The Arvind Mafatlal group diversified into financial services in 1986 as Mafatlal Finance Company. It was orginally incorporated as a private limited company and was converted into a public limited company in Jul.'92. The company is promoted by Mafatlal Industries Ltd. MFCL is a category I Merchant Banker since February 1993 and a Member of OTCEI. Throgh Mafatlal Securities Ltd the wholly owned subsidairy of MFCL. The company's headquarter is located in Bombay, with regional offices in Delhi, Madras, Ahmedabad, Coimbatore and Baroda. The company's interests include investment banking, consumer finance, merchant banking, corporate finance and resource mobilisation. . Mafatlal Finance has over 300 clients. With increasing demand the company planned to foray into new areas like asset management and stock broking. It also acquired the membership of Bombay Stock Exchange. The company's NBFC application form was rejected by RBI mainly on account of erosion of networth.