Need to establish mechanism to monitor companies: CS
JAMMU, MARCH 5: Chief Secretary, B B Vyas Monday chaired the 29th meeting of the State Level Coordination Committee (SLCC) on Non-Banking Financial Companies (NBFCs) and Un-Incorporated Bodies (UIBs) convened by the Reserve Bank of India (RBI). Regional Director RBI Jammu, Principal Secretary Home, Secretary Law, IGP Crime, J&K, and senior officers from RBI, SEBI, Registrar of Companies (ROC) and State Government participated in the meeting. Reiterating his earlier directions on greater co-ordination between the regulators and law enforcement agencies to prevent unscrupulous companies from luring investors and duping them of their hard-earned money, Chief Secretary underscored the need to establish an effective mechanism to monitor and track companies operating in multiple states. The SLCC also reviewed the progress in regard to the cases referred to the Crime Branch by the RBI and action taken on the public complaints against certain delinquent entities. Chief Secretary emphasized on conducting Investor Awareness Programmes and giving wide publicity about such errant companies for general public awareness including the use of bulk messaging by the RBI, cautioning people against falling prey to unsolicited and fictitious offers received through emails/SMS/Phone calls. He emphasized on strengthening cyber security wings and advised creating awareness of the same amongst the law enforcing authorities in view of rising economic offences. The Committee was informed that RBI conducted two awareness programmes for investigating officers (IOs) of the Police Department in November, 2017 and January, 2018, wherein over 60 IOs from Crime Branch and CID participated. Further sessions on Cyber Risks and Cyber Security have also been conducted. Similarly, awareness programmes on collective financial schemes and financial literacy are being conducted by SEBI in each district.