The Hindu Business Line : Fresh investor protection panel notified

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

According to official sources, the Department of Company Affairs (DCA) will continue to chair the committee.

The Additional Secretary or Joint Secretary and Financial Adviser of DCA, and Executive Directors of the Reserve Bank of India (RBI) and the Securities and Exchange Board of India have been appointed members of the committee, along with Mr Ajay Shah, Consultant, Department of Economic Affairs (DEA).

The other members include Prof J.L. Gupta, Mr P.N. Vijay, Ms Sucheta Dalal, Mr Kirit Somaiya, Mr Manu Chadha, and Mr Rajendra Chitale. The Vice-Chairman of the Company Law Board will be a special invitee in the committee, while a Joint Secretary, DCA, would be the convenor. The IE&PF was created and operationalised by the Centre on October 1, 2001.

It comprises mainly dividends of companies that remain unclaimed and unpaid for seven years from the payment date. Further, application money received by companies during IPOs, matured deposits and debentures that have remained unclaimed and unpaid for seven years from the payment date also form part of this fund.