.Inwp Contentuploads202309FIDC 19TH ANNUAL REPORT 2022 23.PDF 2

FIDC
FINANCE INDUSTRY DEVELOPMENT COUNCIL

191" Annual Report 2022-23
DIRECTORS
RAMESH IYER, Chairman

T. T. SRINIVASARAGHAVAN, Chairman Emeritus
UMESH REVANKAR, Co-Chairman
KAMLESH GANDHI, Co-Chairman
K V SRINIVASAN
RAMAN AGGARWAL
V P NANDAKUMAR
DINANATH DUBHASHI
ALOK SONDHI
MAHESH THAKKAR, Director General
I GOVERNING COUNCIL MEMBERS
SAM RAT GUPTA

D ARULSELVAN
SHREYANS KASLIWAL
MAHAVEERCHAND DUGAR*
KAILASHMULL DUGAR
D K JINDAL
GAJENDRA SINGH
PRAVEEN DUGAR**
*Ceased to be Nominee Director w.e.f. June 14, 2023
**Appointment as an Additional Director w.e.f. June 22, 2023.
I ADVISORY COUNCIL
M R UMARJEE
MOHINDAR KUMAR
M NARENDRA
V S N MURTHY
JIJI MAMMEN
FIDC
19111 Annual Report 2022-23
IAFFILIATED ASSOCJATIONS
FINANCE COMPANIES ASSOCIATION (INDIA), CHENNAI
PUNJAB & HARYANA FINANCE COS ASSOCIATION, JALANDHAR
GUJARAT FINANCE COMPANIES ASSOCIATION, AHMEDABAD
DELHI HIRE PURCHASE & LEASING COMPANIES ASSN., DELHI
I CONTENTS I AUDITORS
Page No. BHUWANIA & AGRAWAL

ASSOCIATES
Directors/ Governing Council Members 1
Directors' Report 3 I BANKER

Auditors' Report 26
HDFC Bank Ltd.,
Balance Sheet 32
Bhaveshwar Lane,
Income and Expenditure A/c 33
Ghatkopar (East),
Notes Forming Part of MUMBAI400 077.
the Accounts 34
I REGISTERED & ADMINISTRATIVE OFFICE

5
101/103, Sunflower, l t Floor,
Rajawadi Road No.2, Ghatkopar (East),
Mumbai 400 077
Tei:022-21029898/+919820035553
Email: [email protected]
Website: www.fidcindia.org.in
Connect:
2
FIDC
I DIRECTORS' REPORT
To
The Members
Finance Industry Development Council
We have pleasure in presenting to you our Nineteenth Annual Report together

with the Audited Accounts for the year ended 31st March 2023.
1. FINANCIAL RESULTS
31.03.2023 Rs 31.03.2022 Rs
Gross Income 46,56,125 42,47,881
Less: Expenses/Transfers 37,10,101 36,74,888
Less: Provision for Tax 2,46,000 1,50,000
Excess/short provision of {524) {2,461)
Tax
Surplus/{ Deficit) for the 7,00,547 4,25,455
year
Surplus/{Deficit) b/f 33,14,605 28,89,150
from last year
Surplus/{Deficit) carried 40,15,152 33,14,605
to Balance Sheet
2. COMPANY
The Association is a Public Company within the meaning of Section - 2{71) of

the Companies Act, 2013 and liability of the members is limited to the amount
of guarantee of Rs.5,000/- each. It had acquired permission from the Registrar
of Companies under Section- 25 of the Companies Act, 1956 to omit the word
"Limited" after its name vide Registration No.ll-47081 dated 14th June 2004.
3
FIDC
3. ECONOMIC AND BUSINESS ENVIRONMENT & OUTLOOK
OVERVIEW OF INDIAN ECONOMY FY 2022-23
During the Financial Year 2022-23, the Indian economy emerged as the fifth
largest economy in the world, overtaking the UK and also established itself as
the fastest growing large economy in the world. The real GDP growth for the
year came in at 7.2% exceeding most estimates by a significant margin.
Monthly GST collections consistently clocked over Rs 140 crs, reflecting a .
nominal growth rate of 12%. The extent of formalization of the economy has
been given a boost owing to implementation of GST as well as explosive
growth in digital payments.
This growth is more creditable given the dark clouds on the geo-political arena
with the war in Ukraine casting a shadow on fuel prices and global growth.
Sharp inflationary trends across the developed wor-ld resulted in central banks
raising interest rates sharply. Several banks in USA and Europe collapsed,
denting public confidence significantly. In India too, the RBI was forced to
increase repo rates by 250 bps in 9 months, resulting in a cascading rise in cost
of borrowing for industry. The efforts of the RBI and the Govt. of India have
helped the country to manage the global pressures in a strong manner and
both growth as well as inflation in the economy has been maintained in the
comfortable zone.
The Purchase Managers' Index (PMI) for both the manufacturing sector and
the services sector has remained well above 55, indicating high level of
business confidence in near term growth prospects. The Index of Industrial
Production (liP) has, however, been volatile and this could be a factor worrying
the industry as well as the regulators. While domestic interest rates may have
stabilised of late, there has been a sharp decline in the systemic liquidity
surplus.
As per the RBI's Annual Report for 2022-23, there was a sharp recovery in
discretionary spending and festival demand, spurred by increase in consumer
confidence. The report also indicates a significant step up in the Govt's capital
expenditure. These factors clearly have helped in the strong GDP growth for
4
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the year. It however, remains to be seen how the capital expenditure plans of
the private sector picks up going forward. Early indicators such as commercial
vehicle, passenger vehicle and equipment sales in the last quarter turned
positive, pointing towards a strong growth for FY 2023-24 as well. India may
well and truly, be expected to emerge in the near future, as a stabilizing factor
in the world economy.
4. NBFC Sector: OUTLOOK, CHALLENGES AND OPPORTUNITIES
Over the past few years, NBFCs have emerged as a vital force in financial
inclusion and credit dissemination especially to the under-served self-
employed and MSME segments, in addition to consumer finance. NBFCs today
account for substantial part of the total loans outstanding across all lenders .
.
During the financial year 2022-23 NBFCs (including housing finance companies)
sanctioned a total of Rs. 17.10 trillion which marked a healthy increase of 23%
over sanctions made during FY 2021-22. Housing loans, gold loans, personal
loans and loans against property constituted the largest products. There has
been a significant change in the product portfolio of the NBFC sector over the
years with loan against property and personal loans increasing in prominence.
The share of MSME loans (comprising loans against property, business loans,
commercial vehicle loans and machinery and equipment loans) today
constitute almost 30% of total NBFC loans, reflecting the contribution of NBFCs
to capital expenditure and productive asset creation in the economy. It is
pertinent that a large part of the auto loans are also advanced for commercial
purposes, which also constitutes productive asset creation. NBFCs have
therefore, emerged as growth engines for the economy rather than
consumption financiers.
The RBI has brought in scale-based regulations for NBFCs with the level of
supervision varying with the scale and size of NBFCs. This has brought in
significant clarity to NBFCs in terms of the regulatory framework and
expectation of the regulator from them.
Fintech and digital lending have seen a very sharp increase in size, depth and
the range of services being offered by such entities. In order to ensure
5
FIDC
sustainable and healthy growth of this sunrise service and to ensure high
degree of customer protection, the RBI has brought in guidelines for digital
lending in the last financial year.
From FlOC's point of view, the recent RBI statement of intent to have Self-
regulatory Organisation (SRO) for NBFCs is a welcome one. As the sector grows
in complexity, significance and size it is imperative to have self-regulatory
mechanisms to ensure healthy growth and development of the sector. FIDC is
keen it play its role in partnering the RBI in this effort.
FlOC Membership is now open to RBI registered HFCs and Fintech Companies.
This will enlarge the scope of working of FlOC and strengthen its position vis-a-
vis integrated financial sector, regulators, media and public at large.
5. REGULATORY
Various Regulatory Notifications issued by RBI, MOF and other relevant

authorities during the year can be viewed on the following website:
Link: https://fidcindia.org.in/regulatory-notifications/#1680612283061-
3188df06-blf9
6. FlOC ACTIVITIES & ACHIEVEMENTS
The Board of Directors and Governing Council Committee of FlOC held several
meetings during the year online through video-conferencing which were
followed by Open House discussion with Regional Associations and local NBFCs.
Representations made during the year:

Various Representations made by FIDC to RBI, MOF, Niti Aayog MSME Ministry
and other relevant authorities during the year can be viewed on the following
website:
6
FIDC
link: https://fidcindia.org.in/representations#1684211709752-7777b6f5-a99c
MEETINGS/CONFERENCES
There were 20 conferences/seminars/summits/award functions held from time
to time physically as well as virtually in various parts of the country during the
year jointly with different Institutions/academia.
FlOC COMMITTEES:
Apart from the Board of Directors and Governing Council, FIDC works through
its various expert Committees. These Committees have several members
drawn from active and important NBFCs and these members are experts in
their respective field. The following are the names of the Committees and their
respective Chairman.
SR. NAME OF THE COMMITIEE CHAIRMAN

NO.
1. Representation Committee Mr. K. v. Srinivasan, Whole-Time

Director & CEO, Profectus Capital
Pvt. Ltd.
2. Legal Committee Mr. N. Narayanann Head(LegaiL

Sundaram Finance Ltd.
3. CFO Committee Mr. S. Sunder, Joint Managing

Director, Shriram Finance Ltd.
4. Professional Development Mr. Raman Aggarwal, Independent

Committee Director, Paisalo Digital Ltd.
5. Membership Development Mr. Alok Sandhi, Managing Director,

---
7
FIDC
Committee PKF Finance Ltd.
6. Grievance Redressal Committee Mr. Kamlesh Gandhi, Chairman &

Managing Director, Mas Financial
Services Ltd.
NBFC SECTOR DATA
FlOC continues to disseminate the Assets Side Data of NBFCs on a quarterly

basis, collected and compiled by CRIF Highmark and collated by FlOC. This has
been found to be very useful and informative among Members, Financial
professionals, regulators and media alike.
FlOC WEBSITE & SOCIAL MEDIA
In an endeavour to bring updated information on NBFCs and the Financial

Sector and to keep everyone well aware of all latest developments, FlOC has
developed its restructured, lively and vibrant Website www.fidcindia.org.in to
offer a glimpse and gamut of what is happening in the BFSI sector. The
completely revamped website is very actively operative high and running with
updates on the current developments in the NBFCs/BFSI sector in India and
also major changes in the economic space at the global level on a daily basis.
In addition, FlOC has created exclusive Twitter/Facebook/Linkedln/lnstagram

handles for FlOC, tweeting and posting interesting and relevant articles and
write-ups regularly on the latest developments and these are being shared as
FIDCs reactions to reach up to the Policy Makers.
FlOC has also created a YouTube channel where we upload latest videos of
seminars, meetings, interviews etc held or organized by FlOC.
8
FIDC
Below are the links:

www.fidcindia.org.in I:J twitter.com/Fidclndia
n facebook.com/fidcindia/ m linkedin.com/company/fidc-india
@) instagram.com/fidcindia/
www.youtube.comfchannelLUCLkzweiwHIGSqj69rC1zyGg
7. SHARE CAPITAL:
There is no change in the share capital of the Company during the

financial year under review.
8. EXTRACT OF ANNUAL RETURN (TO BE ATIACHED AS ANNEXURE IN

MGT-9 FORMAT):
As per attachment in Annexure-:- I to the Directors Report.
9. NUMBER OF BOARD MEETINGS DURING THE YEAR:
During the Financial Year 2022-23, the Board of Directors has held Four
Meetings: Physical and Virtual through video-conferencing (Hybrid) on
16th June 2022, Hybrid Meetings on 21st September 2022, 14th
December 2022 and 3rd March 2023.
lO.FIXED DEPOSITS:
The Company has not accepted any deposits from Public attracting the
directive issued by the Reserve Bank of India and the provisions of
Section - 73 of the Companies Act, 2013 and the rules framed there
under.
9
FIDC
ll.PARTICULARS REGARDING EMPLOYEES:
No particulars of employees are given under Rule - 5(2) Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014
of the Companies Act, 2013 along with this report, as the Company had
no employee drawing Rs. 1,02,00,000/- or more per annum if employed
throughout the year or Rs. 8,50,000/- or more per month, if employed
for a part of the year.
12.RETIREMENT BENEFITS
Company has no liability for Leave Encashment as well for gratuity as

employee has not completed five years and therefore no provisions for
the same has been made.
13. DIRECTORS' RESPONSIBILITY STATEMENT:
Accordingly, pursuant to Section - 134 (3) (c) and 134 (5) of the
Companies Act, 2013, the Board of Directors, to the best of their
knowledge and ability, confirm that:
(i) in the preparation of the annual accounts, the applicable

accounting standards have been followed and there are no
material departures;
(ii) the Directors have selected such accounting policies and

applied them consistently and made judgments and estimates
that are reasonable and prudent, so as to give a true and fair
view of the state of affairs of the Company at the end of the
financial year and of the profit of the Company for that period;
(iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with the provisions of the Act, for safeguarding the assets of
10
FIDC
the Company and for preventing and detecting fraud and other
irregularities;
(iv) the Directors have prepared the annual accounts for the year
ended on 31st March, 2022 on a going concern basis;
(v) the Directors have devised proper systems to ensure

compliance with the provisions of all applicable laws and that
such systems are adequate and operating effectively.
14. DIRECTORS/GOVERNING COUNCIL MEMBERS:
As per the Articles of Association of FlOC, Directors/Governing Council

Members are to be elected at the General Meeting of the members Mr.
Dinanath Dubhashi, Mr. Ramesh lyer, Mr. K V Srinivasan and Mr. Alok Sandhi
are liable to retire by rotation and being eligible for re-appointment offer
themselves for re-election and as per Section - 160 of the Companies Act,
2013. The proposal from members has been received along with requisite fees
for their re-appointment as Directors at the Annual General Meeting by
Members and Board recommends their appointment.
Appointment of Mr. Praveen Dugar (00190780) as an Additional Director with

effect from 22nd June, 2023 and will be regularized as a Director at the ensuing
Annual General Meeting.
Mr. Mahaveerchand Dugar (00190628) ceased to be a Nominee Director with

effect from 14th June, 2023.
15. AUDITORS:
M/s. Bhuwania & Agrawal Associates, Chartered Accountants has been

appointed as a Statutory Auditors for the period of five years at the Annual
General Meeting of the Company from the Financial Year 2022-2023 to
Financial Year 2026-2027 in the Annual General Meeting held on August 24,
2022.
I1
FIDC
16.COMMENT ON AUDITORS REPORT:
There are no adverse remarks in the Audit Report issued by the Statutory
Auditors of the Company.
17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER

SECTION - 186 OF THE COMPANIES ACT, 2013 DURING CURRENT
FINANCIAL YEAR (IF ANY):
The Company has not made any Loans, Guarantees or Investments during
current financial Year.
18.DISCLOSURE OF RELATED PARTY TRANSACTIONS: IF ANY DURING THE

CURRENT FINANCIAL YEAR IN AOC-2 FORMAT.
There were no Related Party Transactions during the year.
19.THE NAME OF THE COMPANIES WHICH HAS BECOME OR CEASED TO BE

ITS SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES DURING
THE YEAR:
There were no such companies which has become or ceased to be

its subsidiaries, joint venture or associate companies during the year.
20.MATERIAL CHANGES AND COMMITMENTS AFFECTING

THE FINANCIAL POSITION OF THE COMPANY:
There has been no material change and commitment affecting the financial
position of the Company, which have occurred between the end of the
financial year of the Company to which the Balance Sheet relates and the
date of this Report.
21.DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

WITH RESPECT TO FINANCIAL STATEMENTS:
12
FIDC
We are of the view that Internal Financial control system is commensurate

with the size of the Company.
22.RISK MANAGEMENT POLICY:
The Board is of the opinion that there are no elements of risk which may
threaten the existence of the Company hence it was not required to
implement a risk management policy.
23.CORPORATE SOCIAL RESPONSIBILITY:
The Company is not required to constitute a Corporate Social Responsibility

Committee, as it does not fall within the purview of Section -135(1) of the
Companies Act, 2013 and hence it is not required to formulate policy on
Corporate Social Responsibility.
24.POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL

HARASSMENT AT WORKPLACE:
The Company has not constituted an Internal Complaint Committee as there

are only three employees and Complaint can be lodged with Mr. Mahesh
Thakkar, Director General and during the year, no complaints have been
received.
25.VIGIL MECHANISM/ WHISTLE BLOWER POLICY:
Under Section- 177 of the Companies Act, 2013 the Vigil Mechanism is not
Applicable as there are no borrowings or deposits from Banks, financial
institutions etc.
26.SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR

COURTS:
13
FIDC
19'11 Annual Report 2022-23
There are no order passed by any regulator or courts or tribunals

impacting the going concern status and Company's operations.
27.CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN

EXCHANGE EARNINGS & OUTGO:
As per the activities carried on by the Company, are not covered for giving
details of Conservation of Energy, Technology Absorption as required
under Section- 134 of the Companies Act, 2013. There are no outgoing or
incoming of foreign exchange.
28.SECRETARIAL STANDARDS
The Directors have devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards viz. the Secretarial
Standard-1 on Board Meetings (SS-1) and Secretarial Standard-2 on
General Meetings {SS-2) issued by the Institute of Company Secretaries of
India and approved by the Central Government, and that such systems are
adequate and operating effectively.
29.ACKN OWLEDG EM ENT:
We take this opportunity to place on record our warm appreciation of the

hard work, valuable contributions, unstinted efforts, continuous support
and the spirit of dedication shown by the Members, expert committee
members, advisory council members, affiliated associations and regional
associations, Consultants and Employees of the Company and hope that they
continue in their best efforts in meeting the challenges ahead. We thank all for
the loyalty, valuable advice, confidence and support in the continued progress
of FlOC.
We also thank RBI, Ministry of Finance, Niti Aayog, MSME Ministry, ICAI and
other regulating authorities for their open and positive approach to our
problems. Our thanks are also due to the press and media, who have always
highlighted our cause.
14
FIDC
In spite of several challenges, FIDC has endeavored to be the credible

voice of NBFCs and has established a good working relationship with the
various authorities. We will have to build further on this with the co-operation
of every member.
For and on Behalf of the Board
Ramesh lyer
Chairman
Place: Mumbai
Date: July 25, 2023
15
FIDC
Annexure - I to Directors' Report
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
as on the financial year ended on 31st March, 2023
[Pursuant to section 92(3} of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
i) CIN U91990MH2004NPL146931
ii) Registration Date 14th June, 2004
iii) Name of the Company FINANCE INDUSTRY
DEVELOPMENT COUNCIL
'
iv) Category I Sub-Category of the
Company :Company Limited by guarantee/
Company licensed under Section 25
of the Companies Act, 1956
v) Address of the registered Office
and contact details : 101/103, Sunflower, 1st Floor,
Rajawadi Road No.2,
Ghatkopar (East), Mumbai- 400077.
Ph: 022 21029898/91 9820035553
Email: d irectorgenera I@fidei nd ia .org. in
16
FIDC
vi) Whether listed company Yes I No No
vii) Name, Address and Contact details
of Registrar and Transfer Agent, if any NA
• Company is having no Share Capital as it is incorporated as Section-25

Company under Companies Act, 1956.
DETAILS OF MEMBERS, DEBENTURE HOLDERS AND OTHER SECURITIES

HOLDER: As per Annexure Attached.
[Following additional details to be given by Company without share capital]
(a) Total number of members at the date of incorporation/end of previous

financial year - 14
(b) Number of persons who have become members since incorporation I end
previous financial year- 0
(c) Number of persons who have ceased to be members since incorporation I

end of previous financial year- 0
(d) Number of members as on the end of financial year- 14
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not

due for payment:
17
FIDC
191" Annual Report 2022-23 I
Secured Unsecured Deposits Total

Loans Loans Indebtedness
excluding
deposits
Indebtedness at the Nil Nil Nil Nil
beginning of the
financial year
i) Principal Amount
ii) Interest due but
not paid
iii) Interest accrued
but not due
Total {i+ii+iii) Nil Nil Nil Nil
Change in Nil Nil Nil Nil
Indebtedness during
the financial year
• Addition
• Reduction
Net Change Nil Nil Nil Nil
Indebtedness at the Nil Nil Nil Nil
end of the financial
year
i) Principal Amount
ii) Interest due but
not paid
iii) Interest accrued
but not due
Total (i+ii+iii) Nil Nil Nil Nil
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL: NA
A. REMUNERATION TO MANAGING DIRECTOR, WHOLE-TIME DIRECTORS

AND/OR MANAGER:
18
FIDC
S. No. Particulars of Name of the Total Amount

Remuneration MD/WTD/Manager
1. Gross salary Nil Nil

(a) Salary as per
provisions contained in
section 17(1) of the
Income-tax Act, 1961
(b) Value of perquisites

u/s 17(2) Income-tax
Act, 1961
(c) Profits in lieu of

salary under section
17(3) Income-tax Act,
1961
2. Stock Option - - -
3. Sweat Equity - - -
4. Commission - - -
- as % of profit
- others, specify
5. Others, please specify - - -
Total (A)
Ceiling as per the Act
B. REMUNERATION TO OTHER DIRECTORS:
s. Particulars of Name of Directors Total Amount

No. Remuneration
Independent Directors - - - -
19
FIDC
• Fee for attending - - - -

board I committee
meetings
• Commission
• Others, please specify
Total (1) - - - -
Other Non-Executive - - - -
Directors
• Fee for attending - - - -

board I committee
meetings
• Commission
• Others, please specify
Total (2) - - - -
Total (B)=(1+2) - - - -
Total Managerial
Remuneration
Overall Ceiling as per the
Act
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN

M DIMANAGERIWTD
51. no. Particulars of Key Managerial Personnel

Remuneration (Company
Secretary)
Total
1. Gross salary - - - - -
(a) Salary as per

provisions contained in
section 17(1) of the
Income-tax Act, 1961
(b) Value of perquisites --
20
FIDC
u/s 17{2) Income-tax

Act, 1961
(c) Profits in lieu of

salary under section
17{3) Income-tax Act,
1961
2. Stock Option - - - - -
3. Sweat Equity - - - - -
4. Commission - - - - -
-as% of profit
-others, specify
5. Others, please specify - - - - -
Total - - - - -
VII. PENALTIES/ PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type Section of Brief Details of Authority Appeal

the Description Penalty I [RD I made,
Companies Punishment/ NCLT if any
Act Compounding /COURT] (give
fees imposed Details)
--
A.Company: Nil
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
B. Directors Nil
Penalty - - - - -
21
FIDC
C. Other Officers In Default: Nil
Penalty - - - - -
Ramesh lyer
Chairman
Place: Mumbai
Date: July 25, 2023
22
FIDC
19'" Annual Report 2022-23
LIST OF MEMBERS AS ON 31st MARCH 2023
Name Address Ledger Number of Date of

Folio Shares/ becoming a
No Debentures member I
Held/ other Debenture
securities holder/other
held security
(Guarantee) holder
5AMRAT GUPTA TATA MOTORS FINANCE 037 Rs 5000 07/08/2019
LIMITED
"!THINK" TECHNO CAMPUS
BUILDING A, 2ND FLOOR,
OFF POKHRAN ROAD NO. 2,
THANE (WEST) - 400 607
RAMESH IYER MAHINDRA & MAHINDRA 021 Rs 5000 14/06/2004

FINANCIAL SERVICES LTD.,
MAHINDRA TOWERS, A
WING, 4TH FLOOR, WORLI,
MUMBAI- 400 018
r T SRINIVASRAGHAVAN SUNDARAM FINANCE 022 Rs 5000 14/06/2004
LTD.21, PATULLOS ROAD,
CHENNAI- 600 002
UMESH REVANKAR SHRIRAM FINANCE LTD., 035 Rs 5000 01/7/2004
WOCKHARDT TOWERS, 3RD
FLOOR, WEST WING,
C-2 G BLOCK BANDRA
KURLA COMPLEX
BANDRA (EAST) MUMBAI
400 051.
K.V. SRINIVASAN PROFECTUS CAPITAL PVT 034 Rs 5000 01/04/2011

LTD.,
B-17, 4TH FLOOR, ART GUILD
------
23
FIDC
HOUSE,
PHOENIX MARKET CITY,
KURLA WEST,
MUMBAI400070.
t\LOK SONDHI PUNJAB KASHMIR FINANCE 028 Rs 5000 22/07/2004
LTD.,
BALBIR TOWER, PKF-
NAMDEV CHOWK,
G.T. ROAD, JALANDHAR-144
001
MAHAVEERCHAND MAHAVEER FINANCE INDIA 030 Rs 5000 01/04/2021
DUGAR LIMITED
K.G. PLAZA, 2ND FLOOR,
NO. 41/44 GENERAL
PATIERN ROAD,
CHENNAI 600002
RAMAN AGGARWAL PAISALO DIGITAL LTD. 023 Rs 5000 14/06/2004
D-15, GROUND FLOOR,
GREATER KAILASH ENCLAVE
II,
NEW DELHI- 110048.
KAMLESH GANDHI MAS FINANCIAL SERVICES 037 Rs 5000 09/03/2021

LTD., 6,
NARAYAN CHAMBERS,
GROUND FLOOR,
BEHIND PATANG HOTEL,
ASHRAM ROAD,
AHEMDABAD 380 009
V.P. NANDAKUMAR MANAPPURAM FINANCE 038 Rs 5000 09/03/2021
LTD.,
V/104, MANAPPURAM
HOUSE, POST. VALAPAD,
THRISSUR, KERALA
680567JALANDHAR-144 001
24
FIDC
111
19 Annual Repor{ 2022-23
MAHESH THAKKAR 101/103,SUNFLOWER, 036 Rs 5000 22/07/2004

1 5r FLOOR,
RAJAWADI ROAD N0.2
GHATKOPAR(EAST),
MUMBAI400 077
O.K., JINDAL MADHUR INSTALMENTS 033 Rs 5000 26/08/2010
LTD., OPP. D.N. INTER
COLLEGE,
DELHI ROAD, MEERUT
5HREYANS KASLIWAL KAMAL AUTO FINANCE 039 Rs 5000 09/03/2021
LTD.,
KAMLA & CO. PREMISES,
OPP. G.P.O., M.l. ROAD,
JAIPUR 302 001.
KAILSHMULL DUGAR DECCAN FINANCE LTD., 38, 025 Rs 5000 14/06/2004

AUDIAPPA NAIKEN STREET,
CHENNAI- 600 079
Ramesh lyer
Chairman
Place: Mumbai
Date: July 25, 2023
25
BHUWANIA & AGRAWAL ASSOCIATES A/403, Express Zone,
Chartered Accountants Off Western Express Highway,
Malad (East), Mumbai- 400 097
Phone: 2876 6001 I 2876 6002
Email: [email protected]
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Finance Industry Development

Council ("the Company") which comprises the Balance Sheet as at March 31, 2023 and the
Statement of Profit and Loss for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid financial statements give the information required by the Companies Act,
2013 ('the Act') in the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India, of the state of affairs of the Company
as at March 31, 2023, and profit for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of
the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Emphasis of Matter
We would like to draw the attention on the company's policy of providing for gratuity as
and when paid and not on the basis of actual valuation as per AS 15. The same has been
stated in Note No. 1(C)(i).
Our opinion is not qualified in respect of above matters.
South Mumbai Office:- 5031505, J.S.Seth Road, 1st Floor, Chira Baazar, Mumbai- 400 002.
Phone: 2205 4634 I 2208 1249
Information other than the Financial Statements and Auditor's Report thereon
The Company's Board of Directors is responsible for the other information. The other
information comprises the management discussion & analysis and director's report included
in the annual report but does not include the financial statements and our auditor's report
thereon. The above information is expected to be made available to us after the date of this
auditor's report.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
When we read the above other information, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with
governance.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation and presentation of the financial statements that give
a true and fair view of the financial position and financial performance of the Company in
accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards prescribed under Section 133 of the Act read with relevant rules
issued there under. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the

Company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to
do so.
Those Board of Directors are also responsible for overseeing the company's financial
reporting process.
Auditor's Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detect a
rc__-=t-
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143 (3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purposes of our audit of the
aforesaid financial statements;
(b) in our opinion proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books;
(c) the balance sheet and the statement of profit and loss dealt with by this Report are in
agreement with the books of account;
(d) in our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014, except as stated above in Emphasis of Mntter";
II
(e) on the basis of the written representations received from the directors as on 31st
March 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March 2023 from being appointed as ? director in terms of
Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refer to our separate
Report in Annexure A". Our report expresses an unmodified opinion on the
II
adequacy and operating effectiveness of the Company's internal financial controls

over financial reporting; ·
(g) With respect to the other matters to be included in the Auditor's Report in accordance
with the requirements of section 197(16) of the Act, as amended, in our opinion and to
the best of our information and according to the explanations given to us, the
managerial remuneration under section 197 is not applicable to a private company;
(h) with respect to the other matters to be included in the Auditor's Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and
to the best of our information and according to the explanations given to us:
(i) the Company does not have any pending litigations and therefore no impact of
disclosure in relation to the same has been made in the financial statements.
(ii) the Company does not see any foreseeable losses on long-term contracts as on the
balance sheet date and the Company has not entered into any derivative contracts,
therefore no provision has been made in relation to the same;
(iii) there were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designed to

provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company's internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorisations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the company's assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting,
including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us,
the Company has, in all material respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over financial reporting were
operating effectively as at March 31, 2023, based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India".
For BHUWANIA & AGRAWAL ASSOCIATES

(Chartered Accountants)
(Firm Registration no. 101483W)
NKAGRAWAL
(Partner)
Membership No. : 034659
UDIN : 23034659BGZGGL6407
Date : 25/07/2023
Place : Mumbai
ANNEXURE 11 A" TO THE INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements' of
our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Finance Industry
Development Council ("the Company") as of March 31, 2023 in conjunction with our audit of
the financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internal

financial controls based on the internal control over financial reporting criteria established by
the Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute
of Chartered Accountants of India (ICAI). These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence
to company's policies, the safeguarding of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.
Auditor's Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over
financial reporting based on our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the
"Guidance Note") issued by the Institute of Chartered Accountants of India and the
Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal financial controls over financial
reporting was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing
the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor's judgement, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Company's internal financial controls system over
financial reporting.
(iv) (a) The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested by the company to or in any other
persons or entities, including foreign entities ("Intermediaries") with the
understanding, whether recorded in writing or otherwise, the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or identified in any
manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The management has represented that, to the best of its knowledge and belief, no
funds have been received by the company form any persons or entities, including
foreign entities ("Funding Parties") with the understanding, whether recorded in
writing or otherwise, that the company shall, whether, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf
of the funding parties ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.
(c) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (iv)(a) and (iv)(b) contain any material misstatement.
(v) The company has neither declared nor paid any dividend during the year.
2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we would
like to state that statement on the matters specified in the paragraph 3 and 4 of the Order is
not applicable to the Company.
For BHUWANIA & AGRAWAL ASSOCIATES

(Chartered Accountants)
(Firm Registration no. 101483W)
NKAGRAWAL
(Partner)
Membership No. : 034659
UDIN : 23034659BGZGGL6407
Date :25/07/2023
Place : Mumbai
j)
BALANCE SHEET AS ON 31ST MARCH 2023
Amount in Rs
Sr. Note As At As At
Particulars
No No 31st March 2023 31st March 2022
I. EQUITY AND LIABILITIES

r--
A Reserves and Surplus 2 40,15,152 33,14,605
B Current Liabilities
Legal Fund 3 56,38,970 47,35,896
Trade Payables 4 1,982 3,965
Other Current Liabilities 5 37,793 37,575
Short-Term Provisions 6 2,46,000 1,50,000
TOTAL (In Rs.) 99,39,898 82,42,041
Note As At As At
II. ASSETS
No 31st March 2023 31st March 2022
A Non-Current Assets
Property, Plant & Equipments - -
Non-Current Investments - -
Other Non-Current Assets - -
8 Current Assets
Trade Receivable 7 1,47,500 29,500
Cash and Cash Equivalents 8 95,44,302 78,36,508
Short-Term Loans and Advances 9 2,48,095 3,76,033
Other Current Assets -
TOTAL (In Rs.) 99,39,897 82,42,041
(See Accompanying Notes to the Financial Statement)

As per our Report of even date attached
For, BHUWANIA & AGRAWAL ASSOCIATES FOR FINANCE INDUSTRY DEVELOPMENT COUNCIL
CHARTERED ACCOUNTANTS
RAMESH IYER UMESH REVANKAR
KAMLESH GANDHI K V SRINIVASAN
N KAGRAWAL RAMAN AGGARWAL D ARULSELVAN
PARTNER PRAVEEN DUGAR MAHESH THAKKAR
Membership No. 034659
UDIN: 23034659BGZGGL6407
Place: MUMBAI
Dated : 25 07 2023
STATEMENT OF INCOME & EXPENDITURE FOR THE YEAR ENDED ON 31ST MARCH 2023
Sr. Note FOR THE YEAR FOR THE YEAR

Particulars
No No. 2022-2023 2021-2022
I. Revenue From Operations 10 44,17,200 40,43,000
II. Other Income 11 2,38,925 2,04,881
III. Total Revenue (I + II) 46,56,125 42,47,881
IV. Expenses:
Employee Benefits Expense 12 5,45,227 4,67,500
Other Expense 13 31,64,874 32,07,388
Total Expenses 37,10,101 36,74,888
Profit Before Exceptional and Extraordinary Items

v. and Tax (III-IV)
9,46,023 5,72,994
VI. Exceptional Items
VII. Profit Before Extraordinary Items and Tax (V- VI) 9,46,023 5,72,994
VIII. Extraordinary Items
IX. Profit Before Tax (VII- VIII) 9,46,023 5,72,994
X Tax Expense:
(1) Current Tax 2,46,000 1,50,000
(2) Short prov. Of tax/ tax not refunded (524) (2,461)
Profit (Loss) for the Period from Continuing

XI 7,00,547 4,25,455
Operations (VII-VIII)
XII Profit/(Loss) from discontinuing operations
XIII Tax Expense of discontinuing operations
Profit/(loss) from Discontinuing operations (after

XIV 7,00,547 4,25,455
tax) (XII-XIII)
XV Profit (Loss) for the period (XI+ XIV) 7,00,547 4,25,455

XVI Earnings per equity share:
(1) Basic N.A N.A
1 (2) Diluted
(See Accompanying Notes to the Financial Statement)
As per our Report of even date attached
For, BHUWANIA &AGRAWAL ASSOCIATES FOR FINANCE INDUSTRY DEVELOPMENT COUNCIL

RAMESH IYER UMESH REVANKAR

N KAGRAWAL KAMLESH GANDHI K V SRINIVASAN
PARTNER RAMAN AGGARWAL D ARULSELVAN
Membership No. 034659 PRA VEEN DUGAR MAHESH THAKKAR
Place: MUMBAI
Dated : 25 07 2023
NOTES TO ACCOUNTS
1
A The company is a 'Public' company within the meaning of Sec.2(71) of the Companies Act, 2013 and as per the provisions of the Memorandum and
Articles of Association of the Company the liability of the members is limited to the amount of guarantee ofRs. 5000/-(Rupees Five Thousand Only)
UIS 8 of the Companies Act, 2013.
B Significant Accounting Policies
a) METHOD OF ACCOUNTING:
i The Company has maintained its accounts generally on accrual basis.

iJ Ail expenditure are recorded on accrual basis.
Ill
All income except annual membership fee are recorded on accual basis. Annual membership fee recorded on receipt basis except the fee received in advance
shown as advance fee.
b) FIXED ASSETS:
Fixed Assets are shown at cost and any incidental expenses incurred up to put on used.
c) DEPRECIATION:
Depreciation has been provided on W.D.V. Method at the rates specified in and in accordance with with Part "C" of schedule II of Company Act 2013. In addition,
during the year depreciation provided in prorate basis from the date put on used.
d) RETIREMENT BENEFITS:
Gratuity and other retirement benefits are recorded on cash basis.
e) CONTINGENT LIABILITIES:
No provision is made for liabilities, which are contingent in nature.
c Other notes
i) No provisionofGratuity and Other Retirement benefits, has been made during the year, it will be provided as & when paid.
ii) No provision of deffered tax has been made as per AS-22 as there was no defferment of tax.
iii) During the year the company has net credited to the Legal & Development Fund Nc with Rs.903074 (PY: Rs.335805).
iv) Previous period figure has been regrouped or rearranged wherever necessary.
NOTES TO ACCOUNTS
Note As At As At
Particulars
No. 31st March 2023 31st March 2022
2 RESERVESANDSURPLUS
Surplus Of Income over Expenditure
Balance Brought forward 33,14,605 28,89,150
Addition during the year 7,00,547 40,15,152 4,25,455 33,14,605
TOTAL (In Rs.) 40,15,152 33,14,605
CURRENT LIABIL TIES

3 LEGAL & DEVELOPMENT FUND
Balance Brought Forward 47,35,896 44,00,091
Add: During the year* 12,65,800 2,75,000
Add: Proportionate FOR interest income 2,60,474 2,37,605
62,62,170 49,12,696
Less: Expenses incurred during the year** 6,23,200 56,38,970 1,76,800 47,35,896
TOTAL (In Rs.) 56,38,970 47,35,896
*Includes Newletter Sponsership & advertisement ,admission fee and 10% of membership fees
**Includes Newsletters expenses, web development expenses & Legal Expenses
4 TRADE PAYABLES
(Sundry Creditors in the ordinary course of
Business)
Due to MSME - -
Due to Others 1,982 1,982 3,965 3,965

TOTAL (In Rs.) 1,982 3,965
5 OTHER CURRENT LIABILITIES

Other Payables-
- Tax & Duties 3,802 2593
-Payable to Employee
other expenses payable 33,991 37,793 34982 37,575
TOTAL (In Rs.) 37,793 37,575
6 SHORT TERM PROVISIONS
Income Tax 2,46,000 1,50,000

TOTAL (In Rs.) 2,46,000 1,50,000
CURRENT ASSETS
7 TRADE RECEIVABLES
-Secured - -
-Unsecured 1,47,500 29,500
-Significant increase in credit risk - -
-Credit Impaired - 1,47,500 - 29,500
TOTAL (In Rs.) 1,47,500 29,500
8 CASH & CASH EQUIVALENTS
-Cash in Hand 23,231 23,180
-On Current Accounts 3,21,071 3,13,328
-On Deposit Accounts 92,00,000 95,44,302 75,00,000 78,36,508
TOTAL (In Rs.) 95,44,302 78,36,508
9 SHORT TERM LOANS AND ADVANCES
-Accrued interest on FDRs 17,287 13,525

-Balance with govt authority 1,31,600
-Advance Payment of Income Tax (incld TDS} 2,30,808 2,25,716
-Others 2,48,095 5,192 3,76,033
TOTAL (In Rs.) 2,48,095 3,76,033
Note FOR THE YEAR FOR THE YEAR
PARTICULARS
No. 2022-2023 2021-2022
10 REVENUE FROM OPERATIONS

Subscription and fees received 44,17,200 40,43,000
TOTAL (In Rs.) 44,17,200 40,43,000
11 OTHER INCOME
Interest on Fixed Deposit 2,34,203 200759
Interest on Income Tax 3,070 3,650
Miscellaneous Income 1,652 2,38,925 472 2,04,881
TOTAL (In Rs.) 2,38,925 2,04,881
12 EMPLOYEE BENEFITS EXPENSES

Salaries & Bonus 5,12,600 4,67,500
Staff welfare exp I incentive 32,627 5,45,227 4,67,500
TOTAL (In Rs.) 5,45,227 4,67,500
13 OTHER EXPENSES
AGM & Other Meeting Expenses 18,450 -
Bank charges - 118
Conveyance & Travelling Expenses 3,56,225 2,38,150
Electricity charges 71,450 56,290
Filing Fees BOO 1,000
Legal & Professional Fee 10,69,000 10,43,250
Membership & Subscription 75,400 64,400
Misc. Office /General Expenses 6,97,333 7,59,264
Website charges 5,00,160 6,41,373
Office Compensation Charges 2,70,000 2,70,000
Postage & Courier 19,290 34,942
Printing & Stationery 35,545 45,910
Telephone charges 21,221 31,34,874 22,691 31,77,388
Auditors Remuneration:
- For Statutory Audit 30,000 30,000
-For Tax Audit - -
- For Certification - 30,000 - 30,000
TOTAL (In Rs.) 31,64,874 32,07,388
For, BHUWANIA &AGRAWAL ASSOCIATES FOR FINANCE INDUSTRY DEVELOPMENT COUNCIL

'
RAMESH !YER UMESH REVANKAR

N KAGRAWAL KAMLESH GANDHI K V SRINIVASAN
PARTNER RAMAN AGGARWAL D ARULSELVAN
Membership No. 034659 PRAVEEN DUGAR MAHESH THAKKAR
Place: MUMBAI
Dated : 25 07 2023

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FIDC

FINANCE INDUSTRY DEVELOPMENT COUNCIL

RAMESH IYER, Chairman

I GOVERNING COUNCIL MEMBERS

SAM RAT GUPTA

Page No. BHUWANIA & AGRAWAL

Directors' Report 3 I BANKER

I REGISTERED & ADMINISTRATIVE OFFICE

We have pleasure in presenting to you our Nineteenth Annual Report together

The Association is a Public Company within the meaning of Section - 2{71) of

3. ECONOMIC AND BUSINESS ENVIRONMENT & OUTLOOK

OVERVIEW OF INDIAN ECONOMY FY 2022-23

4. NBFC Sector: OUTLOOK, CHALLENGES AND OPPORTUNITIES

Various Regulatory Notifications issued by RBI, MOF and other relevant

6. FlOC ACTIVITIES & ACHIEVEMENTS

Representations made during the year:

SR. NAME OF THE COMMITIEE CHAIRMAN

1. Representation Committee Mr. K. v. Srinivasan, Whole-Time

2. Legal Committee Mr. N. Narayanann Head(LegaiL

3. CFO Committee Mr. S. Sunder, Joint Managing

4. Professional Development Mr. Raman Aggarwal, Independent

5. Membership Development Mr. Alok Sandhi, Managing Director,

Committee PKF Finance Ltd.

6. Grievance Redressal Committee Mr. Kamlesh Gandhi, Chairman &

NBFC SECTOR DATA

FlOC continues to disseminate the Assets Side Data of NBFCs on a quarterly

FlOC WEBSITE & SOCIAL MEDIA

In an endeavour to bring updated information on NBFCs and the Financial

In addition, FlOC has created exclusive Twitter/Facebook/Linkedln/lnstagram

Below are the links:

There is no change in the share capital of the Company during the

8. EXTRACT OF ANNUAL RETURN (TO BE ATIACHED AS ANNEXURE IN

As per attachment in Annexure-:- I to the Directors Report.

9. NUMBER OF BOARD MEETINGS DURING THE YEAR:

ll.PARTICULARS REGARDING EMPLOYEES:

No particulars of employees are given under Rule - 5(2) Companies

Company has no liability for Leave Encashment as well for gratuity as

13. DIRECTORS' RESPONSIBILITY STATEMENT:

(i) in the preparation of the annual accounts, the applicable

(ii) the Directors have selected such accounting policies and

(v) the Directors have devised proper systems to ensure

14. DIRECTORS/GOVERNING COUNCIL MEMBERS:

As per the Articles of Association of FlOC, Directors/Governing Council

Appointment of Mr. Praveen Dugar (00190780) as an Additional Director with

Mr. Mahaveerchand Dugar (00190628) ceased to be a Nominee Director with

M/s. Bhuwania & Agrawal Associates, Chartered Accountants has been

16.COMMENT ON AUDITORS REPORT:

17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER

18.DISCLOSURE OF RELATED PARTY TRANSACTIONS: IF ANY DURING THE

There were no Related Party Transactions during the year.

19.THE NAME OF THE COMPANIES WHICH HAS BECOME OR CEASED TO BE

There were no such companies which has become or ceased to be

20.MATERIAL CHANGES AND COMMITMENTS AFFECTING

21.DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

We are of the view that Internal Financial control system is commensurate

22.RISK MANAGEMENT POLICY:

23.CORPORATE SOCIAL RESPONSIBILITY:

The Company is not required to constitute a Corporate Social Responsibility

24.POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL