Maharashtra Protection of Interest of Depositors (in Financial Establishments) (Amendment) Act, 2026
Maharashtra Protection of Interest of Depositors (in Financial Establishments) (Amendment) Act, 2026
The Maharashtra Protection of Interest of Depositors (in Financial Establishments) (Amendment) Act, 2026, updates the 1999 legislation designed to protect citizens from fraudulent financial schemes. The Act regulates "Financial Establishments"—entities that accept deposits with promises of returns—and now explicitly includes "Virtual Digital Assets" within the definition of a deposit. It empowers the state government to attach the assets of establishments that default on repayments or fail to deliver promised services. This law is critical for ordinary citizens as it provides a legal mechanism to recover funds from fraudulent investment schemes, including those involving modern digital assets, by bypassing standard, slow civil litigation.
- 1. Short title and commencement
- 2. Definitions
- 3. Fraudulent default by Financial Establishment
- 4. Attachment of properties on default of return of deposits
- 5. Appointment of Competent Authority
- 6. Designated Court
- 7. Powers of Designated Court regarding attachment
- 8. Attachment of property of malafide transferees
- 9. Security in lieu of attachment
- 11. Appeal
- 18. Repeal of Mah. Ord. XXXIV of 1999 and saving
Some statutory text is still being prepared for this language version.
PDF: pending for this language.