The Government of Nagaland has appointed the Commissioner, Nagaland as the “Regulator” for the State of Nagaland.

According to a notification, the Regulator would be responsible for regulating, supervising and exercising such powers and functions as provided under the Banning of Unregulated Deposit Schemes Act, 2019. The Regulator shall exercise jurisdiction in respect of all matters relating to unregulated deposit schemes within the territorial jurisdiction of the State of Nagaland and shall discharge such functions as are assigned under the Act, including coordination with the Competent Authority, law enforcement agencies and other authorities constituted under the said Act.

In partial modification of the Finance Department’s Notification of even number dated 24th February, 2025 and in exercise of the powers conferred under Section 7(1), (2) of the Banning of Unregulated Deposit Schemes Act, 2019, the Government of Nagaland 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.

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Further, in exercise of the powers conferred under Section 7(2) of the said Act, the Government of Nagaland has designated all Additional Deputy Commissioners (ADCs) posted at District Headquarters to assist the Competent Authority in discharge of its functions under the Act, including 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.