SLCC meet on work­ing of NBFCS, UIBS held

The Northlines - - STATE -

Chief Sec­re­tary, B V R Subrah­manyam Thurs­day chaired the 30th meet­ing of the State Level Co­or­di­na­tion Com­mit­tee (SLCC) on Non-bank­ing Fi­nan­cial Com­pa­nies (NBFCS) and Un­in­cor­po­rated Bod­ies (UIBS) con­vened by the Re­serve Bank of In­dia (RBI). Re­gional Di­rec­tor RBI Jammu, Prin­ci­pal Sec­re­tary Home, ADGP CID, IGP (CIV), PHQ and se­nior of­fi­cers from RBI, SEBI and Gov­ern­ment par­tic­i­pated in the meet­ing.

The SLCC re­viewed the progress re­gard­ing no­ti­fi­ca­tion of the rules in terms of the Jammu and Kash­mir Chit Funds Act, 2016, ap­point­ment of nodal of­fi­cer un­der the Jammu and Kash­mir Pro­tec­tion of In­ter­ests of De­pos­i­tors (in Fi­nan­cial Es­tab­lish­ment) Act, 2018, shar­ing of Mar­ket In­tel­li­gence (MI) on NBFI ac­tiv­i­ties, SOP for deal­ing with pub­lic com­plaint, is­suance of no­ti­fi­ca­tion un­der Sec­tion 45 T and 58 E of the RBI Act, 1934 and other is­sues. The SLCC was in­formed that the rules in terms of the Jammu and Kash­mir Chit Funds Act, 2016 have been fi­nal­ized and will be no­ti­fied shortly. Fur­ther, it was in­formed that un­der the Jammu and Kash­mir Pro­tec­tion of In­ter­ests of De­pos­i­tors (in Fi­nan­cial Es­tab­lish­ment) Act, 2018; Ad­di­tional Dis­trict Mag­is­trate shall be the Com­pe­tent Au­thor­ity within their ter­ri­to­rial ju­ris­dic­tion for car­ry­ing out the pur­pose of the said Act. The or­der to this ef­fect was is­sued by the State Fi­nance De­part­ment on 8th Jan­uary, 2018.

The SLCC also re­viewed the progress in re­gard to the cases re­ferred to the Crime Branch by the RBI and ac­tion taken on the pub­lic com­plaints against delin­quent en­ti­ties.

Chief Sec­re­tary im­pressed upon forg­ing greater co­or­di­na­tion be­tween the reg­u­la­tors and law en­force­ment agen­cies to pre­vent un­scrupu­lous com­pa­nies from dup­ing the in­vestors of their hard earned money. For this pur­pose, a Com­mit­tee of of­fi­cers drawn from Crime Branch, RBI, SEBI and ROC will meet on a fort­nightly ba­sis and ex­change in­for­ma­tion.

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