CCEA in its meeting held on 17.02.2016 has approved the procedure and mechanism for strategic disinvestment of CPSEs. Consequent upon the approval by Government of procedure and mechanism for strategic disinvestment of CPSEs, the competent authority has constituted an Independent External Monitor (IEM) comprising the following persons:

1. Hon'ble Justice R. C. Lahoti, Former Chief Justince of India
2. Shri V. K. Shunglu, Ex-Comptroller and Auditor General (CAG)
3. Shri P. Shankar, Ex-Chief Vigilance Commissioner (CVC)

The IEM will act as on Oversight Committee for strategic disinvestment with the following mandate:

1. To vet the process of valuation of the CPSE/Units.
2. To oversee the transaction process of strategic disinvestment of CPSEs/Units.
3. To examine an address the grievance received.
4. Any other matter that is referred to IEM by the Government.