Any person who qualifies the undernoted criteria can be a member of the SLMA:
 

• A scheduled commercial bank within the meaning of the Reserve Bank of India Act, 1934;
• An NBFC, Cooperative Bank, Foreign Bank, Small Finance Bank, Pension Fund, Mutual Fund, Insurance Company registered with IRDA, a private equity fund registered with SEBI, Foreign Portfolio Investor, an ARC, Alternative Investment Fund registered with SEBI;
  
• A primary dealer in securities as notified by the RBI from time to time or any other category accepted by the Board of Directors; or
• A person who is engaged or proposing to be engaged in the business of dealings in secondary loan market;
  shall be eligible to become a member provided its membership has not been terminated.

Admission or rejection of membership shall be at the sole discretion of SLMA and registration is liable to be cancelled in the event of breach of any of the undertakings mentioned in the terms of the Memorandum and Articles of Association.