From: Subject: PIB Press Release Date: Tue, 3 Oct 2006 20:37:13 +0530 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0067_01C6E72B.B52CA610" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 This is a multi-part message in MIME format. ------=_NextPart_000_0067_01C6E72B.B52CA610 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://pib.nic.in/release/release.asp?relid=20601 PIB Press Release
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Friday, September 08,=20 2006
Ministry of Company=20 Affairs
 

SHRI PREM CHAND GUPTA LAUNCHES INVESTOR = HELPLINE=20
19:2 IST =


Minister of=20 Company Affairs, Shri Prem Chand Gupta launched the = =93Investor=20 Helpline=94, a website developed by Midas Touch = Investors=20 Association, here today. The website is fully funded = under=20 Investor Education and Protection Fund (IEPF), = Ministry of=20 Company Affairs. Speaking on the occasion, the = Minister said=20 that protection of interest of investors has been the = prime=20 concern of the UPA Government and a large number of = measures=20 have been taken to protect the interest of investors. = Launch=20 of this website is another attempt of the Ministry to = empower=20 the investors by providing them with an alternative = mechanism=20 for redressal of their grievances through the use of=20 Information Technolgy, Shri Gupta added. =

=93Investor=20 Helpline=94 is a single dedicated portal to handle = investor=20 grievances administered by different authorities i.e. = Ministry=20 of Company Affairs, Registrar of Companies (RoCs), = Securities=20 and Exchange Board of India (SEBI) and Reserve Bank of = India=20 (RBI) in a focused and sustained manner. Right from = filing=20 grievances to tracking status and interaction with=20 administrator has been made online to make it = user-friendly.=20 The objective is to impart thrust to investor = grievances and=20 make the companies respond promptly. Additionally, the = portal=20 aims at development of an informed and enlightened = investors.=20 The Redressal Process involves:

=B7=20 Registration

=B7 Forwarding the grievance to = the company=20 through e-mail as well as normal Dak(post)

=B7 = Follow up=20 with the companies and keep the regulators and = authorities=20 apprised about the steps taken for = redressal.

=B7=20 Requesting authorities/regulators to intervene for=20 facilitation of redressal if the company fails to = resolve it=20 within reasonable time.

Following is the text = of=20 Minister=92s speech delivered during the launch of = =93Investor=20 Helpline=94 :

=93Dear friends, I am very happy = to be with=20 you all here for the launch of =93Investor = Helpline=94, a website=20 developed by Midas Touch Investors Association. This = website=20 has been fully funded under Investor Education and = Protection=20 Fund (IEPF).

Friends, Protection of interest = of the=20 investors has been the prime concern of the UPA = Government. We=20 have been taking a large number of measures to protect = the=20 interest of investors. Launch of this website under = IEPF is=20 another attempt of our Ministry to empower the = investors by=20 providing them with an alternative mechanism for = redressal of=20 their grievances through the use of Information = Technology.=20

I am sure, you would be aware of our = e-governance=20 project MCA 21 which has been launched across the 20 = ROC=20 offices in the country. MCA21, is a landmark = initiative in the=20 National E-governance Plan of the Country. The project = envisages electronic filing of companies=92 documents = through an=20 interactive and paperless registration process through = internet.

There are various advantages of this = Project=20 for all the stakeholders, namely- the companies, the = financial=20 institutions, the investors and the Government. I may = tell you=20 that all the public documents of the companies are now = available for inspection online. The investors can = have access=20 to these documents without going to the ROC office. = For the=20 convenience of the public we have provided for the = Front=20 Offices where all the services are available free of = charge.=20 This is to facilitate the small companies to switch = over from=20 the manual mode of transaction to the electronic mode. =

With this e-governance initiative, we have = also=20 introduced a unique concept called DIN (Director=20 Identification Number). This will be mandatory for all = the=20 existing and potential directors. The DIN would not = only help=20 in fixing the identity of the person but also = co-relate his=20 participation in other companies, past or present. It = would=20 enable the investors to gather information about the=20 directors=92 involvement in any company and also the = capacity.=20

Friends, having some experience of the = corporate=20 sector myself, I have been conscious of the need for=20 fundamental changes in the existing system of = regulating our=20 corporate sector. We are living today in a global = environment=20 where interdependence is the order of the day. No = economy can=20 develop and prosper in isolation. The competition is=20 increasing day by day. In such a scenario, our = corporates need=20 level playing field.

In this background = andrRealizing=20 the difficulties of our corporate sector, we have been = working=20 on a number of initiatives in the Ministry. We have = taken up=20 the comprehensive revision of the Companies Act, 1956. = Through=20 a process of consultation with various stakeholders,=20 professionals, experts and expert bodies, we are now = at an=20 advanced stage of the preparation of draft = legislation. Steps=20 have been taken on a number of other legislative = initiatives,=20 be it the Competition Act or a new legal framework on = the=20 Limited Liability Partnership. In the new economic = scenario,=20 the role of services sector has undergone a sea change = and in=20 this context professionals are providing a complete = new range=20 of services to the corporate sector. Such = professionals =96=20 Chartered Accountants, Company Secretaries and Cost=20 Accountants =96 must do their job with diligence and = should be=20 accountable for their work. With this in mind, we had = made=20 amendments in the three Professional Institutes Acts = with a=20 view to bring transparent and expeditious disciplinary = mechanism, a quality review Board with representation = from all=20 the stakeholders and the permission to form = multi-disciplinary=20 firms to offer professional services in the globalized = world.

Importance of financial reporting has = become=20 paramount in the recent times when various = stakeholders such=20 as shareholders, creditors and regulators have to base = their=20 decisions, related to an enterprise, based on the = financial=20 reports made available to them. Economic reforms and = emergence=20 of global corporates have made this reporting more = complex and=20 challenging. Reliable, comparable and unbiased = information is=20 a sine-qua-non for taking sound economic and financial = decisions.

Accounting Standards play an = important role=20 in this process. The Ministry has recently taken steps = to=20 notify 29 Accounting Standards. These accounting = standards,=20 once notified, would introduce greater elements of=20 transparency and disclosures in the working of = corporate=20 sector and would make it compatible with international = norms.=20 This would also make comparison of the financial = information=20 more objective and meaningful.

Over the last = decade,=20 Corporate Governance has risen in prominence as the = role of=20 the private sector has increased around the world, and = greater=20 integration of financial markets has led to greater=20 competition for capital flows. In this context, India = has=20 taken several important steps over the last few years = to=20 improve its investment climate and Corporate = Governance=20 framework. The World Bank had carried out a Corporate=20 Governance assessment for India and has found that = over the=20 last few years, a series of legal and regulatory = reforms have=20 transformed the Indian Corporate Governance framework = and=20 improved the level of responsibility and = accountability of=20 insiders, fairness in the treatment of minority = shareholders=20 and stakeholders, Board practices and transparency.=20

The Ministry has also taken a number of steps = in the=20 recent past to strengthen the working of Investor = Education=20 and Protection Fund. The Committee on IEPF has been=20 reconstituted by including the professionals in the = field of=20 Banking, Economics, Capital Market and Media. This = would give=20 the necessary impetus which is required to broad-base = and=20 increase the out-reach of the activities for investor=20 education and empowerment. The focus would be not only = to=20 strengthen the protection mechanism by providing a = robust=20 legal structure but also on the spread of financial = literacy=20 which ultimately would enable the investor to make an = informed=20 decision about his investments.

I am happy to = note=20 that Midas Touch Investors Association has been = playing a=20 proactive role in taking up the cause of investors and = this=20 Helpline seeks to provide services to the investing = community=20 free of charge. I wish all the success to the = Helpline.=94=20

BY/- 56 /06

 

 
 
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