The
Minister of Corporate Affairs has written to State Chief Ministers requesting
State Governments to issue instructions to their State Police Authorities for
vigorous action under the Prize Chits and Money Circulation Schemes (Banning)
Act, 1978 as Multi-Level Marketing (MLM) activities fall within the purview of
Money Circulation Scheme (the said Act is administered by the Ministry of
Finance). Giving this information in written reply to a question in the Rajya
Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that he has
also written to the Finance Minister to increase surveillance by the Reserve
Bank of India over unauthorized Non-Banking Finance Companies. Model rules
under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 have
been sent by the Ministry of Finance to the State Governments for notification.
Shri
Pilot informed the House that the creation of awareness among investors is
primarily through the Investor Awareness Programmes conducted by the Ministry
of Corporate Affairs in association with the Institute of Chartered Accountants
of India, the Institute of Company Secretaries of India and the Institute of
Cost Accountants of India. These programmes aim at spreading investor awareness
throughout the country. The Institutes conduct the programmes in various cities
and towns (including small towns) and include distribution of booklets on
investor awareness in different languages. In order to reach out to larger
section of the society, it has been recently decided to send bulk short
messages on BSNL’s network, crawler/ticker message on the news channel of Doordarshan
and its Regional Kendras. In addition, a brief investor awareness message is
planned to be displayed on Post Office Savings Bank Passbooks. Besides, to
ensure better utilisation of resources and increase the outreach of messages,
the possibility of having joint campaigns through organisations like SEBI is
also being explored, Shri Pilot said.
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