IEPF Authority recovers Rs 1514 Cr of Depositors Money
The Investor Education and Protection Fund (IEPF) Authority in a major success has recovered deposits worth Rs 1,514 crore from Kolkata-based Peerless General Finance and Investment Company. This money of depositors was pending with the company for the last 15 years.
Investor Education and Protection Fund Authority
- Investor Education and Protection Fund (IEPF) was established by the central government under Section 125 of Companies Act 2013.
- It is a statutory body established under the Ministry of Corporate Affairs.
- The Secretary in the Ministry of Corporate Affairs is the Chairperson of IEPF.
- The authority aims to administer the Investor Education and Protection Fund with the objective of promoting Investor’s Education, Awareness and Protection.
- It is empowered to undertake various initiatives to fulfil its objectives through Investor Awareness Programmes and various other mediums like print, Electronic, Social Media and Community Radio.
Further to enhance its reach, the IEPF Authority is also in the process of commissioning an online facility to collect primary information directly from retail investors about the deposits which have matured and are still pending with various entities for repayment or payment of interests.
Category: Economy & Banking Current Affairs