The Finance department of Nagaland has notified the appointment of the Regulator and Competent Authority under the Banning of Unregulated Deposit Schemes Act.
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DIMAPUR — The Finance department, in a notification dated May 15, has appointed the commissioner of Nagaland as the "regulator" for the state.
According to the notification, the regulator will be responsible for regulating, supervising, and exercising such powers and functions as provided under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.
The regulator shall exercise jurisdiction in respect of all matters relating to unregulated deposit schemes within the territorial jurisdiction of Nagaland and shall discharge such functions as are assigned under the Act, including coordination with the competent authority, law enforcement agencies, and other authorities.
According to a DIPR report, in partial modification of the Finance department’s notification dated February 24, 2025, and in exercise of the powers conferred under Section 7(1) and (2) of the Banning of Unregulated Deposit Schemes Act, 2019, the Government of Nagaland has appointed the additional secretary to the Government of Nagaland, Finance department (Revenue), as the "competent authority" for the purposes of the Act.
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The competent authority shall exercise and perform all powers and functions assigned under sections 7 to 15 of the Act, including provisionally attaching properties and deposits acquired either in the name of the deposit taker or in the name of any other person on behalf of the deposit taker under Section 7(3).
It will also be responsible for assessing and realising assets and deposits for repayment to depositors under sections 9 and 10, and coordinating with law enforcement agencies, district administration, and financial institutions for investigation and enforcement.
Further, in exercise of the powers conferred under Section 7(2) of the Act, the Government of Nagaland has designated all ADCs posted at district headquarters to assist the competent authority in the discharge of its functions, including field verification, enforcement support, identification of properties, dissemination of public notices, and coordination with local law enforcement authorities.
The competent authority may issue directions and operational procedures consistent with the provisions of the Act and rules framed thereunder for effective implementation of the Act in the state. The notification stated that it shall come into force with immediate effect.