Description
Bloomsbury Professional India Critical Commentary On The Banning Of Unregulated Deposit Schemes Act 2019 And Allied Laws by Suraj Surjit Chaudhary
About the book
With the passage of time, the existing State Depositor
Protection Laws have proven inadequate in protecting the general public from
unscrupulous deposit-taking firms. Parliament has though it fit to remedy the
situation by bringing out Banning of Unregulated Deposit Schemes Act, 2019.
While there is no end to the kingdom of
knowledge in this fast-changing society, there was dearth of suitable books on
Depositor Protection Laws. This book is a brief, analytical, section-wise legal
commentary on the recently enacted Banning Act which is an umbrella law covering
all kinds of deposits-Central and State.
It attempts to highlight and analyse the
various issues, problems, short-comings, lapses and merits in the Banning Act
and allied laws in the backdrop of the litigation surrounding the various
State/UT Acts that this new Central Act replaces. This book will be of value to
anyone concerned to understand the rights and remedies under this law.
It would be
immensely useful for legal practitioners, company secretaries, chartered
accountants, law makers, enforcement agencies, judges
and depositors.
Key features
This book is an exhaustive treatise on the
Banning of Unregulated Deposit Schemes Act, 2019 including -
• Detailed
analysis of judicial precedents relating to the constitutional vires of Central
Deposit Law and State Deposit Laws;
• Compiles
and analyses various judicial precedents relating to pari materia provisions
found in State Deposit Laws;
• Detailed
analysis of amendments carried out in other laws, including the Securities and
Exchange Board of India Act 1992, and the Reserve Bank of India Act 1934;
• Detailed
analysis of related laws, including the Delhi Special Police Establishment Act
1946;
• Detailed
analysis of priority of depositors qua the provisions of the Insolvency and
Bankruptcy Code, 2016;
• Covers
latest developments in law including those relating to crypto-currency;
• Covers
the public consultation papers issued by the Central Government; and
• Detailed
coverage of related foreign deposit related laws, including the law of United
Kingdom from where important aspects have been borrowed and incorporated in the
Act.
About the Authors
Chaudhary Suraj Surjit holds a B.L.S. LL.B.
from the University of Mumbai. He is an alumnus of Government Law College,
Mumbai.
Suraj has extensive experience of over 12
years spanning across law practice and in-house counsel. He started his law
practice in 2007 and was subsequently associated with the Securities and
Exchange Board of India, from June 2011 till January 2020, where amongst other
things, he ably assisted the High-level Committee to review the Enforcement and
Settlement Mechanism chaired by Hon’ble Mr. Justice Anil R. Dave, retd. Supreme
Court. He has also handled several important litigations, including the SEBI-Sahara matter and assisted in
drafting several important regulations and circulars, such as the SEBI Settlement Regulations and the
recently introduced informant-reward
mechanism as part of the SEBI’s insider trading regime.
Suraj was a part of the Indian representative
team to the UNIDROIT Committee on Emerging markets Issues, held at Beijing
China, 2017. He was also a part of the study team formed by the Board to study
the various crypto-asset related laws of in other countries.
Suraj has also dealt with the drafting related
issues of various Parliamentary and State enactments, in particular, the State
Depositor Protection Laws and this enactment. He has advised the Board in
relation to several upcoming and new financial legislations such as the
Insolvency and Bankruptcy Code, 2016, the now withdrawn Financial Resolution
and Deposit Insurance Bill, 2017, the draft Data Protection Law, the
International Financial Services Centres Authority Bill, 2019, etc.
Chaudhary Suraj Surjit is reachable at the
Chambers of Shri Prateek Seksaria,
Advocate, Mumbai and via email at law.chaudharyss@gmail.com