The Kerala Protection of Interests of Depositors in Financial Establishments Act, 2013
The Kerala Protection of Interests of Depositors in Financial Establishments Act, 2013
General201316 sections
This law protects depositors who put money into financial institutions by regulating how those establishments operate when they have trouble paying back funds or providing promised services. It applies to any person or company that collects deposits, excluding government bodies or banks. When authorities receive complaints that an establishment cannot return deposits or is suspected of fraud, the government can quickly take control of their property. This power ensures depositors get their money back immediately, preventing these financial entities from disappearing with investor funds.
- 1. Short title and commencement
- 2. Definitions
- 3. Attachment of property on default of return of deposits
- 4. Competent authority
- 5. Default in repayment of deposits and interests honouring the commitment
- 6. Compounding of offence
- 7. Special Court
- 8. Powers of the Special Court regarding attachment, sale, realisation and distribution
- 9. Attachment of property of mala fide transferees
- 10. Security in lieu of attachment
- 11. Administration of property attached
- 12. Appeal
- 13. Special Public Prosecutor
- 14. Procedure and powers of Special Court while trying offenses
- 15. Overriding effect of the Act over other Laws
- 16. Power to make rules
PDF: pending for this language.