Aimed at protecting investors against illicit schemes run by fraudulent financial companies, the Punjab government has decided to work closely with the Reserve Bank and capital markets regulator Sebi.
To protect the interests of investors, RBI has taken supervisory action on 18 such companies in last two years and has also run public financial awareness campaigns across the state, a Punjab government release said here today.
"IAS/PCS officers of the state shall also be trained on financial activities/management by RBI," it said.
The progress of RBI, Sebi and their coordination with state government was discussed during the meeting here of State Level Coordination Committee of Non-Banking Finance Companies (NBFCs) chaired by Sarvesh Kaushal, Chief Secretary Punjab.
State Level Coordination Committee has been formed to take concerted action in coordination with state government authorities, regulatory agencies, against delinquent entities and un-incorporated bodies involved in financial activities and other related issues, the release said.
During the meeting, the Chief Secretary was informed by RBI that supervisory action has been taken on 18 companies of the region for non-adherence to the RBI guidelines.
During the meeting, the Chief Secretary was also informed that the RBI has conducted one-day awareness programme on protection of interest of depositors at Maharaja Ranjit Singh Police Academy Phillaur and Police Lines Sangrur and Amritsar.
Sebi has also provided the training support to deliberate matters pertaining to collective investment schemes.
The Chief Secretary suggested to Sebi to send informative messages to the citizens of the state for public awareness against fraudulent companies.
The progress of implementation of Punjab Crime and Criminal Tracking Network Systems (CCTNS) was also reviewed in detail and Chief Secretary was told that 346 Police Stations of the State are already using CCTNS and FIRs are being registered online.
