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                                        U. S. SECURITIES AND EXCHANGE
                                                  COMMISSION WASHINGTON, DC
                                                  20549

                                  FORM 12B-25

                                                         SEC File Number: 0-9539
                                                       CUSIP Number: 812207 20 7

                          NOTIFICATION OF LATE FILING


     Form 10-K      Form 11-K     Form 20-F    Form 10-Q      Form N-SAR

For Period Ended: March 31, 1996

   X     Transition Report on Form 10-K
         Transition Report on Form 20-F
         Transition Report on Form 11-K
         Transition Report on Form 10-Q
         Transition Report on Form N-SAR

For the Transition Period Ended:  March 31, 1996

         If the notification relates to a portion of the filing checked above,
identify the items(s) to which the notification relates:


PART I - REGISTRANT INFORMATION


Full Name of registrant: Search Capital Group, Inc.

Former Name if Applicable: N/A

Address of Principal Executive Office (Street and Number)

     Search Capital Group, Inc.
     700 North Pearl Street, Suite 400
     North Tower, Lock Box 401





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PART II -RULES 12B-25(B) AND (C)


If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed (check box if appropriate):

    (a)  The reasons described in reasonable detail in Part III of this
         form could not be eliminated without unreasonable effort or expense;

 X  (b)  The subject annual report, semi-annual report, transition
         report on Form 10-K, Form 20-F, Form 11-K or Form N-SAR, or portion 
         thereof will be filed on or before the fifteenth calendar following 
         the prescribed due date; or the subject quarterly report or 
         transition report on Form 10-Q, or portion thereof, will be filed on 
         or before the fifth calendar day following the prescribed due date; and

    (c)  The accountant's statement or other exhibit required by Rule
         12B-25(c) has been attached if applicable.



PART III -NARRATIVE


State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q or
N-SAR, or the transition report or portion thereof could not be filed within
the prescribed time period.

    The Registrant has been working diligently to complete its Form 10-K
    for the transition period ended March 31, 1996.  However, the recent
    reorganization of several wholly-owned subsidiaries of the Registrant
    caused significant changes in its operational and organizational structure
    that must be reflected in its Form 10-K.  Due to the detailed description
    required of these significant changes, the Registrant may be unable to
    compete its Form 10-K in time for filing by the prescribed due date of June
    29, 1996.


PART IV -OTHER INFORMATION


(1)      Name and telephone number of person to contact in regard to this
         notification:

            Robert D. Idzi                     (214)              965-6000
                (Name)                       (Area Code)      (Telephone Number)





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(2)      Have all other periodic reports required under Section 13 or 15(d) of  
         the Securities Exchange Act of 1934 or Section 30 of the Investment
         Company Act of 1940 during the preceding 12 months or for such shorter
         period that the registrant was required to file such report(s) been
         filed?  If the answer if no, identify report(s).

                                                    X  Yes    No

(3)      Is it anticipated that any significant change in results of
         operations from the corresponding period for the last fiscal year will
         be reflected by the earning statements to be included in the subject
         report or portion thereof?

                                                    X  Yes    No

         If so, attach an explanation of the anticipated change, both
         narratively and quantitatively, and, if appropriate, state the reasons
         why a reasonable estimate of the results cannot be made.



                          Search Capital Group, Inc.
                 (Name of Registrant as specified in charter)

has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.

Date: June 28, 1996                     By:   Search Capital Group, Inc.


                                        By:     /s/ Robert D. Idzi
                                                ----------------------------
                                        Name:   Robert D. Idzi
                                                ----------------------------
                                        Title:  Chief Financial Officer and
                                                Executive Vice President
                                                ----------------------------





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                           ATTACHMENT TO FORM 12b-25


Part IV (3)

    The Registrant had a net change in results from operations from a net loss
of $10,421,000 for the six months ended March 31, 1995 to a net loss of
$2,998,000 for the six months ended March 31, 1996, which resulted in an
decreased loss of $7,423,000.  The Registrant had no other material changes in
results of operations between periods.





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