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Union of India - Section

Section 44 in Banning of Unregulated Deposit Schemes Act, 2019

44. Repeal and saving.

(1)The Banning of Unregulated Deposit Schemes Ordinance, 2019, is hereby repealed.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 definedunder section 11AA of the Securities and Exchange Board ofIndia Act, 1992 (15 of 1992)] launched, sponsored or carried outby a Collective Investment Management Company registered withthe Securities and Exchange Board of India under the Securitiesand Exchange Board of India (Collective Investment Scheme)Regulations, 1999.
    (ii) Any scheme or an arrangement registeredwith the Securities and Exchange Board of India under theSecurities and Exchange Board of India (Alternative InvestmentFunds) Regulations, 2012.
    (iii) Any scheme or an arrangement, pursuant towhich funds are managed by a portfolio manager, registered underthe Securities and Exchange Board of India (Portfolio Managers)Regulations, 1993.
    (iv) Any scheme or an arrangement regulatedunder the Securities and Exchange Board of India (Share BasedEmployee Benefits) Regulations, 2014 or providing for employeebenefits as permitted under the Companies Act, 2013 (18 of2013).
    (v) Any other scheme or an arrangementregistered under the Securities and Exchange Board of India Act,1992 (15 of 1992), or the regulations made thereunder.
    (vi) Any amount received as contributions inthe nature of subscriptions to a mutual fund registered withSecurities and Exchange Board of India under the Securities andExchange Board of India (Mutual Funds) Regulations, 1996.
2. The Reserve Bank of India (i) Any scheme under which deposits areaccepted by Non-Banking Financial Companies as defined in clause(f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of1934) and registered with the Reserve Bank of India; or anyother scheme or an arrangement registered under the Reserve Bankof India Act, 1934.
    (ii) Any scheme or an arrangement under whichfunds are accepted by individuals or entities engaged asBusiness Correspondents and Facilitators by banks subject to theguidelines and circulars issued by the Reserve Bank of Indiafrom time to time.
    (iii) Any scheme or an arrangement under whichfunds are received by a system provider operating as anauthorised payment system under the Payment and SettlementSystems Act, 2007 (51 of 2007).
    (iv) Any other scheme or an arrangementregulated 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 Authorityof India A contract of insurance pursuant to acertificate of registration obtained in accordance with theInsurance Act, 1938 (4 of 1938).
4. The State Government or Union territory Government (i) Any scheme or an arrangement made oroffered by a co-operative society registered under theCo-operative Societies Act, 1912 (2 of 1912) or a society beinga society registered or deemed to be registered under any lawrelating to co-operative societies for the time being in forcein any State or Union territory.
    (ii) Any scheme or an arrangement commenced orconducted as a chit business with the previous sanction of theState Government in accordance with the provisions of the ChitFunds Act, 1982 (40 of 1982).
    (iii) Any scheme or an arrangement regulated byany enactment relating to money lending which is for the timebeing in force in any State or Union territory.
    (iv) Any scheme or an arrangement by a prizechit or money circulation scheme under section 11 of the PrizeChits and Money Circulation Schemes (Banning) Act, 1978 (43 of1978).
5. The National Housing Bank Any scheme or an arrangement for acceptance ofdeposits registered under the National Housing Bank Act, 1987(53 of 1987).
6. The Pension Fund Regulatory and DevelopmentAuthority Any scheme or an arrangement under the PensionFund Regulatory and Development Authority Act, 2013 (23 of2013).
7. The Employees' Provident Fund Organisation Any scheme, Pension Scheme or Insurance Schemeframed under the Employees' Provident Fund and MiscellaneousProvisions Act, 1952 (19 of 1952).
8. The Central Registrar, Multi-State Co-operativeSocieties Any scheme or an arrangement for acceptance ofdeposits from voting members by a Multi-State Co-operativeSociety registered under the Multi-State Co-operative SocietiesAct, 2002 (39 of 2002).
9. The Ministry of Corporate Affairs, Government ofIndia (i) Deposits accepted or permitted under theprovisions of Chapter V of the Companies Act, 2013 (18 of2013).
    (ii) Any scheme or an arrangement under whichdeposits are accepted by a company declared as a Nidhi or aMutual 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.
The Second Schedule(See section 42)Amendments To Certain Enactments