THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019

ACT NO. 21 OF 2019 · Enacted [31st July, 2019.] · 44 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

BANNING OF UNREGULATED DEPOSIT SCHEMES.

Section 3.Banning of Unregulated Deposit Schemes.

Section 4.Fraudulent default in Regulated Deposit Schemes.

Section 5.Wrongful inducement in relation to Unregulated Deposit Schemes.

Section 6.Certain scheme to be Unregulated Deposit Scheme.

AUTHORITIES

Section 7.Competent Authority.

Section 8.Designated Court.

INFORMATION ON DEPOSIT TAKERS

Section 9.Central database.

Section 10.Information of business by deposit taker.

Section 11.Information to be shared.

RESTITUTION TO DEPOSITORS

Section 12.Priority of depositors' claim.

Section 13.Precedence of attachment.

Section 14.Application for confirmation of attachment and sale of property.

Section 15.Confirmation of attachment by Designated Court.

Section 16.Attachment of property of mala fide transferees.

Section 17.Payment in lieu of attachment.

Section 18.Powers of Designated Court.

Section 19.Appeal to High Court.

Section 20.Power of Supreme Court to transfer cases.

OFFENCES AND PUNISHMENTS

Section 21.Punishment for contravention of section 3.

Section 22.Punishment for contravention of section 4.

Section 23.Punishment for contravention of section 5.

Section 24.Punishment for repeat offenders.

Section 25.Offences by deposit takers other than individuals.

Section 26.Punishment for contravention of section 10.

Section 27.Cognizance of offences.

INVESTIGATION, SEARCH AND SEIZURE

Section 28.Offences to be cognizable and non-bailable.

Section 29.Competent Authority to be informed of offences.

Section 30.Investigation of offences by Central Bureau of Investigation.

Section 31.Power to enter, search and seize without warrant.

Section 32.Application of Code of Criminal Procedure, 1973 to proceedings before Designated Court.

MISCELLANEOUS

Section 33.Publication of advertisement of Unregulated Deposit Scheme.

Section 34.Act to have overriding effect.

Section 35.Application of other laws not barred.

Section 36.Protection of action taken in good faith.

Section 37.Power of Central Government to make rules.

Section 38.Power of State Government, etc., to make rules.

Section 39.Laying of rules.

Section 40.Power to amend First Schedule.

Section 41.Act not to apply certain deposits.

Section 42.Amendment to certain enactments.

Section 43.Power to remove difficulties.

Section 44.Repeal and saving.