Section 8(1) in Arunachal Pradesh Protection of Interests of Depositors (In Financial Establishments) Act, 2017
(1)(a)Before starting operation in the State of Arunachal Pradesh, every Financial Establishment shall intimate the Deputy Commissioner of the District about the details of its business under his local jurisdiction indicating, with supporting documents, the registration/ permission/sanctions obtained from the authorities like the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI) or any other Competent Regulatory authority of Central or State Government required under the relevant law for the time being in force in such form and in such manner, as may be prescribed by the State Government and obtain No objection certificate thereto.(b)While giving his No Objection Certificate under clause (a) of sub-section (1), the Deputy Commissioner, inter alia, shall satisfy himself on the adequacy of the capital base of the Financial Establishment, its business model and sustainability of its business. For the purpose of satisfying himself regarding capital adequacy of the Financial Establishment, the Deputy Commissioner may call for any other document which he, in his judgment, considers necessary for arriving at an objective conclusion.(c)Before giving his No-Objection Certificate under clause (a) of sub-section (1), the Deputy Commissioner shall collect a report from the Superintendent of Police having jurisdiction for this purpose. The Superintendent of Police shall cause such enquiries/ verifications of the Financial Establishment and the persons associated with it in order to ascertain their genuineness or otherwise, previous criminal conduct or acts, if any, and parameters relevant thereto as per existing laws.
