Question : Performance of IEPF

(a) Whether the Government has set up the Investor Education and Protection Fund (IEPF) to distribute amount to eligible depositors who have suffered losses due to wrongful act by companies and if so, the details thereof;
(b) the details of funds allocated to Non-Government Organisations (NGOs) and physical performance of IEPF during the last three years;
(c) the details of complaints regarding the misappropriation of funds by NGOs and action taken against them;
(d) whether the Government has launched an Investor Helpline to provide a mechanism for redressal of Investor’s grievances and if so, the details thereof including number of complaints received, resolved and pending; and
(e) the steps being taken by the Government to protect the interest of small investors?

THE MINISTER OF STATE FOR FINANCE
AND CORPORATE AFFAIRS (SHRI ANURAG SINGH THAKUR)
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(a): The Investor Education and Protection Fund (IEPF) is to be inter alia utilised for distribution of disgorged amount among eligible and identifiable applicants who have suffered losses due to wrong actions by any person, in accordance with the orders made by the Court which had ordered disgorgement. Till 05.02.2020, no such order for distribution of any amount has been received.
Contd…2/-

(b)&(c): During the last three years no funds have been allocated from IEPF to Non-Government Organisations (NGOs) and hence no complaints regarding misappropriation of funds by NGOs have been received in the last three years. The IEPF is inter-alia utilised for settlement of claims filed by Claimants and promotion of investor education, awareness and promotion. During the last three years performance of the IEPF is as under:-
S. No. Particulars 2016-17
2017-18 2018-19
1 Number of Claims disposed 18 623 1,037

2 Amount Refunded to claimants (Rs. in lakh) 47.4 72.9 177.7
3 Number of Shares Refunded to claimants Nil Nil 5,00,771

4 Number of Investor Awareness Programmes (IAPs) conducted 2,171 5,876 27,639

(d): The IEPF Authority has a toll free helpline to provide the status of refund applications to the Claimants. The number also provides a mechanism for the companies to provide resolution with reference to the various forms relating to the IEPF filed by them. An Interactive Voice Response System (IVRS) has also put in place which gives information about the status of the claim filed by the Claimant. During the period from September, 2019 to January. 2020, 16,736 calls were answered through the helpline.
(e): The IEPF Authority organizes Investor Awareness Programmes (IAPs), for creating awareness amongst the Investors as a part of its mandate. During the last 3 years, 35686 such programmes have been organised in rural and urban areas of the country. Apart from this, awareness creating messages are disseminated from time to time through print and electronic media.
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