Bare Act

The Tripura Protection of Interest of Depositors (In Financial Establishment) (Amendment) Act, 2011

This amendment protects depositors in Tripura by regulating financial establishments that collect deposits. It applies to these institutions and their entire management team, including promoters and directors. The law matters because it combats financial scams by requiring firms to report details to state authorities, verify regulatory clearances like the RBI or SEBI, and submit monthly transactions. It empowers officers to inspect offices, freeze assets, and halt operations of deceptive businesses. Crucially, it makes fraudulent defaults on deposits a severe crime, penalizing individual violators with mandatory prison terms of five to ten years and substantial fines, thus safeguarding valuable public savings.

PDF: pending for this language.