Independent External Monitors

The Government of India, Department of Expenditure, vide its OM No.- 14(12)/2008-E-II(A), dated 19.7.2011, issued directions to all the Government Ministries, Departments, PSUs, Autonomous Bodies and Financial Institutions to implement the Integrity Pact (IP) in all their Procurement Transactions and Contracts. The Pact envisages an agreement between the prospective bidders / vendors and the buyer, committing the persons / officials of both sides, not to resort to any corrupt practices in any aspect / stages of the contract. The objective of the IP is to ensure transparency, equity, fairness, competition, cost efficiency, and accountability in Public Procurement.

The IP is implemented through a Panel of Independent External Monitors (IEMs) appointed in consultation with the Central Vigilance Commission. The IEMs are mandated to monitor the tender process and the execution of the contract for compliance with the above mentioned principles. Following two IEMs have been appointed in the IFCI Venture Capital Funds Ltd.: