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Nora Chopra is a senior journalist with a finger on the pulse of the Indian political scene

Law to regulate chit funds is coming

The government is working on a revised bill to regulate chit funds. To draft the Prize Chits and Money Circulation Schemes (Banning) Amendment Bill, the secretary of the Department of Financial Services had called a meeting with companies engaged in direct selling, including representatives from multinational direct-selling company Amway. The company's CEO had been arrested in India for violating the existing version of the law. Market watchers say that the company would naturally be interested in amending the Act to legalise its business model.

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