State News

J&K sets up mechanism to protect investors

By IndianMandarins- 12 Jan 2019


The J&K government has decided that a Committee of officers drawn from Crime Branch, RBI, SEBI, and RoC will meet on a fortnightly basis and exchange information on the activities of non-banking finance companies in the state.


This decision was taken at the 30th meeting of the State Level Coordination Committee (SLCC) on Non-Banking Financial Companies (NBFCs) and Un-incorporated Bodies (UIBs) convened by the Reserve Bank of India (RBI).

The meeting was chaired by Chief Secretary B V R Subrahmanyam and attended by Regional Director RBI Jammu, Principal Secretary Home, ADGP CID, IGP (CIV), PHQ and senior officers from RBI, SEBI and Government.


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.

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