From UPSC perspective, the following things are important :
Prelims level : IEPF
Mains level : Investers education
- In a major success, the IEPF Authority has been able to enforce a company to transfer deposits worth about Rs 1514 Cr to IEPF.
- This depositor’s money was pending with the company for the last 15 years.
Investor Education and Protection Fund (IEPF)
- IEPF is a fund where unclaimed dividend, refunded application money, matured company deposits and debentures, as well as the interest on them, is used, provided it is not claimed within seven years.
- It is a fund set up under the Ministry of Corporate Affairs to help promote investor awareness and protection of investor interests.
About IEPF Authority
- IEPF Authority has been set up under the Ministry of Corporate Affairs, Government of India as a statutory body under Companies Act 2013 to administer the IEPF with the objective of promoting Investor’s Education, Awareness and Protection.
- The Authority takes various initiatives to fulfil its objectives through Investor Awareness Programmes and various other mediums like Print, Electronic, Social Media, and Community Radio etc.
- Secretary Ministry of the Corporate Affairs is the Chairperson of the Authority.
- Joint Secretary Ministry of the Corporate Affairs is the Chief Executive Officer of the Authority.