Government has no intention of introducing legislation to regulate crowdfunding

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The central government has no proposal to introduce legislation in regulating crowdfunding fundraising, according to Rao Inderjit Singh, Minister of State for Corporate Affairs.

“No such proposal has been received by the Ministry of Corporate Affairs,” Singh told the Lok Sabha on Monday. The minister went on to say that the term “crowdfunding” is not defined in the Companies Act of 2013. He said this in response to a question about whether crowd funding for private, non-listed companies is a common and legal practise in India. As a result, the government lacks information on the total financing conducted through such a route for private, non-listed companies in India.

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Government has no intention of introducing legislation to regulate crowdfunding

The central government has no proposal to introduce legislation in regulating crowdfunding fundraising, according to Rao Inderjit Singh, Minister of State for Corporate Affairs.

“No such proposal has been received by the Ministry of Corporate Affairs,” Singh told the Lok Sabha on Monday. The minister went on to say that the term “crowdfunding” is not defined in the Companies Act of 2013. He said this in response to a question about whether crowd funding for private, non-listed companies is a common and legal practise in India. As a result, the government lacks information on the total financing conducted through such a route for private, non-listed companies in India.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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