BUDS Act, 2019

The Banning of Unregulated Deposit Schemes Act, 2019 (BUDS Act), aims to protect investors and prevent illegal deposit-taking activities by banning unregulated schemes and providing a mechanism for their enforcement.

Sections
Section 1: Short title, extent and commencement
Section 2: Definitions
Section 3: Banning of Unregulated Deposit Schemes
Section 4: Fraudulent default in Regulated Deposit Schemes
Section 5: Wrongful inducement in relation to Unregulated Deposit Schemes
Section 6: Certain scheme to be Unregulated Deposit Scheme
Section 7: Competent Authority
Section 8: Designated Court.
Section 9: Central database.
Section 10: Information of business by deposit taker