SRINAGAR : Chief Secretary Mohammad Iqbal Khandey, Thursday chaired the meeting of the State Level Coordination Committee (SLCC) on Non Banking Financial Companies (NBFCs) and Unincorporated Bodies (UIBs).
Chief Secretary while receiving brief on the status of registered Non-Banking Financial Companies in the State emphasized the need for regulation of this sector and priority to protect the interests of the depositors. He called for greater coordination between the Reserve Bank and the other regulatory and enforcement agencies to prevent unknown companies from luring investors.
We have instances where delinquent Non-Banking Financial Companies (NBFCs) and unincorporated bodies (UIBs), engage in unauthorized collection of deposits from the public or float innovative schemes to lure investors by promising higher returns, but then vanishing suddenly, thereby, duping the public of their hard earned money, Chief Secretary maintained adding that list of all such active or dormant defaulting companies should be publicized at large for mass awareness.
The Committee underscored the need to educate people and police officials investigating such companies and bodies besides calling for two way exchange of information amongst various stake holders to prevent and pre-empt such unscrupulous elements from taking advantage of gullible public.
The committee also reviewed the status of action taken against certain delinquent entities with directions from the Chief Secretary to all the concerned agencies to be on look out to prevent such or similar entities from duping people any further anywhere in the State.
The meeting convened by Reserve Bank of India was attended by Principal Secretary Home, Suresh Kumar, Regional Director RBI, K K Saraf, Secretary Law, Mohammad Ashraf Mir, IGP, Mr Arun Chowdhary, IGP CID, Dr. B. Srinivas, General Manager, RBI, Jammu A.K Mattu, Chief Financial Consultant, Ravi Mangotra and representatives from SEBI, NHB, ICAI, and Union Ministry of Corporate Affairs and other senior officers.
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