Banning of Unregulated Deposit Schemes Ordinance 2019 in Tamil/தமிழ்

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Banning of Unregulated Deposit Schemes Ordinance 2019 in Tamil/தமிழ்

When the Union government promulgated The Banning of Unregulated Deposit Schemes Ordinance, 2019 (the Ordinance) a few days ago, the immediate reaction was one of dismay.

Cracking down on the unregulated lending market, the government has banned high-risk deposit schemes offered by builders and jewellers. The companies used the deposits to fund their needs and attracted investors by offering high interest rates. The practice was fairly common in tier II and tier III cities.

The government passed the Banning of Unregulated Deposit Schemes Ordinance on 21 February, prohibiting all deposit schemes (with or without interest) except those with regulatory approval. Though some of these deposits may have violated the existing Collective Investment Scheme (CIS) Regulations, 1999, laid out by capital market regulator Securities and Exchange Board of India (Sebi), the new ordinance is more comprehensive in the way it prohibits these companies from soliciting money from depositors.

Banning of Unregulated Deposit Schemes Ordinance, 2019: A Double-edged Sword
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