Kohima, May 26 (MExN): The Government of Nagaland has appointed the Commissioner of Nagaland as the ‘Regulator’ for the State under the Banning of Unregulated Deposit Schemes Act, 2019, besides naming the Additional Secretary (Revenue) of the Finance Department as the ‘Competent Authority’ to administer the law’s key provisions.
The notification, issued by the Finance Department and circulated through the State IPR, takes immediate effect and partially modifies an earlier order dated February 24, 2025.
In exercise of powers conferred under Section 28 read with Column (2) of the First Schedule of the Banning of Unregulated Deposit Schemes Act, 2019, and in pursuance of Sections 2(15) and 3 of the Act, the State Government has appointed the Commissioner, Nagaland, as the ‘Regulator’.
The Regulator will be responsible for regulating, supervising and exercising powers and functions provided under the 2019 Act within the territorial jurisdiction of Nagaland. The duties include coordination with the Competent Authority, law enforcement agencies, and other authorities constituted under the Act.
In partial modification of the Finance Department’s notification of even number dated February 24, 2025, and under Section 7(1) and (2) of the Act, the Government has appointed the Additional Secretary to the Government of Nagaland, Finance Department (Revenue), as the ‘Competent Authority’ for the purposes of the said Act.
The Competent Authority shall exercise and perform all powers and functions assigned under Sections 7 to 15 of the Act, including but not limited to provisionally attaching properties and deposits acquired either in the name of the deposit taker or in the name of any other person on behalf of the deposit taker under Section 7(3), assessing and realising assets and deposits for repayment to depositors under Sections 9 and 10 and coordinating with law enforcement agencies, district administration and financial institutions for investigation and enforcement under the relevant provisions of the Act.
Further, under Section 7(2) of the Act, the government has designated all Additional Deputy Commissioners (ADCs) posted at District Headquarters to assist the Competent Authority. Their duties include field verification, enforcement support, identification of properties, dissemination of public notices and coordination with local law enforcement authorities.
The Competent Authority may issue such directions and operational procedures, consistent with the provisions of the Act and rules framed there under, as may be necessary for effective implementation of the Act in the State.
The notification further stated that it shall come into force with immediate effect.
