INDUSLAW is a multi-speciality Indian law firm with over 50 partners and over 300 lawyers across four offices in Bengaluru, Delh...
Published On: 08/08/2018
Practice Area: Financial Services, Government & Regulatory
Authors:
Kshitij Parashar
In March 2018, the Union Cabinet approved the introduction of the Banning of Unregulated Deposit Schemes Bill, 2018 (the 'Bill') and on 18 June 2018, the Bill was tabled before the Lok Sabha. The Bill provides for a comprehensive mechanism to tackle the menace of unlawful deposit schemes operating in the country. It was introduced in the wake of the recent incidents where a plethora of ponzi type schemes run by fake companies and institutions continue to dupe the general public at large of their hard-earned money.
