Governing Council for monitoring the activities of the National Investment and Infrastructure Fund (NIIF)

Governing Council Constituted to Oversee the Activities of the National Investment and Infrastructure Fund

Ques: Who is the chairman of Governing Council for monitoring the activities of the National Investment and Infrastructure Fund (NIIF)?

(a) Deputy Chairman of Planning Commission
(b) Finance Minister
(c) Chief Economic Adviser of central government
(d) Secretary of Department of Economic Affairs

Ans: b

Related facts:

  • Finance Minister is the chairman of Governing Council for monitoring the activities of the National Investment and Infrastructure Fund (NIIF) constituted on November 13, 2015.
  • The objective of NIIF would be to maximize economic impact mainly through infrastructure development in commercially viable projects both Greenfield and Brownfield including stalled projects.
  • Its aim is to attract investment from both domestic and international sources.
  • It is notable that a contributory and determinate investment trust called National Investment and Infrastructure Fund (the “Fund” or the “Trust”) under the provisions of the Indian Trusts Act, 1882 has been registered.
  • Secretary, Department of Economic Affairs, Ministry of Finance, is the Settler of the Trust.
  • To oversee the activities of the NIIF, it has been decided to constitute a Governing Council with the following composition:-

(i)    Chairman- Finance Minister

(ii)   Member- Secretary, DEA

(iii)  Member- Secretary, Financial Services

(iv)  Member- Ms Arundhati Bhattacharya

(v)   Member- Shri Hemendra Kothari

(vi)  Member- Shri T.V. Mohandas Pai

  • The mandate of the Governing Council includes the approval of the following matters:
  1. Guidelines for Investment of Trust property/Corpus of NIIF;
  2. Parameters for appointment and performance of investment managers/ advisors;
  3. Any other matter related or incidental thereto.

Reference:

http://pib.nic.in/newsite/PrintRelease.aspx?relid=130431

http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf

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