Embassy of India
Advisory to Informal Money Lenders
Dear Community members,
The Embassy would like to advise the informal money lenders to register themselves with the Security Exchange Commission (SEC), at the earliest, positively by 30 April 2017.
2. The Embassy and the Federation of Indian Chambers of Commerce (Phil) have been attending the inter agency working group meeting chaired by the SEC. The SEC have listed the extant rules on registration of companies under two options available viz 60%-40 % ( 40 % foreign owned 60%- Filipino owned) and for foreign ownership greater than 40% in a simplified check list. The simplified check list for registration has been emailed to community organisations alongwith a copy of the FICCI circular (see attachment ) which gives more details on the various options.
3. The Embassy would like to make an earnest appeal to the informal money lenders to start the registration process with SEC without any delay. The SEC has assured that they will extend all the required assistance to the informal money lenders in facilitating the registration.
March 10, 2017
FICCI Mar 12 Lending Circular.