Govt to set up IICA for small investors

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New Delhi, Sep 27 (UNI) With an aim to increase confidence among small investors, Government today said it will set up 'Indian Institute of Corporate Affairs' (IICA) as a think tank and capacity building institute.

Addressing the launch of Investor Education and Protection Fund (IEPF), Secretary Corporate Affairs Anurag Goyal said it will be an institutional and organisational reform, where IICA will have a seperate centre for investors redressal and greivances.

He also said the offices of the registrar of the company were being revamped to make them service oriented.

These reforms come on the backdrop of the Sensex closing at about the 17,000 mark and Nifty above 5,000.

However, a large portion of retail investors continue to stay outside the market due to lack of information and informed choice.

Corporate Affairs Minister Prem Chand Gupta said the stock market boom is not created but the result of a good work, so investors have nothing to worry about but should always be continous with decisions being not taken on rumours.

Meanwhile, Mr Gupta said that about 121 vanishing companies have being identified and various actions where being initiated.

He also said Compedition Act 2002 will be notified soon under the new company act and the process for introducing the new company act in the winter session of the parliament is currently on.

UNI

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