Finance Minister Nirmala Sitharaman today launched a special window facility for senior citizens above 75 years for seeking refund from the Investor Education and Protection Fund (IEPF) authority while inaugurating the Iconic Week of the Ministry of Corporate Affairs (MCA) during ”Azadi Ka Amrit Mahotsav” (AKAM) celebrations.
In her address, Sitharaman recapitulated the reforms undertaken during the last 8 years by the MCA, including enactment of Insolvency and Bankruptcy Code, Decriminalisation of the Companies Act 2013 and the Limited Liability Partnership Act, 2008.
”Decriminalisation of technical and procedural violations was a very important step taken during the pandemic as the PM’s message has been trust your businesses, give them confidence that the government is looking at them favourably,” she said.
The finance minister said; “The MCA is uniquely placed as it is facilitating people while regulating. It has impacted the lives of common Indians, be in their small businesses, or part of larger business or even small investors.”
The MCA kept itself on its toes while facing challenges due to COVID-19 and came up with different quick footed steps that even during the lockdown, people could go about their normal businesses without having to worry about compliances, she added.
Speaking about domestic investors in India, the minister said; “Retail investors in India have come in such a big way that they now seem to act like shock absorbers. If FPIs and FIIs went away, our markets didn’t show ups & downs distinctively because small investors have come in a big way in the country.”
She also acknowledged the importance of professional institutes as well as other organisations under the ministry, as partners in the mission of Developed India@100.
To commemorate the AKAM celebrations, Sitharaman released a short film on Corporate Governance and a commemorative postal stamp on Financial Literacy and Investor Awareness.