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First meeting of the Governing Council of the National Investment and Infrastructure Fund (NIIF)



First meeting of the Governing Council of the National Investment and Infrastructure Fund (NIIF); Selection Process for Appointment of CEO, NIIF initiated 
The First Meeting of the Governing Council of National Investment and Infrastructure Fund (NIIF) under the Chairmanship of the Union Finance Minister Shri Arun Jaitley was held here today to oversee and provide the broad road map for future activities of the NIIF. The following members of the Governing Council along with the Minister of State (Finance) Shri Jayant Sinha attended the meeting.


(i)           Finance Minister                                -          Chairman
(ii)         Secretary, DEA                                   -          Member
(iii)       Secretary, Financial Services          -          Member
(iv)       Ms Arundhati Bhattacharya            -          Member
(v)         ShriHemendra Kothari                     -          Member
(vi)       Shri T.V. Mohandas Pai                    -         Member

The Governing Council, inter-alia, noted the following developments:

1.      Formation of National Investment and Infrastructure Fund Trustee Ltd., National Investment and Infrastructure Fund Ltd and registration of National Investment and Infrastructure Fund as Trust under Indian Trust Act;
2.      Appointment of India Infrastructure Finance Company Ltd (IIFCL)  as Investment Advisor to NIIF Ltd and IDBI Capital Market Services Ltd as Advisor to NIIF Trustee Ltd initially for 6 months and 1 year respectively.
3.       NIIF has been registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015.
4.      Selection process of Chief Executive Officer (CEO) of NIIF Ltd is underway. Search cum Selection Committee (SCSC) formed under the Chairmanship of Secretary (Department of Economic Affairs) for appointing CEO has already met twice.Advertisement, inviting applications for CEO was published in newspaperson on the 11thDecember, 2015 and also in the Employment News on 26th December, 2015. Advertisement is also being published in foreign business newspapers shortlyto get global response.The SCSC is expected to meet in the middle of January, 2016 to take a view in the matter.
5.      The Governing Council also noted the possible projects that may be taken-up under the NIIF.
6.      The progress made in discussions with the soverign wealth funds and pension funds from countries including UAE, Singapore, Russia and UK was informed.

With a view to maximizing economic impact through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects, the Government has approved the creation of NIIF.  The Fund aims to attract investment from both domestic and international sources.
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Auction for Sale (Re-Issue) of Government Stock 

Government of India have announced the Sale (re-issue) of (i) “7.35 per cent Government Stock 2024” for a notified amount of ` 2,000 crore (nominal) through price based auction, (ii) “7.88 per cent Government Stock 2030” for a notified amount of ` 6,000 crore (nominal) through price based auction, (iii) “8.24 per cent Government Stock  2033” for a notified amount of ` 3,000 crore (nominal) through price based auction,  and (iv) “8.13 per cent Government Stock 2045” for a notified amount of ` 3,000 crore (nominal) through price based auction. The auctions will be conducted using multiple price method.The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on  January 01, 2016 (Friday).

Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on January 01, 2016. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.   

The result of the auctions will be announced on January 01, 2016 and payment by successful bidders will be January 04, 2016 (Monday).   

The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.


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