A Governing Council headed by Finance Minister Arun Jaitley will oversee the activities of the National Investment and Infrastructure Fund (NIIF) which aims to attract investment from both domestic and international sources.
In July, the Union Cabinet had approved the creation of an Rs 20,000-crore NIIF, a sort of sovereign fund, with a view to maximizing economic impact mainly through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects.
Finance Minister Mr Arun Jaitley is the Chairman of the six-member Council and Economic Affairs Secretary is its Secretary. The other members of the Council are Financial Services Secretary, SBI Chairperson Arundhati Bhattacharya, investment banker Hemendra Kothari and former Infosys Director T V Mohandas Pai.
The mandate of the Governing Council includes the approval of the following matters:
a) Guidelines for Investment of Trust property/Corpus of NIIF;
b) Parameters for appointment and performance of investment managers/ advisors;
c) Any other matter related or incidental thereto.
Governing Council is Constituted to Oversee the Activities of the National Investment and Infrastructure Fund (NIIF) Under the Chairmanship of Finance Minister Intending to maximise economic influence mainly through foundation development in commercially viable schemes, both greenfield and brownfield, including hindered projects, Government has allowed the creation of National Investment and best Infrastructure Fund (NIIF) which aims to interest investment from both domestic and international references.
A contributory and determinate the investment trust that called National Investment and Infrastructure Fund (this “Fund” or the “Trust”) under the prerequisites of the Indian Trusts Act, 1882 has been the recorded. Secretary, Department of the Economic Affairs, Ministry of Finance, is the Settlor of the Trust.
To oversee the activities of the NIIF, it has been decided to constitute a Governing Council with the following composition:-
(i) Finance Minister – Chairman
(ii) Secretary, DEA – Member
(iii) Secretary, Financial Services – Member
(iv) Ms Arundhati Bhattacharya – Member
(v) Shri Hemendra Kothari – Member
(vi) Shri T.V. Mohandas Pai – Member
The mandates of the Governing Council include the approval of the following matters:
a. Guidelines for the Investment of Trust property/Corpus of NIIF;
b. Parameters for the appointment and performance of the investment managers/ advisors;
c. Any other matter related or incidental to it.