Critical Commentary on the banning of Unregulated Deposit Schemes Act, 2019 and Allied Laws

About the book

With the passage of time, the existing State Depositor Protection Laws have proven inadequate in protecting the general public from unscrupulous deposit-taking firms. Parliament has though it fit to remedy the situation by bringing out Banning of Unregulated Deposit Schemes Act, 2019.

While there is no end to the kingdom of knowledge in this fast-changing society, there was dearth of suitable books on Depositor Protection Laws. This book is a brief, analytical, section-wise legal commentary on the recently enacted Banning Act which is an umbrella law covering all kinds of deposits-Central and State.

It attempts to highlight and analyse the various issues, problems, short-comings, lapses and merits in the Banning Act and allied laws in the backdrop of the litigation surrounding the various State/UT Acts that this new Central Act replaces. This book will be of value to anyone concerned to understand the rights and remedies under this law.

It would be immensely useful for legal practitioners, company secretaries, chartered accountants, law makers, enforcement agencies, judges and depositors.

Key features

This book is an exhaustive treatise on the Banning of Unregulated Deposit Schemes Act, 2019 including -

•    Detailed analysis of judicial precedents relating to the constitutional vires of Central Deposit Law and State Deposit Laws;

•    Compiles and analyses various judicial precedents relating to pari materia provisions found in State Deposit Laws;

•    Detailed analysis of amendments carried out in other laws, including the Securities and Exchange Board of India Act 1992, and the Reserve Bank of India Act 1934;

•    Detailed analysis of related laws, including the Delhi Special Police Establishment Act 1946;

•    Detailed analysis of priority of depositors qua the provisions of the Insolvency and Bankruptcy Code, 2016;

•    Covers latest developments in law including those relating to crypto-currency;

•    Covers the public consultation papers issued by the Central Government; and

•    Detailed coverage of related foreign deposit related laws, including the law of United Kingdom from where important aspects have been borrowed and incorporated in the Act.

About the Authors

Chaudhary Suraj Surjit holds a B.L.S. LL.B. from the University of Mumbai. He is an alumnus of Government Law College, Mumbai.

Suraj has extensive experience of over 12 years spanning across law practice and in-house counsel. He started his law practice in 2007 and was subsequently associated with the Securities and Exchange Board of India, from June 2011 till January 2020, where amongst other things, he ably assisted the High-level Committee to review the Enforcement and Settlement Mechanism chaired by Hon’ble Mr. Justice Anil R. Dave, retd. Supreme Court. He has also handled several important litigations, including the SEBI-Sahara matter and assisted in drafting several important regulations and circulars, such as the SEBI Settlement Regulations and the recently introduced informant-reward mechanism as part of the SEBI’s insider trading regime.

Suraj was a part of the Indian representative team to the UNIDROIT Committee on Emerging markets Issues, held at Beijing China, 2017. He was also a part of the study team formed by the Board to study the various crypto-asset related laws of in other countries.

Suraj has also dealt with the drafting related issues of various Parliamentary and State enactments, in particular, the State Depositor Protection Laws and this enactment. He has advised the Board in relation to several upcoming and new financial legislations such as the Insolvency and Bankruptcy Code, 2016, the now withdrawn Financial Resolution and Deposit Insurance Bill, 2017, the draft Data Protection Law, the International Financial Services Centres Authority Bill, 2019, etc.