Gupta launches investors helpline to nail errant cos

New Delhi, Sep 8 (UNI) A government-sponsored website Investor Helpline, developed by Midas Touch Investors Association, was launched here today providing a forum to investors to register their grievance against errant companies.

Launching the website "www.investorhelpline.in" at a function here, Minister for Company Affairs Prem Chand Gupta said protection of investors' interests has been the prime concern of the UPA Government.

"Today's launch is another attempt of the Ministry to empower the investors by providing them an alternative mechanism to redress their grievances through the use of Information Technology," he said.

The free-of-charge website is fully funded under Investor Education and Protection Fund (IEPF), Ministry of Company Affairs (MCA).

Investor Helpline is a single dedicated portal which will handle investor grievances administered by different authorities, that is, MCA, Registrar of Companies (RoCs), Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) in a focused and sustained manner.

Right from filing grievances to tracking status and interaction with administrator has been made online to make it user-friendly and that the companies respond promptly. Additionally, the portal aims at development of an informed and enlightened investor.

Midas Touch is a 10-year-old association active in securing the rights of harried investors seeking redressal of their complaints.

Speaking about the website, Midas Touch director Virendra Jain said "it will send a strong signal to the investors in the country that they can no longer be taken for a ride." He noted that of the 9,000 listed companies, about 3,000 companies have changed names and addresses in the past decade making it difficult for investors to recover their deposits.

Terming it as "an immensely challenging project", he said the idea behind the portal was to reduce paperwork, ensure quick processing while cutting down on expenses.

Noting the oft-repeated complaint of investors of having been duped by vanishing companies or companies that do not follow appropriate norms, Mr Jain said the portal will give them an opportunity to track their complaints. A copy of the complaint will be forwarded to the authorities concerned such as the Ministry or SEBI if required.

It will also provide collation of data for analyses and data crunching on errant companies, NBFCs which would prove useful for policy makers.

The redressal process involves registration; forwarding the grievance to the company through e-mail as well as post; follow-up with the companies and keep the regulators and authorities apprised of the steps taken for redressal; requesting authorities/regulators to intervene for facilitation of redressal if the company fails to resolve it within reasonable time.

UNI SD VJ KN1853