Parliament passes bill to curb ponzi schemes, protect poor investors

NEW DELHI: Parliament on Monday passed a bill which seeks to put in place a mechanism to protect gullible investors from being duped by ponzi schemes and ensure that they get back their hard earned money.

The Banning of Unregulated Deposit Schemes Bill, 2019 was passed by a voice vote in Rajya Sabha after members, cutting

across party lines, supported the legislation that had received Lok Sabha’s nod on July 24.

Replying to a debate on the bill, which will replace an ordinance, Minister of State for Finance Anurag Singh Thakur

appealed to all members to “bless” the legislation for protecting the interests of the poor and the innocent whose hard earned money is usurped through ponzi schemes. (AGENCIES)