Banning of Unregulated Deposit Schemes Act, 2019 Flashcards
1
Q
Why is this act put in place ?
A
To place a mechanism to secure poor depositors/investors from Ponzi schemes
2
Q
What does the act do ?
A
it covers existing gaps in legislation that had been exploited by various parties to siphon large amounts of money away from small investors
3
Q
What laws does this act amend ?
A
1) RBI Act of 1934
2) SEBI Act of 1992
3) Multi State Cooperative Societies Act of 2002
