Context: The Investor Education and Protection Fund (IEPF) Authority has been able to force The Peerless General Finance and Investment Company Ltd to transfer deposits worth about Rs 1,514 crore to the IEPF.

Background:

This depositor’s money was pending with The Peerless General Finance and Investment Company Limited for the last 15 years. This amount was taken by the company by issuing about 1.49 Cr Deposit Certificates and include more than 1 Cr individual investors.

About IEPF Authority:

• set up under the Ministry of Corporate Affairs, Government of India as a statutory body under Companies Act 2013.
• It aims to administer the Investor Education and Protection Fund 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.
• Composition: Secretary Ministry of Corporate Affairs is the Chairperson of the Authority. Joint Secretary Ministry of Corporate Affairs is the Chief Executive Officer of the Authority.