Sachet - An initiative to curb illegal deposits

In the recent past, there has been a spurt in the activities of the entities which accept money under various garbs by violating the directions of the Regulators and structure their scheme in a manner which escapes the apparent meaning of Deposits and the attention of the Regulators.

Sachet (Hindi for alert) website is an initiative to curb illegal acceptance of deposits by unscrupulous entities. The website enables public to obtain information regarding entities that are allowed to accept deposits, lodge complaints and also share information regarding  illegal acceptance of deposits by unscrupulous entities.

The website is an initiative of the State Level Coordination Committee (SLCC).  SLCC is the joint forum formed in all States to facilitate information sharing among the Regulators viz. RBI, SEBI, IRDA, NHB, PFRDA, Registrar of Companies (RoCs) etc. and Enforcement Agencies of the States viz Home Department, Finance Department, Law Department, Economic Offences Wing (EOW) etc., with the objective to control the incidents of unauthorized acceptance of deposits by unscrupulous entities.

What you can access from the Sachet website

• You can check whether or not a particular entity seeking to accept public deposits is registered with any regulator and whether the entity is permitted to accept deposits.
• Access regulations prescribed by all financial regulators that different entities have to follow.
• File and track a complaint if any entity has illegally accepted money from them and/or defaulted in repayment of deposits.
• Share information regarding any entities that have illegally accepted money and/or defaulted in repayment of deposits.

The website also has a section for closed user group for SLCCs on which they would be able to share market intelligence and other information relating to their activities, including agenda and minutes of their meetings, across the country on a real time basis.

How to use the portal

Check whether or not a particular entity seeking to accept public deposits is registered with any regulator and whether the entity is permitted to accept deposits.

To access the FAQs on checking whether a particular entity seeking to accept public deposits is registered with any regulator and whether the entity is permitted to accept deposits, Click here

Share information regarding any entities that have illegally accepted money and/or defaulted in repayment of deposits

1. What type of information can I share through "Help your Regulator”?

This website is meant to gather information regarding any unauthorized acceptance of deposits/money through various schemes by suspect entities so that action could be initiated against them. In case you have noticed any suspect activity such as unauthorized acceptance of deposits/money under different schemes, the same can be brought to the notice of the regulators by clicking on the Help your Regulator tab. You could also attach documents/pictures to support your information. The information submitted by you will be examined and used for further action.

2. I don’t want my name to be displayed while sharing information. Can I post information on the discussion forum anonymously?

Yes, you have the option of sharing information anonymously.

Access regulations prescribed by all financial regulators

The regulators are given their powers as per different laws / acts. You may read more about the acts through which the regulators regulate different companies under " The Regulators" block.

The regulations of different regulators can be found under the link “Regulations", as shown under:

The Regulations link will provide you with the latest regulations and press releases regarding deposit acceptance. It is advised that you may read the appropriate regulations before filing a complaint, as this will help you know whether or not the concerned company is violating any of the regulations or not.

File and track a complaint

1. Which type of complaints can I lodge through this website?

This website is meant to facilitate lodging of any complaint related to deposits/schemes of various companies.

If you have any complaint against a specific entity which has defaulted in repayment of deposits/money collected under any scheme or has collected money from you illegally, please click on “File a complaint” tab on the homepage of the website and register your complaint.

2. What is the process of filing complaints?

Once you know under which regulator the company falls, you may select the appropriate regulator as shown under:

In case you are not able to find out the regulator under whom the company falls, you may click on the link as shown below:

In this case, the SLCC website administrator will try to direct your complaint to the most appropriate regulator.

However, in order to get faster resolution of your complaint, it is advised that you may chose the concerned regulator if you are aware about the same.

3. Why should I provide my mobile number while filing a complaint?

Your mobile number would be used to send you the complaint number and the status of your complaint.

4. What happens to the complaints lodged in the website?

The complaint submitted on this website would be immediately forwarded to the concerned Regulator/Law Enforcement Authority who would take necessary action as per their procedures and processes.

5. Within how many days should I expect my complaint to get resolved?

While the Regulators/Law Enforcement Agency will give immediate attention to the complaints, there is no definite time for resolution of complaints as the resolution of the complaint would depend on several factors including legal procedures.

6. If I want any updates regarding my complaint, whom should I contact?

Once your complaint is forwarded to the concerned Authority for taking action, you would receive the Contact Details of the Authority through email and SMS. You may contact on that email address for updates about your complaint. In case, no such message is received, you can contact SLCC team on the email address given in the acknowledgement mail.

7. How can I view the Status of my complaint?

You can view the Status of your complaint through Track your complaint link on the Home Page through your email Id/Contact No/Complaint no.

8. If my complaint is unresolved for a long time, can I send a reminder?

Once a complaint is forwarded to the concerned Regulator/Authority, the complaint gets disposed off from the SLCC website and you won’t be able to send reminder through the website. You may then contact the concerned Agency whose details you would receive through email and SMS. However, if no action has been taken by the SLCC team (i.e. forwarded to the concerned Agency), after 30 days of registering your complaint, a reminder button will pop-up on the website. You may click on the reminder button to remind the SLCC team about your pending complaint.

Source: Sachet