Rajeev Chandrasekhar's official website - Member of Parliament

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF ECONOMIC AFFAIRS)

RAJYA SABHA

UNSTARRED QUESTION NO.964

TO BE ANSWERED ON TUESDAY, 9TH AUGUST, 2011/SHRAVANA 18, 1933 (SAKA)

 

Misuse of SEBI Funds, by CGSI

 

964: SHRI RAJEEV CHANDRASEKHAR

 

Will the Minister of FINANCE be pleased to state:

(a)   Whether it has come to the notice of the Government that the funds disbursed by the SEBI to Consumer Guidance Society of India (CGSI) for conducting its securities market awareness programmes between 28 March and 18 April, 2009, have been misused;

(b)   If so the details thereof;

(c)    Whether an enquiry was conducted in the matter and any action was taken against the guilty officers;

(d)   If so, the details thereof; and?

(e)   The total amount spent on these programmes?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE

(SHRI NAMAO NARAIN MEENA)

 

(a)   Some allegations were raised against Consumer Guidance Society of India (CGSI) regarding misuse of funds disbursed by SEBI for conducting securities market awareness programmes.

(b)   SEBI received information alleging inter alia that the bills submitted by CGSI for conducting four investor awareness workshops during March 28, 2009 to April 18, 2009, were not in order.

 (c)    & (d): On receipt of the allegation, an enquiry was conducted. SEBI took up the matter with the institution which has raised the bills on CGSI for conducting the workshops. The institutions, however, confirmed to SEBI that they had indeed raised the bills on CGSI for the amount mentioned therein.

(e) The total amount spent on the investor awareness workshops conducted by CGSI during the period March 28, 2009 to April 18, 2009, was ` 1,20,000 (Rupees One Lakh Twenty Thousand only)