(1)
The Banning of Unregulated Deposit Schemes Ordinance, 2019, is hereby repealed.
(2)
Notwithstanding such repeal, anything done or any action taken under the said Ordinance, shall be deemed to have been done or taken under this Act.
The First Schedule
[See section 2 (15)]
Regulated Deposit Schemes
(1)
The Regulator and Regulated Deposit Scheme refers to the regulators and schemes and arrangements listed in the following Table, namely: -
Table
Sl. No.
Regulator
Regulated Deposit Scheme
(1)
(2)
(3)
1.
The Securities and Exchange Board of India
(i) Any scheme or an arrangement [as defined
under section 11AA of the Securities and Exchange Board of
India Act, 1992 (15 of 1992)] launched, sponsored or carried out
by a Collective Investment Management Company registered with
the Securities and Exchange Board of India under the Securities
and Exchange Board of India (Collective Investment Scheme)
Regulations, 1999.
(ii) Any scheme or an arrangement registered
with the Securities and Exchange Board of India under the
Securities and Exchange Board of India (Alternative Investment
Funds) Regulations, 2012.
(iii) Any scheme or an arrangement, pursuant to
which funds are managed by a portfolio manager, registered under
the Securities and Exchange Board of India (Portfolio Managers)
Regulations, 1993.
(iv) Any scheme or an arrangement regulated
under the Securities and Exchange Board of India (Share Based
Employee Benefits) Regulations, 2014 or providing for employee
benefits as permitted under the Companies Act, 2013 (18 of
2013).
(v) Any other scheme or an arrangement
registered under the Securities and Exchange Board of India Act,
1992 (15 of 1992), or the regulations made thereunder.
(vi) Any amount received as contributions in
the nature of subscriptions to a mutual fund registered with
Securities and Exchange Board of India under the Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996.
2.
The Reserve Bank of India
(i) Any scheme under which deposits are
accepted by Non-Banking Financial Companies as defined in clause
(f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of
1934) and registered with the Reserve Bank of India; or any
other scheme or an arrangement registered under the Reserve Bank
of India Act, 1934.
(ii) Any scheme or an arrangement under which
funds are accepted by individuals or entities engaged as
Business Correspondents and Facilitators by banks subject to the
guidelines and circulars issued by the Reserve Bank of India
from time to time.
(iii) Any scheme or an arrangement under which
funds are received by a system provider operating as an
authorised payment system under the Payment and Settlement
Systems Act, 2007 (51 of 2007).
(iv) Any other scheme or an arrangement
regulated under the Reserve Bank of India Act, 1934 (2 of 1934),
or the guidelines or circulars of the Reserve Bank of India.
3.
The Insurance Regulatory and Development Authority
of India
A contract of insurance pursuant to a
certificate of registration obtained in accordance with the
Insurance Act, 1938 (4 of 1938).
4.
The State Government or Union territory Government
(i) Any scheme or an arrangement made or
offered by a co-operative society registered under the
Co-operative Societies Act, 1912 (2 of 1912) or a society being
a society registered or deemed to be registered under any law
relating to co-operative societies for the time being in force
in any State or Union territory.
(ii) Any scheme or an arrangement commenced or
conducted as a chit business with the previous sanction of the
State Government in accordance with the provisions of the Chit
Funds Act, 1982 (40 of 1982).
(iii) Any scheme or an arrangement regulated by
any enactment relating to money lending which is for the time
being in force in any State or Union territory.
(iv) Any scheme or an arrangement by a prize
chit or money circulation scheme under section 11 of the Prize
Chits and Money Circulation Schemes (Banning) Act, 1978 (43 of
1978).
5.
The National Housing Bank
Any scheme or an arrangement for acceptance of
deposits registered under the National Housing Bank Act, 1987
(53 of 1987).
6.
The Pension Fund Regulatory and Development
Authority
Any scheme or an arrangement under the Pension
Fund Regulatory and Development Authority Act, 2013 (23 of
2013).
7.
The Employees' Provident Fund Organisation
Any scheme, Pension Scheme or Insurance Scheme
framed under the Employees' Provident Fund and Miscellaneous
Provisions Act, 1952 (19 of 1952).
8.
The Central Registrar, Multi-State Co-operative
Societies
Any scheme or an arrangement for acceptance of
deposits from voting members by a Multi-State Co-operative
Society registered under the Multi-State Co-operative Societies
Act, 2002 (39 of 2002).
9.
The Ministry of Corporate Affairs, Government of
India
(i) Deposits accepted or permitted under the
provisions of Chapter V of the Companies Act, 2013 (18 of
2013).
(ii) Any scheme or an arrangement under which
deposits are accepted by a company declared as a Nidhi or a
Mutual Benefit Society under section 406 of the Companies Act,
2013 (18 of 2013).
(2)
The following shall also be treated as Regulated Deposit Schemes under this Act, namely: -
(a) deposits accepted under any scheme or an arrangement registered with any regulatory body in India constituted or established under a statute; and
(b) any other scheme as may be notified by the Central Government under this Act.