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Question: One of my friends in the Gulf was recently swindled when he invested in certain crypto assets based on ‘tips’ received from so-called experts. Some friends in India have also been duped in recent times. What warnings have been issued by regulatory authorities to prevent such frauds?
Answer: The Reserve Bank of India has been cautioning the public about investing in crypto assets for the past many years. In the absence of any legal framework for crypto currencies, there is no investor protection mechanism as it is for stock market investors who are protected by regulations of the Securities & Exchange Board of India. Therefore, the victim of a digital asset scam can only avail of the provisions of the Indian Penal Code which covers the crime of cheating, breach of trust, etc. Many gullible investors fall prey when they are offered a guaranteed return on investment. Most of these investors are targeted through social media Apps which offer investment tips and persuade persons to open an account on a specified platform. There is also a risk of fraud if a person has a digital wallet where he stores his Bitcoins or non-fungible tokens. These wallets are sometimes hacked. It is the encrypted and anonymous nature of digital assets which make it possible for frauds to be committed. According to a blockchain data platform, crypto criminals made a record haul of $14 billion in 2021 globally.
Debentures are a safe form of investment as they have greater security. However, there have been some defaults committed specially by a few non-banking finance companies recently. These defaults occur after certain mergers or acquisitions have been done by such companies. I now feel a bit jittery about investments in debentures of NBFCs.
To deal with this problem of defaults and protect the interest of debenture holders, it is now mandatory for companies to obtain the prior approval of debenture holders at the time of any merger and acquisition. M&A activity is becoming common amongst financial services companies, some of which are not very large. The process of merger or acquisition has to be approved by the National Company Law Tribunal which is empowered to consider objections received from all stakeholders before approving a scheme of arrangement which essentially covers M&A transactions between two corporate entities. There is therefore considerable safeguard provided to those who invest in debentures apart from the fact that debenture trustees call for periodic reports from companies, take possession of the trust property and ensure that there is no encumbrance on such assets. With this new provision there is now no cause for worry as no M&A transaction can take place if debenture holders oppose the same on valid grounds.
My son is looking at taking admission in a medical college in a foreign country. It is cheaper to do so than getting into a medical college in India. What I am worried about is whether after getting a foreign degree he will be able to practice as a doctor in India.
In order to obtain a licence to practice in India, foreign medical graduates have to undergo a test. These tests have been found to be difficult to clear. During the past few years, just 14 per cent to 20 per cent of the foreign medical graduates have been successful in clearing the test. After clearing such test, the foreign medical graduate has to undergo internship for one year in a hospital in India. Only thereafter will he get the licence to practice as a doctor. Students who repeatedly fail to clear the screening test finally change streams to take up courses like Masters in Hospital Administration. However, such students will not get a licence to practice as doctors in India. Hence, it is better to enroll in a medical college in India and get a MBBS degree which would avoid the requirement of a screening test which applies only to foreign medical graduates.
H. P. Ranina is a practicing lawyer, specialising in tax and exchange management laws of India.
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