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    Dec 2009


    Default National Investment Fund gets nod to buy PSU shares

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    Aimed at taking the disinvestment exercise forward at a faster clip, the Cabinet Committee on Economic Affairs (CCEA), on Thursday, authorised the National Investment Fund (NIF) to buy shares of public sector undertakings (PSUs), including banks and insurance companies.

    As per the string of approvals given by the CCEA at its meeting chaired by Prime Minister Manmohan Singh to align the NIF operation to enhance the disinvestment policy, the NIF will also be used to recapitalise public sector banks (PSBs) and state-owned insurance companies.

    According to an official release here, the disinvestment proceeds with effect from the fiscal year 2013-14 will be credited to the existing ‘public account’ under the head National Investment Fund (NIF), and they would remain there until withdrawn/invested for the approved purposes.

    The NIF, the release said, will be used for “subscribing to the shares being issued by the Central public sector enterprise (CPSE) including public sector banks (PSBs) and public sector insurance companies, on a rights basis so as to ensure that 51 per cent ownership of the government is not diluted.”
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