TMI BlogInvestor Education and Protection Fund Authority (Appointment of Chairperson and Members holding of meetings and provision for offices and officers) Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... ction (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 Banking Companies (Acquisition and 'Transfer of Undertakings) Act. 1970 (5 of 1970) and clause (b) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act. 1980 (40 of 1980): (e) Fund means the Investor Education and Protection Fund (IEPF) established under section 125 of the Act : (f) Investor means any person, who has committed money in shares, or debentures, bond or deposits under a scheme or plan of a company registered under the Act: (g) Member means members of the Authority appointed under sub-section (6) of section 125 of the Act : and (h) Section means the section of the Act. (2) Words and expressions used in these rules and not defined herein but defined in the Act or in the Companies (Specification of Definitions Details) Rules, 2014 , shall have the same meanings respectively assigned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of not less than three months in writing. (3) The members appointed under clause (iii) of rule 7 shall hold office for a period of three years or till attaining the age of 65 years whichever is earlier. (4) The Central Government shall remove a member From office if he - (a) is, or at any time has been, adjudicated as insolvent: (b) is of unsound mind and stands so declared by a competent court: (c) has been convicted of an offence which, in the opinion of the Central Government, involves 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 admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l constitute the quorum for the transaction of business at a meeting of the Committee. (10) For journeys performed by a non-official member of the Authority or Committee or a special invitee in connection with the work of the Authority or Committee, the actual expenditure for attending the meeting shall be reimbursed, subject to maximum of' such expenditure limit applicable to a Senior Administrative Grade officer of Government of India. 12. Member not to participate in meetings in certain cases .- A member. who has any pecuniary interest, direct or indirect in any matter that is brought up for consideration at a meeting of the Authority and its Committees, shall, as soon as possible after relevant circumstances have come to his knowledge, disclose the nature of his interest at such meeting and such disclosure shall be recorded in the proceedings of the Authority and its Committees, and the member shall not take any part in any deliberation or decision of the Authority and its Committees with respect to that matter. 13. Vacancies, etc., not to invalidate proceedings of Authority .- No act or proceeding of the Authority and its Committees shall be invalid merely by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... igible and identified security holders who have suffered losses due to any wrong actions of any person in accordance with the order of Tribunal or order of the Authority, as the case may be. The amount to be distributed shall be limited to amount disgorged in respect of any particular order and no other funds can be used for distribution. (4) Legal and Enforcement: (i) Initiation of legal cases against non-compliant companies or persons. (ii) Handling disputes and legal cases arising 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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