Tue, 7 Jul 2009
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Investor protection fund to be revamped

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The government is planning a revamp of its efforts to protect individual investors, starting with an overhaul of the Investor Education and protection fund (IEPF) managed by the Ministry of Company Affairs.

The IEPF is set to be reshaped in order to gear it towards funding a larger number of ventures meant to guide and protect investors. ‘‘We have many plans for the revamp of IEPF, very soon you will see it has an expanded scope and will be more comprehensive in the investments it supports,’’ Anurag Goel, Secretary, Company Affairs, said on Friday at the launch of a new investor helpline also funded by IEPF.

The IEPF accounts for unclaimed funds from dividends, matured deposits, matured debentures or share application money, which are transferred to the Government by companies if they are not claimed for seven years.

The IEPF is managed by a Committee that consists of the Secretary, Company Affairs, as well as members from RBI, SEBI and experts on investor protection.

The Committee had recommended in the past that the structure and administration of IEPF should be revamped to broadbase its schemes and expand their scope. A renewed focus on education of students, online and distance learning were recommended, apart from programmes specially meant to collect data and research on small investor’s concerns.

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