(a) whether the Government propose to form
Investor Protection Fund (IPF);
(b) if so, the details thereof; and
(c) the time by which the IPF is
likely to be formed and made operational?
(a) whether the Government propose to form
Investor Protection Fund (IPF);
(b) if so, the details thereof; and
(c) the time by which the IPF is
likely to be formed and made operational?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(BALASAHEB VIKHE PATIL)
(a) to (c) : The Central Government has,
in exercise of powers conferred by sub-section 4
of section 205 C of Companies Act, 1956 (1 of 1956)
has constituted a committee under Chairmanship of
Secretary, Department of Company Affairs with ten
other members to administer the Investor Education and Protection
Fund and to maintain separate accounts and other
relevant records in relation to that Fund in such
form as may be prescribed in consultation with the
Comptroller and Auditor General of India. The members
of the Committee shall hold office for a period of two
years. The Fund shall be utilized for promotion of Investor
awareness and protection of the interest of Investors in
accordance with such rules as may be prescribed. The first
meeting of the Committee was held on 17th December, 1999 and the
second meeting was held on 24th January, 2000. As per decisions
taken in the meetings, finalisation of the Rules for
Investor Protection Fund, 1999 and the Head of account
wherein the funds will be accrued is under
consideration of the Government.