4th State level Coordination Committee (SLCC) meeting on Non-Banking Financial Companies (NBFCs) for H.P. was held here today under the chairmanship of P.C. Dhiman, Additional Chief Secretary (Home) to the Government of H.P. Rashmi Fauzdar, Regional Director, Reserve Bank of India, Vijyant Verma of SEBI, Aditya Sharma, NHB, Sanjay Kundu, ADGP Law and Order, Akshay Sood, Special Secretary (Finance) and others were also present in the meeting.
Dhiman emphasized that it was the collective responsibility of all regulators to check frauds taking place in their respective jurisdiction and opined that information on frauds may be widely disseminated to educate common people about the modus operandi of financial frauds and prevent people from falling trap to these unscrupulous activities. He informed that Himachal Pradesh Government has enacted the Protection of Interest of Depositors (PID) Act and special powers have been granted to judges and other legal authorities to deal with financial frauds under the Act.
Rashmi Fauzdar of RBI emphasized on web-linking of sites of RBI, SEBI, IRDAI etc. with the website of the Government of Himachal Pradesh to enable common people at access sites of all financial regulators at one place.
SEBI representative Vijyant Verma stated that SEBI had been running regular media campaigns to make potential depositors aware about pitfalls of investing and putting deposits with companies that promise abnormally high returns.
It was decided in the meeting to make the public more aware about potential financial frauds and make them financially more literate so that common people are not defrauded by unscrupulous chit fund and other deposit companies.
Dhiman emphasized that it was the collective responsibility of all regulators to check frauds taking place in their respective jurisdiction and opined that information on frauds may be widely disseminated to educate common people about the modus operandi of financial frauds and prevent people from falling trap to these unscrupulous activities. He informed that Himachal Pradesh Government has enacted the Protection of Interest of Depositors (PID) Act and special powers have been granted to judges and other legal authorities to deal with financial frauds under the Act.
Rashmi Fauzdar of RBI emphasized on web-linking of sites of RBI, SEBI, IRDAI etc. with the website of the Government of Himachal Pradesh to enable common people at access sites of all financial regulators at one place.
SEBI representative Vijyant Verma stated that SEBI had been running regular media campaigns to make potential depositors aware about pitfalls of investing and putting deposits with companies that promise abnormally high returns.
It was decided in the meeting to make the public more aware about potential financial frauds and make them financially more literate so that common people are not defrauded by unscrupulous chit fund and other deposit companies.
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