Section 27
Cognizance of offences.
The Banning of Unregulated Deposit Schemes Act, 2019
About this Act
An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto.
Notwithstanding anything contained in section 4, no Designated
Court shall take cognizance of an offence punishable under that section except upon a complaint made
by the Regulator:
Provided that the provisions of section 4 and this section shall not apply in relation to a deposit taker which is a company.
Provided that the provisions of section 4 and this section shall not apply in relation to a deposit taker which is a company.