The Hindu Business Line : Move to hike funds for investor education

THE Government proposes to substantially hike the funds for investors' education and protection. This follows expansion of activities under the Investor Education & Protection Fund (IE&PF), maintained in the Consolidated Fund of India, a Ministry of Company Affairs release said.

In 2003-2004, IE&PF's share was Rs 2,83,55,000 as against Rs 1,79,40,000 in 2002-03. The fund has been established under Section 205C of the Companies Act, 1956 by way of Companies (Amendment) Act, 1999 for the promotion of investors' awareness and protection.

The following amounts that remained unpaid and unclaimed for a period of seven years from the date they became due for payment is credited to the fund: amounts in the unpaid dividend accounts of the companies; application money received by companies for allotment of any securities and due for refund; matured deposits and debentures with companies; and the interest accrued on such amounts.

Further, the grants and donations given to the fund by the Central Government, State Governments, companies or any other institutions for its own purposes and the interest or other income received out of the investments made from the fund also form part of IE&PF.

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