Investor Education and Protection Fund Authority (Appointment of Chairperson and Members holding of meetings and provision for offices and officers) Rules, 2016

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Members holding of meetings and provision for offices and officers) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions.- (I) In these rules, unless the context otherwise requires. (a) "Act" means the Companies Act 2013: (b) "Authority" means the Investor Education and Protection Fund Authority constituted under sub-section (5) of section 125 of the Act: (c) "Chairperson" means the chairperson of the authority appointed under rule (5) of these rules: (d) "Company" means company as defined in sub-section (20) of section 2 of the Act and includes 'corresponding new bank' as defined in sub-section (d) of section 2 of the B....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ment shall appoint a person to be the Chief Executive Officer of the Authority. 7. Members of the Authority.- The Central Government may appoint the following as the members of the Authority, namely: (i) a person not below the rank of Executive Director to be nominated by the Reserve Bank of India as ex-officio member: (ii) a person not below the rank of Executive Director to be nominated by the Securities and Exchange Board of India as ex-officio member: (iii) four persons having special knowledge and experience of not less than fifteen years, in finance, management. accountancy or law with one person from each discipline and such person shall have special knowledge, or professional experience, which shall in the opinion of the Cent....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nvolves a moral turpitude; (d) has, in the opinion of the Central Government, so abused his position as to render his continuation in office detrimental to the public interest. Provided that no member shall be removed under this sub-rule unless he has been given a reasonable opportunity of being heard in the matter. 9. The number of officers and employees of the Authority.-The Authority shall have such number of officers and other employees for rendering secretarial assistance and for its day to day functions as are set out in Schedule 1 to these rules. 10. Functions of the Authority.- (I) Subject to the provision of the Act, the Authority shall have the duty to administer the Fund for Investor Education and Protection. (2) The gene....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd at least four such meetings shall be held in a financial year: Provided that not more than one hunched and twenty days shall intervene between two consecutive meetings. (5) The meeting of the Authority shall be presided over by the Chairperson. (6) If for any reason, the Chairperson is unable to attend a meeting, any other Member chosen by the Members present from amongst themselves at the meeting shall preside over the meeting. (7) In case of difference in opinion on any question before the Authority, or any of its Committees, the views of the majority shall be taken as the final decision. (8) More than fifty percent appointed Members of the Authority shall constitute the quorum for the transaction of business at a meeting of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....and its Committees not affecting the merits of the case. 14. Protection of action taken in good faith. - No suit, prosecution or other legal proceedings shall lie against the Central Government or Authority or any officer of the Central Government or any member, officer or other employee of the Authority for anything, which is in good faith done or intended to be clone under these rules. Schedule I S. No. Designation Pay Scale Number of posts 1. General Manager PB-4 + GP ₹ 8700 01 2. Assistant General Manager PB-3 + GP ₹ 5400 01 3. Senior Accounts Officer PB-3 + GP ₹ 5400 01 4. Assistant Account Officer PB-2 + GP ₹ 4800 02 Schedule II Functional Divisions of the Authority (1) Administration....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing out of claims or settlement of any other dispute. (iii) Reimbursement of funds from Fund for meeting legal expenses incurred in pursuing class action suits under section 37 and 245 of the Act by members, debenture holders or depositors as sanctioned by Tribunal in accordance with the procedure prescribed in this regard. (5) Investor Education and Protection: (i) Registering associations or institutions or professional bodies or chambers of commerce and industry or other organisations engaged in investor education and protection activities. (ii) Sanctioning grants to the registered entities for-seminars, programmes projects or activities in the field of corporate `governance. Investors' Education and Protection including resea....