PIB Press Release

From: Subject: PIB Press Release Date: Sat, 15 Mar 2008 13:27:57 +0530 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01C886A0.621F7FE0" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C886A0.621F7FE0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://pib.nic.in/release/release.asp?relid=31373 PIB Press Release

Printer friendly=20 page With = Banner | With= out=20 Banner

Friday, September 21,=20 2007

Minister of=20 Corporate = Affairs

INVESTOR HELPLINE: A YEAR OF GRIEVANCE = REDRESSAL=20

16:17 IST =

Investor = Helpline=20 launched by the Minister of Corporate Affairs, Shri = Prem Chand=20 Gupta on September 08 last year, has been playing an = important=20 role towards restoring investor confidence in the = Indian=20 corporate sector. Investor Helpline has achieved good = results=20 in the first year of it=92s operations. Out of the = 2415 valid=20 investor grievances received by it (after rejection of = 695=20 grievances) it has been able to get 956 (40%) of them = resolved=20 and 528 (22%) are under redressal. In the balance 38%=20 grievances, there is not much the investor helpline = can do as=20 667 (27%) grievances relate to companies where quasi = or=20 judicial process is already on and 264 (11%) relate to = companies which are physically not available at the = last=20 address known to the stock exchanges or=20 authorities.

Numerous grievances resolved, = after=20 intervention by investor helpline, were more than five = years=20 old. Mukund Joshi of Pune received 1000 shares = certificates-=20 after 12 years of allotment- of Sterling Biotech Ltd. = Refund=20 of deposits were received by the investors in Llyods = Finance=20 Ltd., Escorts Finance Ltd., =

www.investorhelpline.in=20 is, free of charge, internet based service to the = investors=20 for assistance in redressal of their grievances. This=20 innovative project is sponsored by Investor Education = &=20 Protection Fund (IEPF), under the Ministry of = Corporate=20 Affairs and conceived, developed and run by Midas = Touch=20 Investors Association.

Investor Helpline is = another=20 step forward towards e-governance, directed to regain = and=20 retain small investors=92 confidence.

Investor = helpline=20 received grievances from investors spread over 200 = cities of=20 the country, besides some foreign countries. There = were over=20 1000 companies, including Mutual Funds, manufacturing = and=20 NBFCs, against whom the investors lodged their = grievances.=20 Nearly 90% of these companies are listed on the stock=20 exchanges.

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"A"=20 - Wing, Shastri Bhawan,
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New = Delhi -=20 110 001

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