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Synthesis, Characterization, Antimicrobial Study And ISSN NO.: 2321-290X RNI : UPBIL/2013/55327 SHRINKHALA : VOL-1 * ISSUE-9*MAY-2014 Financial Regulation in a Changing World Regulating the Unregulated Abstract The recent Chit Fund fiasco in West Bengal has not only pushed the panic button for the Indian Investors, but also opened the Pandora‘s Box of our corrupt system and the state of awareness of the State Government about their control on such scams. This is a case in which all the three parties are to be blamed equally – the Investors, the System or the Government and the investment Agencies. Though the issue of cheating and fraud came to light because of Saradha fiasco in West Bengal, Odisha is not far behind in any sense. "Chit funds in India are governed by the Chit Funds Act, 1982. Under this Act, the chit fund businesses can be registered and regulated only by the respective State Governments". After such clarification from the Centre the affected states are now trying to revamp the wound of ill fated investors of their states. No one is giving a fair solution to prevent the chit fund scams. Also no one is trying to find out the root cause of such scams. As a result the investors are in dark about the refund of their funds. It is going to be treated as a combined failure of state as well as country. Expectation of easy money return in short time, fake success stories by the agents of such companies motivate the illiterate rural people to invest in the chit funds. The poor literacy in rural areas gives a wide dimension for the fraud chit fund companies for growth. No investor is interested to know about the strategy of the company behind such attractive offers. Rasananda Mohanty Keywords: investment, compensate, stringent regulatory, administration Research Scholar, Introduction Deptt. of Commerce Now many questions come to the discussion table when everything Ravenshaw University is lost. Questions like why such scams are not identified from the beginning Cuttack, Odisha stage, why the administration is not taking any action to prevent such scams, why state Govt. will not compensate the investors, what will be the future of the money invested, why the growth of chit fund companies is not being restricted and many more. So it is the time to raise voice against such scams. We must try to find out the root of such cheats. We should try to aware ourselves about such fraudulent offers. Strong administration and systematic rule can be a solution to melt down such scams. Strong awareness programs must be initiated by the Government for a fair investment for the investors. The Govt. should design a stringent regulatory mechanism to control activities of mushrooming of chit funds, many of which dupe investors of their life's savings. Tushar Kant Pany The role of SEBI and RBI must be redefined to monitor the activities of chit Reader fund companies. The chit fund companies operated in breach of Company School of Commerce & Deposit Rules, 1975 which prohibit all companies (except public sector undertakings) from accepting deposits which are unsecured instruments Management Studies, (debentures or otherwise) for more than 10% of their net worth. RBI must Ravenshaw University, come up with an adequate solution to protect the investors from the chit Cuttack, Odisha fund companies. The regulation of the Chit Fund industry was put in place by the Government of India to address the problem of misuse of informal Chit Funds by unscrupulous promoters and founders running away with the participants‟ funds, leaving the members with little recourse to retrieve their money back. Literature Review Chit Funds…Past, Present & Future… A Chit fund is a kind of savings scheme practiced in India. Chit funds are the Indian equivalent of the Rotating Savings and Credit Associations (ROSCA) that are famous throughout the world. ROSCAs are a means to ―save and borrow‖ simultaneously. It is considered one of the best instruments to cater to the needs of the poor. It enables poor people to convert their small savings into lump sums. The concept of chit funds originated more than 1000 years ago. Chit funds are savings schemes under which a person enters into an agreement with a specified number of 30 ISSN NO.: 2321-290X RNI : UPBIL/2013/55327 SHRINKHALA : VOL-1 * ISSUE-9*MAY-2014 persons who agree to subscribe a certain sum of concessions in the matter of stamp duty. Chit funds money over regular installments for a certain period in do not receive any special assistance from the return for interest and lends money to those wanting Government, but are tending to be regulated in an to purchase property, etc. On the other hand, nidhis Chit funds grew at a time when banking and credit are restricted to smaller groups and accept deposits facilities were inadequate and people in general had and lend money only to member-borrowers. to rely to a large measure on indigenous sources for According to Primitive civilizations, a book written by their many productive and consumption needs. Chit Edith Jemima Simcox, the ‗Malabar Kuri‘ system funds have been meeting a part of the genuine credit existed from ancient Dravidian times and is somewhat needs of the people, both in urban and rural areas. similar to the systems in China. In China it developed In present scenario chit funds are identified as to what is popularly known today as the Chinese Cheat Funds. The state Govt. has no defined lottery. ―The concept of Chit funds came into being in guidelines to start up a chit fund so any financial the 1800‘s when Raja Rama varma, ruler of erstwhile sound group of people come together to start such Cochin State gave a loan to a Syrian trader, keeping a business. They start to serve the people as a pool of certain portion of it to himself for administrative and saving with a commitment to help in their need time other expenses. Later, to manage the increasing but slowly they start gambling with the investors by number of those seeking loans, he ordered a cast of utilizing the fund for their own benefits. As the lots and gave the accumulated amount to those who borrowing aspect of the chit fund raised, it gave drew the lot on the principle of equity. momentum to the expansion of the chit fund business A Chit fund company means a company and a new class of institutional foremen developed. managing, conducting or supervising, as foremen, The chit fund business now a days became a modern agent or in any other capacity, chits as defined in business serving the credit needs of the all categories Section 2 of the Chit Funds Act, 1982. According to of rural as well as urban people with branches spread Section 2(b) of the Chit Fund Act, 1982, "Chit means all over the country. Chit fund companies pool the a transaction whether called chit, chit fund, chitty, resources by diverting the surplus funds from one kuree or by any other name by or under which a branch to the other and maintain the liquidity properly person enters into an agreement with a specified of in order to meet the customer‘s credit requirements in persons that every one of them shall subscribe a time. With the help of these branches it runs various certain sum of money (or a certain quantity of grain chit schemes of various denominations ranging from instead) by way of periodical installments over a daily or weekly chits to help small traders and daily definite period and that each such subscriber shall, in vendors. With the crisis in the micro finance sector, his turn, as determined by lot or by auction or by chit fund companies are now eager to tap lower tender or in such other manner as may be specified in income group households. Thus, over the past year, the chit agreement, be entitled to the prize amount". chit funds of lower denomination, with a higher They have served as a medium of saving for number of participants, fuelled the growth of the many people. Chit fund is a typical indigenous industry in the southern states. financial institution peculiar to South India, particularly As there are no guidelines on the investment Andhra Pradesh, Tamil Nadu and Kerala. The strategy of chit fund companies so they get freedom progenitor of chit funds in Tamil Nadu is known as to distribute the funds in any means. Particularly in Moyy Murai. The term Moyy means call money pooled rural areas the chit fund companies grow rapidly. and Murai means custom. Under this system, a group There are many reasons stand in favor of such of persons in a village or locality, known to each other growth. The chit fund companies invest the public joined together to pool their resources to meet the money for their luxury. They utilize the funds in film need of an individual of the group. There were some making, costly car, flats and gold. The unregistered well-defined needs such as celebrating marriage, chit funds invest the public money in many grey fields. buying of land, building of houses and purchasing of As a result the investors face a lot of difficulty at their cattle that were prescribed under the system. It was a need time. Finally failing upon which them attempt Sahaya-Nidhi, with a strong element of co-operative suicide. The chit fund companies design many spirit. In course of time, the term Moyy was replaced attractive schemes by showing a high rate of return by the term chit or olai (palm leaf), which was the initially.
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