Emkay Fincap Limited is a wholly owned subsidiary of Emkay Global Financial Services Limited incorporated on 16th May, 2005 as a RBI registered Non Deposit taking NBFC Company. It was incorporated as a Private Limited Company and later converted into a public limited Company on 14th February, 2006.

The Company is mainly in the business of providing Margin funding facility to its clients, who wish to avail the same and register themselves with it. Client registration form contains details of the client, Loan cum Pledge agreement, Power of Attorney in favor of the Company for operations of client's DP account.

Rate of Interest levied on Margin Funding facility is 16 to 18 p.a.* only on the outstanding amount and for the utilized duration.(The rate of interest shall be levied as per the interest rate policy of the Company approved by the Board in its meeting on 24^th July, 2009)

Interest is calculated on daily outstanding balances to your loan account at the end of the month.

The Company may charge differential rate of interest to different categories of the borrowers. The differential rate of interest that would be charged to borrowers shall depend on cost of funds, margin, risk premium, historical pattern of funding facility availed by the client and requisite approval from management which will be communicated to borrower in sanction letter.

* The rate of interest levied is subject to change as per the sole discretion of management.

The risk gradation of the client is evaluated on various parameters such as borrower’s profile, due diligence activity, financial status, credit appraisal, occupation, credentials, repayment history, etc.

This code sets standards of practices to follow when EFL is dealing with its clients. It provides protection to clients and explains how EFL is expected to deal with its clients.

In this code EFL denotes Emkay Fincap Limited and Client denote any person availing services of the Company.

EFL in pursuance of the directions issued by RBI for Non-Banking Financial Companies (NBFCs) has adopted the following code for fair practices.

• Objectives of the code
  
  This code has been developed to:
  
  
  • Promote good and fair practices by setting standards in dealing with its Clients.
  • Increase transparency so that Client can have a better understanding of the services provided by EFL.
  • To promote fair and cordial relationship between EFL and its Clients.
  • Foster confidence in Margin Funding System.
• Applications for loans and their processing
  
  
  • All relevant information pertaining to the loan-cum-pledge will be made available in the relevant loan-cum-pledge application form(s), including the necessary loan information.
  • The particulars and documents required to be submitted for availing the services offered by Company shall be mentioned and collected with Application Form. EFL shall contact its client in case it needs any further information to proceed with the request.
  • Receipt of completed applications forms will be duly acknowledged. Clients are required to insist for an acknowledgement in this regard.
  • EFL shall communicate the status of the application to the Client within 15 days of receipt of the Application.
  • In case of requirement of any other information from the Client, the same shall be intimated to him within 5 working days.
• Loan-Cum-pledge appraisal and terms/conditions
  
  
  • The information furnished in the Loan-cum-pledge applications shall be assessed by the EFL.
  • Upon approval of the loan, an agreement/sanction letter indicating the amount of loan sanctioned, annualised rate of interest applicable, including method of application thereof, along with the terms and conditions, shall be conveyed to the loan Client in writing.
  • The loan sanction letter and all communications to the borrower shall be in the vernacular language or a language understood by the borrower.
• Disbursement including changes in terms and conditions
  
  
  • Any changes to the terms and conditions, including disbursement schedule, interest rates, service charges, prepayment charges, etc., shall be informed individually to the borrowers.
  • Changes in the interest rates and charges shall be effected prospectively.
  • In case of any changes which are not acceptable to the borrower, the borrower shall be given 7 days time to settle his account.
  • Decision to recall/accelerate payment or performance under the agreement shall be in accordance with the terms and conditions of the Agreement.
  • All securities pertaining to the loan would be released on receipt of full and final payment of the loans, subject to any legitimate right or lien, and set-off for any other claim that EFL may have against the borrowers. If such right of set-off is to be exercised, the borrower shall be given notice about the same, with full particulars about the remaining claims and the conditions under which EFL is entitled to retain the securities until the relevant claim is settled/paid.
• Interest rates and charges
  
  
  • At the time of availing of a loan, the EFL will provide the customer with information on the monthly interest payable by them.
  • The loan-cum-pledge agreement shall contain sufficient information about interest, charges, etc.
  • If EFL increase any charges or introduce a new charge, we will notify the same to the customers.
• General provisions
  
  
  • EFL will ensure that all advertising and promotional material is clear, fair reasonable and not misleading.
  • All the information provided by the customer shall be kept confidential.
• Grievance redressal
  
  In case of any complaint/grievance, the Client/borrowers may contact at the following address:
  
  Emkay Fincap Limited
  C-06, Paragon Center,
  Senapati Bapat Marg,
  Worli, Mumbai- 400013
  Tel: 022-66299299
  Fax: 022-66299213
  E-mail: fincap@emkayglobal.com
  
  After examining the matter, the feedback shall be given to the borrower/Client within 30 days.
  
  (The Board and its Committees of Directors reserves all the right to amend it from time to time.)