Self-regulatorybody mooted forleasing firms

CHENNAI, FEB 21: The Equipment Leasing Association (ELA) of India has mooted the idea of setting up a self-regulatory organisation (SRO) to regulate the leasing and hire-purchase non-banking finance companies’ segment.

Addressing the media following a meeting of the governing committee of ELA, Satish D Nadkar, vice chairman and managing director of Anagram Finance and chairman of ELA said the self-regulatory organisation would be responsible for regulating and directing the industry. He also mentioned that the formation of such an organisation would provide a window for the industry to interact with RBI on policy decisions. Following the decision to form an umbrella asociation to represent the industry, a merger of the two associations representing the industry, ELA and the Association of Leasing and Finance Companies has been proposed.