(a) whether the Government have created Investor Education and Protection Fund;
(b) if so, the sources from which it is likely to be funded:
(c) the criteria adopted for selection of committee and the broad rules for operating this fund; and
(d) the time by when the fund is likely to become operational and the manner in which it will help the investors?
MINISTER OF LAW, JUSTICE & COMPANY AFFAIRS ( SHRI ARUN JAITLEY )
(a) Yes, Sir.
(a) As per Section 205C (2) of the Companies Act, 1956, the following amounts which remained unclaimed and unpaid for a period of seven years from the date they become due for payment, will be credited to the Fund by the companies:
(a) Unpaid dividend.
(b) Unpaid application money received by the Companies for allotment of securities and due for refund.
(c) Unpaid Matured Deposit
(d) Unpaid Matured Debentures.
(e) Interest accrued on (a) to (d) .
b)
(i) Interest on unpaid dividend. c)
(ii) Interest on unpaid application money received by Companies for allotment of securities and due for refund. d)
(iii) Interest on unpaid matured deposits.
(iv) Interest on unpaid matured debentures.