ser Corrigenda to Banning of Unregulated Deposit Schemes Ordinance, 2019 Corrigenda to Banning of Unregulated Deposit Schemes Ordinance, 2019

MINISTRY OF LAW AND JUSTICE

(Legislative Department)

New Delhi, the 28th February, 2019

CORRIGENDA

In the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 (No. 07 OF 2019) as published in the Gazette of India, Extraordinary, Part 11, Section 1, Issue No. 13, dated the 213February, 2019,—

Page No. Line(s) No.  For Read
28 “The whole page” “Deleted
29 Page “29” Page “28”
30 Page “30” Page “29”

DR. G. NARAYANA RAJU,
Secy. to the Government of India.


By Above Corrigenda Minstry of Law and Justice has removed following Text from the BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019.

AMENDMENT TO CERTAIN ENACTMENTS
PART I
AMENDMENT TO THE RESERVE BANK OF INDIA ACT, 1934

Amendment of section 45-1 of Act 2 of 1934.

In the Reserve Bank of India Act, 1934, in section 45-I, in clause (bb), after Explanation II, the following Explanation shall be inserted, namely:—

“Explanation III.—The amounts accepted by a co­operative society from the members or shareholders, by whatever name called, but excluding the amounts received as share capital, shall be deemed to be deposits for the purposes of this clause, if such members or shareholders are nominal or associate members, by whatever name called, who do not have full voting rights in the meetings of such co-operative society.”.

PART II
AMENDMENTS TO THE SECURITIES AND
EXCHANGE BOARD OF INDIA ACT, 1992

Amendment of section 11 of Act 15 of 1992.

In the Securities and Exchange Board of India Act, 1992,—

(i) in section 11, in sub-section (4), for clause (e), the following clause shall be substituted, namely:—

“(e) attach, for a period not exceeding ninety days, bank accounts or other property of any intermediary or any person associated with the securities market in any manner involved in violation of any of the provisions of this Act, or the rules or the regulations made thereunder:

Provided that the Board shall, within ninety days of the said attachment, obtain confirmation of the said attachment from the Special Court, established under section 26A, having jurisdiction and on such confirmation, such attachment shall continue during the pendency of the aforesaid proceedings and on conclusion of the said proceedings, the provisions of section 28A shall apply:

Provided further that only property, bank account or accounts or any transaction entered therein, so far as it relates to the proceeds actually involved in violation of any of the provisions of this Act, or the rules or the

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