Thiruvananthapuram: Vinod Rai, the former comptroller and auditor general of India who blew the lid on the 2G Spectrum and coal allocation scams, has been appointed chairman of Fund Trustee and Advisory Commission (FTAC). The Commission will be an independent body that will ensure that all investments to Kerala Infrastructure Investment Fund Board (KIIF-B) are utilised according to the approved scheme and that there is no diversion of KIIF-B funds.
The other members of FTAC are former RBI deputy governor Usha Thorat and former NABARD chairman Prakash Bakshi. The decision was taken at the first meeting of KIIF-B here on Monday. FTAC members will have fixity of tenure for two years. “This is to send the message that they will hold the office even without the pleasure of the government,” finance minister Dr Thomas Isaac said. The members can be removed only if they are punished for corruption or poor character.
FTAC will issue a ‘Fidelity Certificate’ every six months, certifying that the application of funds and the investment of surplus funds is in conformity with the Act, Rules and Regulations of KIIFB. “The members will also have access to all KIIF-B monitoring systems,” the finance minister said. FTAC will also advice the government on economic matters, even spell out where the government is going wrong. Isaac said that FTAC’s half yearly reports would be placed before the Assembly. “The Commission is not just a fund trustee, it also has advisory powers,” additional chief secretary (finance) Dr K M Abraham said.
