Tuesday, 26th May 2026 (Nokinketer News): The Finance Department, Government of Nagaland, has appointed the Commissioner, Nagaland as the “Regulator” for the State under the provisions of the Banning of Unregulated Deposit Schemes Act, 2019.

According to a notification issued on May 15, 2026, the appointment was made in exercise of powers conferred under Section 28 read with Column (2) of the First Schedule of the Act and other enabling provisions. The Regulator will be responsible for regulating and supervising matters related to unregulated deposit schemes in the state and exercising powers provided under the Act.

The notification stated that the Regulator will have jurisdiction over all matters relating to unregulated deposit schemes within Nagaland and will coordinate with the Competent Authority, law enforcement agencies and other authorities constituted under the Act.

In partial modification of an earlier notification dated February 24, 2025, the Government has also appointed the Additional Secretary to the Government of Nagaland, Finance Department (Revenue) as the “Competent Authority” under Section 7 of the Act.

The Competent Authority will exercise powers under Sections 7 to 15 of the Act, including provisional attachment of properties and deposits linked to deposit takers, assessment and realization of assets for repayment to depositors, and coordination with law enforcement agencies, district administration and financial institutions for investigation and enforcement.

Further, all Additional Deputy Commissioners (ADCs) posted at district headquarters have been designated to assist the Competent Authority in functions such as field verification, enforcement support, identification of properties, dissemination of public notices and coordination with local law enforcement authorities.

The notification added that the Competent Authority may issue operational procedures and directions necessary for effective implementation of the Act in the state. The order came into force with immediate effect.

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