THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019


CHAPTER I PRELIMINARY

SECTIONS
Section 1 and 2 of BUDS Act 2019

 

CHAPTER II BANNING OF UNREGULATED DEPOSIT SCHEMES.
Section 3, 4, 5, 6 of BUDS Act 2019

 

CHAPTER III AUTHORITIES
Section 7, 8 of BUDS Act 2019

 

 

 

CHAPTER IV INFORMATION ON DEPOSIT TAKERS
Section 9, 10, 11 of BUDS Act 2019

 

CHAPTER V RESTITUTION TO DEPOSITORS
Section 12, 13, 14 of BUDS Act 2019

Section 15, 16, 17 of BUDS Act 2019

Section 18, 19, 20 of BUDS Act 2019

 

CHAPTER VI OFFENCES AND PUNISHMENTS
Section 21, 22, 23 of BUDS Act 2019

Section 24, 25,26, 27 of BUDS Act 2019

 

CHAPTER VII INVESTIGATION, SEARCH AND SEIZURE
Section 28, 29, 30, 31, 32 of BUDS Act 2019

 

CHAPTER VIII MISCELLANEOUS
Section 33, 34, 35, 36 of BUDS Act 2019

Section 37, 38, 39, 40 of BUDS Act 2019

Section 41, 42, 43, 44 of BUDS Act 2019

 

ARRANGEMENT OF SECTIONS

CHAPTER I PRELIMINARY

SECTIONS
1. Short title, extent and commencement.
2. Definitions.

CHAPTER II BANNING OF UNREGULATED DEPOSIT SCHEMES.
3. Banning of Unregulated Deposit Schemes.
4. Fraudulent default in Regulated Deposit Schemes.
5. Wrongful inducement in relation to Unregulated Deposit Schemes.
6. Certain scheme to be Unregulated Deposit Scheme.

CHAPTER III AUTHORITIES
7. Competent Authority.
8. Designated Court.

CHAPTER IV INFORMATION ON DEPOSIT TAKERS
9. Central database.
10. Information of business by deposit taker.
11. Information to be shared.

CHAPTER V RESTITUTION TO DEPOSITORS
12. Priority of depositors' claim.
13. Precedence of attachment.
14. Application for confirmation of attachment and sale of property.
15. Confirmation of attachment by Designated Court.
16. Attachment of property of mala fide transferees.
17. Payment in lieu of attachment.
18. Powers of Designated Court.
19. Appeal to High Court.
20. Power of Supreme Court to transfer cases.

CHAPTER VI OFFENCES AND PUNISHMENTS
21. Punishment for contravention of section 3.
22. Punishment for contravention of section 4.
23. Punishment for contravention of section 5.
24. Punishment for repeat offenders.
25. Offences by deposit takers other than individuals.
26. Punishment for contravention of section 10.
27. Cognizance of offences.

CHAPTER VII INVESTIGATION, SEARCH AND SEIZURE
28. Offences to be cognizable and non-bailable.
29. Competent Authority to be informed of offences.
30. Investigation of offences by Central Bureau of Investigation.
31. Power to enter, search and seize without warrant.
32. Application of Code of Criminal Procedure, 1973 to proceedings before Designated Court.

CHAPTER VIII MISCELLANEOUS
33. Publication of advertisement of Unregulated Deposit Scheme.
34. Act to have overriding effect.
35. Application of other laws not barred.
36. Protection of action taken in good faith.
37. Power of Central Government to make rules.
38. Power of State Government, etc., to make rules.
39. Laying of rules.
40. Power to amend First Schedule.
41. Act not to apply certain deposits.
42. Amendment to certain enactments.
43. Power to remove difficulties.
44. Repeal and saving.

  

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