Act Number: 21

Act Name: The Banning of Unregulated Deposit Schemes Act, 2019

Year: 2019

Enactment Date: 2019-07-31

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 27: Cognizance of offences.
    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.
Notes:

Previous Section Next Section
Scroll to Top