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Lok Sabha refers bill to ban ponzi schemes to Par panel

Press Trust of India  |  New Delhi 

The today referred a bill seeking to ban unregulated schemes to the parliamentary on the ground that it required thorough deliberations.

When the Banning of Unregulated Schemes Bill 2018 was taken up for discussion, the House, through a voice vote, decided to refer it to the on Finance.

Nishikant Dubey (BJP) said the ponzi schemes have defrauded gullible investors, particularly in many eastern states.

As ponzi schemes also involve state administration and other authorities, the legislation requires comprehensive study, he said, adding that the bill should be referred to the to make it more effective.

The bill is aimed at tackling the menace of illicit deposit-taking activities across the country.

Companies and institutions, running such schemes, exploit the existing regulatory gaps and lack of strict administrative measures to dupe the poor and gullible people of their hard- earned savings, the objective of the bill said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 09 2018. 20:00 IST