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K.R. Srivats

NEW DELHI, Dec. 31

THE Central Government has constituted a 13-member committee to administer the Investor Education and Protection Fund (IE&PF). The members of the committee will hold office for a period of two years.

The IE&PF, whose corpus size is reckoned to be around Rs 700 crore, comprises mainly of unpaid and unclaimed dividends of companies that remain unclaimed and unpaid for a period of seven years from the date they became due for payment. This fund was created and operationalised by the Centre on October 1.

Further, unpaid application money received by companies during IPOs, unpaid matured deposits and unpaid matured debentures of companies that have remained unclaimed and unpaid for a period of seven years from the date they became due for payment also form part of this fund.

The committee formed to administer the fund will be chaired by Mr Vinod Dhall, Secretary, Department of Company Affairs (DCA). The members of the committee include Ms Aruna Makhan, Additional Secretary and Financial Advisor, DCA, Mr N. Sadasivan, Executive Director, Reserve Bank of India (RBI), Mr R.M. Joshi, Executive Director, Securities and Exchange Board of India (SEBI) and Mr S. Balasubramaniam, Vice- Chairman of the Company Law Board.

Sources said that Mr Rajendra Chitale, Chartered Accountant, Mr Kirit Somaiya, Member of Parliament, Lok Sabha, Mr Ajay Shah, Consultant, Department of Economic Affairs (DEA), Mr Manu Chadha, Chartered Accountant, Mr P. N.Vijay, Investment Analyst, Delhi and Prof. J.L. Gupta, Sri Ram College of Commerce, Delhi, Ms Sucheta Dalal, journalist, Mumbai and Mr Rajiv Mehrishi, Joint-Secretary, DCA, have also been appointed as members of the committee.

The Companies Act, 1956 has stipulated that the IE&PF should be utilised for promotion of investors' awareness and protection of interests of investors, in accordance with the rules prescribed by the Central Government.

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