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    Govt constitutes IEPF Authority

    Posted on: 2016-05-24 Posted by: CLAT Gurukul Category: Archive Blog

    Government has constituted the Investor Education and Protection Fund (IEPF) Authority, moving ahead with efforts to further strengthen the framework for safeguarding the interest of investors.
    This is a step closer to setting up the IEPF, under the Companies Act, 2013, which would be utilized for multiple purposes, including to distribute disgorged amount to eligible depositors who have suffered losses due to wrongful acts by other entities.
    The authority would have the responsibility of administering the fund as well as maintain separate accounts and other records as prescribed by the Comptroller and Auditor General (CAG), among others.
    Recently, the government has constituted a six-member IEPF Authority under the chairmanship of Corporate Affairs Secretary Tapan Ray, according to a recent notification. Sebi Executive Director Gyan Bhushan and RBI Executive Director U S Paliwal are also members. All the three memberships are ex-officio or till they continue in their respective posts. Three others are independent members.
    Besides, Amardeep Singh Bhatia has been appointed as the Chief Executive Officer to the Investor Education and Protection Fund Authority. This would be an additional charge for a period of six months from the date of his assumption of charge or till further orders, the Ministry said in a separate notification.
    Source: Telegraph


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