Google x FACE collaboration against predatory digital lending apps
Partnership to identify and act against predatory lending apps on Android; part of FACE's consumer-protection and app-fraud agenda.
FACE applies to RBI for SRO recognition (digital lending)
FACE was among the first industry bodies to apply to RBI for SRO status in digital lending, months after the draft framework chatter began.
SEBI recognises BASL (BSE Administration and Supervision Ltd) as the Investment Adviser Administration and Supervisory Body (IAASB)
Three-year recognition from 1 Jun 2021; all SEBI-registered investment advisers deemed enlisted with BASL. First supervisory body of its kind for IAs.
Framework for recognition of Self-Regulatory Organisation for Payment System Operators (SRO-PSO)
First SRO framework in payments: Recognised associations of PSOs to set standards, ensure compliance, and address grievances. Enabled payments SROs under Section 43A/43E PSS Act.
Omnibus framework path: PSO + RBI SRO-FT + sector SROs
RBI's omnibus framework for recognising SROs across regulated entities set the template later used for NBFC (FIDC), PSO (SRPA) and FX (FEDAI) SRO recognition.
Sa-Dhan recognised as SRO for NBFC-MFIs
RBI recognition made Sa-Dhan the second microfinance SRO, giving NBFC-MFIs a choice of SRO membership.
MFIN becomes India's first SRO for NBFC-MFIs
RBI letter dated 16 June 2014 accorded MFIN recognition as the first self-regulatory organisation of NBFC-MFIs, post-Andhra crisis (Malegam committee route).