Investor Education and Protection Fund created to receive unclaimed investor amounts and finance refunds, education and disgorgement distributions. The Central Government shall establish the Investor Education and Protection Fund to receive Parliamentary grants, donations, specified unclaimed and matured amounts, interest and other prescribed receipts, subject in defined categories to a seven-year unclaimed period before transfer. The Fund shall refund unclaimed payments, promote investor education, distribute disgorged amounts under court orders, reimburse sanctioned class action legal expenses and meet incidental purposes. An authority appointed by the Central Government will administer the Fund, maintain separate accounts, be audited by the Comptroller and Auditor General, and forward annual reports and audited accounts to the Central Government for Parliamentary laying.
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Provisions expressly mentioned in the judgment/order text.
Investor Education and Protection Fund created to receive unclaimed investor amounts and finance refunds, education and disgorgement distributions.
The Central Government shall establish the Investor Education and Protection Fund to receive Parliamentary grants, donations, specified unclaimed and matured amounts, interest and other prescribed receipts, subject in defined categories to a seven-year unclaimed period before transfer. The Fund shall refund unclaimed payments, promote investor education, distribute disgorged amounts under court orders, reimburse sanctioned class action legal expenses and meet incidental purposes. An authority appointed by the Central Government will administer the Fund, maintain separate accounts, be audited by the Comptroller and Auditor General, and forward annual reports and audited accounts to the Central Government for Parliamentary laying.
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