RBI constitutes panel to check ponzi schemes in J&K

Amid a spate of ponzi schemes defrauding investors in West Bengal and Odisha, RBI has set up a panel, including members of various agencies and regulators, to suggest measures to check such fraudulent activities in Jammu and Kashmir.
The decision was taken at the meeting of State Level Coordination Committee here today.
RBI had convened the meeting of Non-Banking Financial Companies (NBFCs) and Unincorporated Bodies (UIBs) operating in the state, where it was decided to have greater coordination between the central bank and other regulatory and enforcement agencies against erring NBFCs and unincorporated bodies.
It was decided to act against those companies engaged in unauthorised collection of deposits from the public or running innovative schemes to lure investors by promising higher returns but vanishing suddenly, thereby duping the public of their hard-earned money.

The meeting was chaired by Chief Secretary Iqbal Khanday, and was attended by Principal Secretary (Finance) BB Vyas, Principal Secretary (Home) Suresh Kumar, Secretary Law Mohd Ashraf Mir, IGP Rajesh Kumar, Syed Javaid Mujtaba Gilani IGP (Crime), besides senior officials from Reserve Bank of India.
The representatives from Registrar of Companies, SEBI and ICAI were also present.
It was also decided to constitute a sub-committee on NBFCs with representation from regulators.
The sub-committee will meet once a month to review cases relating to unauthorised collection of deposits and share market intelligence inputs.