(a) whether the Government has set up an Investor Education and Protection Fund (IEPF) for promotion of investors awareness and protection of the interests of investors, if so, the details thereof;
(b) the amount spent towards this initiative from the fund during the current financial year; and
(c) whether the Government proposes to increase the allocation towards this fund for the next financial year and if so, the details thereof?
THE MINISTER OF STATE IN THE
MINISTRY OF CORPORATE AFFAIRS (SHRI ARJUN RAM MEGHWAL)
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(a) In accordance with section 205C of Companies Act, 1956 now replaced with Section 125 of Companies Act, 2013 specified categories of unclaimed and unpaid amounts including the unclaimed dividends are required to be credited to Investor Education and Protection Fund (IEPF). The amount credited to IEPF is not directly available for utilization as it forms part of the Consolidated Fund of India (CFI). The Ministry receives a separate budgetary allocation for making refunds to eligible Investors whose amounts have been credited to IEPF as well as for creating investor awareness as per the mandate of the Companies Act.
(b) During the current financial year an amount of Rs. 105 lakh has been sanctioned for organizing Investors Awareness Programmes (IAPs) in association with the three Professional Institutes, namely Institute of Chartered Accountants of India, Institute of Company Secretaries of India, Institute of Cost Accountants of India with the objective of creating awareness amongst the investors.
(c) Sufficient budgetary allocation is made to meet the requirement of expenditure against IEPF.
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