https://www.taxtmi.com/caselaws?id=306687 An inclusive construction of "deposit" under the MPID Act extends beyond cash to receipts of money or valuable commodities held for return after a specified period or otherwise. On that reading, a trading platform that retained funds, issued warehouse receipts, provided settlement and delivery services, and operated paired contracts with assured-return features was treated as a "financial establishment"; the attachment notifications under Section 4 were therefore supportable. The Act's constitutional validity was also upheld, with the challenge under Articles 14, 19 and 300-A rejected in light of settled precedent and the State's competence to enact depositor-protection legislation. en-us Tue, 22 Feb 2022 00:00:00 +0530 Fri, 23 May 2025 10:39:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306687 An inclusive construction of "deposit" under the MPID Act extends beyond cash to receipts of money or valuable commodities held for return after a specified period or otherwise. On that reading, a trading platform that retained funds, issued warehouse receipts, provided settlement and delivery services, and operated paired contracts with assured-return features was treated as a "financial establishment"; the attachment notifications under Section 4 were therefore supportable. The Act's constitutional validity was also upheld, with the challenge under Articles 14, 19 and 300-A rejected in light of settled precedent and the State's competence to enact depositor-protection legislation. Case-Laws Indian Laws Tue, 22 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306687