Section 7 of BUDS Act : Section 7: Competent Authority

BUDS Act

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Explanation using Example

Imagine a case where a company, "QuickReturns Ltd.," has been promoting an investment scheme that promises unusually high returns with little to no risk. The scheme is widely advertised and has attracted a significant number of investors. However, the scheme is not registered under any regulatory framework and is effectively operating as an unregulated deposit scheme.

The state government, upon receiving numerous complaints about QuickReturns Ltd., decides to take action. It issues a notification appointing a senior officer, Mr. Sharma, as the Competent Authority under the Banning of Unregulated Deposit Schemes Act, 2019, to investigate the matter.

Mr. Sharma, using his powers under the Act, believes that QuickReturns Ltd. is indeed in violation of Section 3, which prohibits unregulated ...

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