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January 16, 2001
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Money > Business Headlines > Report January 16, 2001 |
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Sinha to announce law to protect small investorsSheela 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.
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. |
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India'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.