Rediff Logo
Money
Line
Channels: Astrology | Broadband | Chat | Contests | E-cards | Money | Movies | Romance | Search | Weather | Wedding
                 Women
Partner Channels: Auctions | Auto | Bill Pay | Jobs | Lifestyle | TechJobs | Technology | Travel
Line
Home > Money > Business Headlines > Report
January 16, 2001
Feedback  
  Money Matters

 -  Business Special
 -  Business Headlines
 -  Corporate Headlines
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      



 
 Search the Internet
         Tips
 Sites: Finance, Investment
E-Mail this report to a friend
Print this page

Sinha to announce law to protect small investors

Sheela Bhatt & Y Siva Sankar in Bombay

Union Finance Minister Yashwant Sinha is likely to make important announcements favouring small investors at a function at the Bombay Stock Exchange on January 18. The function is being organised by the Investors' Grievances Forum.

Kirit SomaiyaIndia's Law Minister Arun Jaitley will be present on the occasion. According to Kirit Somaiya, Lok Sabha member and president of the IGF, the central government has apparently agreed to enact a legislation to protect small investors all over India.

The statute is likely to be called the Investors' Protection Act.

The government will also help initiate the formation of an Investors' Protection Fund. The initial corpus of the fund will be Rs 2 billion and will be raised to Rs 10 billion in a phased manner. "Unclaimed dividends shall be transferred to this fund," said Somaiya.

The IGF is all set to launch an awareness campaign called Jaago Investors' Abhiyaan (Wake Up, Investors) to "inform, educate and protect small investors".

"When I ran a movement for polio vaccines, I didn't get a penny or a single sponsor. But this time, even before we've begun work, we've sponsors ready to invest over Rs 10 million," he told rediff.com.

"As IGF's president, I'm lobbying for some kind of insurance cover for small investors," he said.

The forum plans to reach out to 40 million investors through this campaign which will be formally inaugurated by Sinha on Thursday.

Money

Business News

Tell us what you think of this report