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MPID Act Amendment to include Virtual Digital Assets

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Virtual Digital Assets defined as “Deposit” – Amendment of MPID Act 1999

Maharashtra Bill NO.XLVI of 2026

Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (Mah. XVI of 2000)

In recent times, financial frauds, unauthorized deposit schemes and investor deception are increasingly being carried out through crypto currencies, digital coins and other block chain-based digital instruments. However, such virtual digital assets are not included in the definition of the term “deposit” as contained in clause (c) of section 2 of the said Act. Therefore, to bring such virtual digital assets within the purview of the said Act, it is proposed to amend clause (c) of said section 2, suitably.

HB 673 L.A. Bill Eng. .indd

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