The Ordinance makes it absolutely necessary for everyone to register before taking a deposit and creating a central repository of all the registered entities which can take deposits. So, whosoever are not registered are not regulated entities,” said Financial Services Secretary Rajiv Kumar.
From now on, there is a complete ban on unregulated deposit and anyone promoting this will be punished, he said. “It also says you cannot dupe anybody as an agent or even as advertisement, you cannot give face to that scheme which is not regulated by any agency,” he added.