Bare Act
The Kerala Banning of Unregulated Deposit Schemes Rules
Finance11 rules
These rules regulate unauthorized deposit schemes in Kerala, ensuring that illegal financial operations are shut down. They apply to businesses offering unregulated investment schemes, self help groups which face an annual transaction limit of seven lakh rupees, and law enforcement agencies. This legislation matters because it protects citizens from predatory financial scams that threaten their life savings. By creating clear legal processes to rapidly freeze accounts, seize properties, and sell the assets of fraudulent operators, the state can easily recover and return stolen money to defrauded investors, making the entire local financial ecosystem significantly safer, fairer, and much more secure.
- 0. Preamble
- 1. Short title and commencement
- 2. Definitions.- (1) In these rules, unless the context otherwise requires,-
- 3. Ceiling for self-help groups
- 4. Manner of provisional attachment and administration of attached property.
- 5. Impounding and retention of records
- 6. Powers of Civil Court conferred on the Competent Authority.
- 7. Issue of summons
- 8. Authorization for search and seizure
- I. [ IMMOVABLE PROPERTY ]
- II. [ MOVABLE PROPERTY ]
PDF: pending for this language.