No good NGO for investors’ campaign: Corp ministry

NEW DELHI: The ministry of corporate affairs has informed a Parliamentary Standing Committee that it was unable to get quality proposals from NGOs and voluntary organisations to take up awareness programmes on its behalf. The ministry was explaining the under-utilisation of public fund meant for promoting investors’ awareness during the last three years.

The Parliamentary Standing Committee on Finance chaired by BJP leader Murli Manohar Joshi had raised doubts on the efficacy of the government’s investor awareness programmes.

The government maintains an fund, called Investors Education and Protection Fund (IEPF) to organise awareness programmes across the country. The Committee submitted before the Parliament on Wednesday the ministry’s demands for grants (2009-10).

Against a budget of Rs 5 crore for 2006-07, the actual expenditure was barely Rs 2.55 crore. For 2007-08 the actual expenditure was Rs 3.10 crore compared to budget expenditure of Rs 5 crore, while during 2008-09 the spent amount was pegged at Rs 3.57 crore against the allocated Rs 5 crore.

IEPF is used for various activities organised by various organs of the ministry, apart from maintaining three web portals and publication activities.